Korean Job Discussion Forums

sundizz · Joined: 17 Dec 2009

Can't seem to locate the other thread discussing this but this idea popped into my head and I don't remember anyone discussing this. I have used an ATM machine to withdraw money from my US bank account and it cost

Fees
$5.00 for a NON-BANK CARD ATM FEE
$1.76 for the SAMSUNGGATEBAN ATM (Korean ATM fee)

and I withdrew 200,000 Won and it took a $176.49 out of my US Bank of America checking account. This seems like an awesome exchange rate...about as good as you can get?

Has anyone tried depositing money using this method??? Any limits, etc? I'd really like an easy way to deposit 1.2 million won every month. Or, maybe deposit every two months once I have less bills to pay back.

Thanks.

daxdefranco · Joined: 04 Jul 2009 Location: chipyeong-dong, gwangju

There is an option for foreign remittance on some ATMs (shinhan, in particular), but I asked about it once when sending money home via teller and he said something about having to register your details previously and it seemed like a bit of a hassle.

Depending on where you're located, IBK's opened up a 'foreign remittance center' in Itaewon - everyone working there speaks excellent English so might be worth stopping by if only to ask some questions. I might try using Western Union next time - got a great exchange rate on money I got sent to me from the US a week or so ago and I presume it will be just as good going the other way.

yesman · Joined: 15 Sep 2006

I go with KEB. It's great. They have a special account called 'Easy-One'. Any money that I deposit from my Daegu bank account into that KEB account gets automatically transfered to my American bank account. No hassling with wait or paperwork.

thoreau · Joined: 21 Jun 2009

I transfer money to my U.S. credit union account from my NH bank every month using their ATM. I think the default limit was $1000 U.S. but you have the ability to raise that.

sundizz · Joined: 17 Dec 2009

Maybe I am misunderstanding but what is all this about a foreign remittance? Not sure what that is. I guess what I am trying to say is since we can WITHDRAW money so easily using an ATM card, has anyone tried depositing using an ATM card? Maybe I'm not being clear on what I am asking. I will find an international ATM in my city and give this a test run and see what happens..

the ireland · Joined: 11 May 2008 Location: korea

seonsengnimble · Posted: Sun Mar 21, 2010 11:38 am Post subject:

It's pretty easy with KEB. If you open up one kind of account, from any atm, you transfer money to the special KEB account which automatically wires it to your home account. I don't remember the fee off the top of my head, but its less than it costs to go into the bank and wire it home in person. You can also set it up so that you do it online.