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bocceman
Joined: 30 Dec 2009
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 Posted: Thu Apr 15, 2010 7:10 am Post subject: Bump. |
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Very interesting and useful.
Any way to make this into a sticky? |
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OiGirl
Joined: 23 Jan 2003
Location: Hoke-y-gun
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| Posted: Thu Apr 15, 2010 8:06 am Post subject: |
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| Easy-one is also awesome for anyone who owes you money after you've left Korea. |
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davai!
Joined: 04 Dec 2005
Location: Kuwait
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| Posted: Thu Apr 15, 2010 8:09 am Post subject: |
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| your experience is questionable. TCs have a slightly lower rate than cash. Go to the nearest bank and look at the chart. You'll see. |
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toadkillerdog
Joined: 11 Nov 2009
Location: Daejeon. ROK
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| Posted: Thu Apr 15, 2010 8:22 am Post subject: |
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| How much do travelers checks cost in Korea? |
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balzor
Joined: 14 Feb 2009
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| Posted: Thu Apr 15, 2010 9:12 pm Post subject: |
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| Let's make it clear that KEB is not the only bank that does this and doing it online is far much easier and faster |
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Colorado
Joined: 18 Jan 2006
Location: Public School with too much time on my hands.
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| Posted: Thu Apr 15, 2010 9:32 pm Post subject: |
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| Just don't tell them at the Post Office you are mailing Traveler's Checks. They will not let you mail them. Mailing money or checks is illegal here, or so I have been told at the Post Office. Just say that they are documents, which they are. |
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Easter Clark
Joined: 18 Nov 2007
Location: Hiding from Yie Eun-woong
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| Posted: Thu Apr 15, 2010 11:06 pm Post subject: |
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| balzor wrote: |
| Let's make it clear that KEB is not the only bank that does this and doing it online is far much easier and faster |
+1
Takes me less than 10 minutes from login-to-logout to transfer money to my bank account in the US and I can do it in my pajamas. I use Woori's online banking, and have never had any problems. As for fees, it's something like 14,000 Won from this end plus whatever your bank back home charges. In my case, BoA hits me with a $10 wire transfer fee...so about 26,000 Won total. |
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roknroll
Joined: 29 Dec 2007
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| Posted: Fri Apr 16, 2010 2:53 am Post subject: |
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| davai! wrote: |
why not mail yourself Travelers' Checks? There are no fees, other than the cost of the envelope and stamp. Waiting time 1 week.
It looks like you paid 106 bucks for this transfer. If you do this 3 times a year it becomes 318 bucks.
But you're right. Your way is much better than sending it, for free.  |
The fees are built-in to the x-rate you get, so maybe $20ish total for this amount at both ends. (not w.r.t. the OP's' advice, but...)They charge 8000W via web transfer, so you're probably not saving much ([$20 + postage]-([8000W+10-20$)....not too bad for the convenience and all. You may get more favorable treatment with T/Cs depending on which country/bank. Some people have negotiated lower rates or no rates at their home bank w.r.t. wire charges.
KB only charges 5000W for ATM transfers, but if you look carefully at the x-rate they give you, it's well beyond the posted rates....so they make it look cheap but in reality it's basically the same as walking into the bank and getting a wire transfer (with no discount, or more like a premium). Anyway, just saying...I like the cost/benefit tradeoff but obviously you can save on the fixed costs by sending as much as possible at one time (not to mention where the x-rate is at, if that's a concern...lol). |
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Wishmaster
Joined: 06 Feb 2003
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| Posted: Fri Apr 16, 2010 10:21 am Post subject: |
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Uh, where in Korea do you get Traveler's cheques without fees? I know back home your bank doesn't charge you, but every single time that I've gotten Visa Traveler's cheques here, they've always slipped in the word, "commission," and taken their cut.
I also agree that it is rather foolish to send traveler's cheques through the mail. Korean banks here are notoriously difficult to deal with if those cheques get lost and you'll have to wait a long time before you get that money back. Besides, it isn't like we don't make enough cash here. I would rather dole out the $40 in bank transfer fees and knowing my money is in the bank rather than hoping for a week or so that it arrives back home. $40 vs. thinking about it for a week. Uh, no brainer. |
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jhuntingtonus
Joined: 09 Dec 2008
Location: Jeonju
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| Posted: Sat Apr 17, 2010 1:35 am Post subject: |
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| Y'all are missing the concept. The $106 was the entire difference between the PURE exchange rate! How will mailing traveler's checks allow you to change from one currency to another at that rate, with no charge for conversion at all? You remind me of people who think driving a car is cheap because all it costs you is the gas. |
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Sector7G
Joined: 24 May 2008
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| Posted: Sat Apr 17, 2010 2:50 am Post subject: |
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| davai! wrote: |
why not mail yourself Travelers' Checks? There are no fees, other than the cost of the envelope and stamp. Waiting time 1 week.
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Travelers' Checks are by far the cheapest way, and a relatively safe way too. I would have no qualms about sending money this way.
However, if you don't have the luxury of time each month, but you still want to cut down on some of those transfer fees, do this:
1)Get an International Debit card from KEB;
2)send card to a trusted family member(possibly a deal killer for some);
3)the money is available immediately after it's in your KEB account at most U.S. ATM's and at half the fees of a regular KEB transfer(I know because I have done it both ways)
egrog1717's method of doing it with with an overseas remittance account with KB* sounds pretty good too. |
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Savant
Joined: 25 May 2007
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| Posted: Sat Apr 17, 2010 4:10 am Post subject: |
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| Sector7G wrote: |
| 1)Get an International Debit card from KEB |
At which KEB branch might one obtain that elusive International Debit Card?
It isn't a matter of walking in to any KEB and asking for one.
I have been too many KEB branches just to have been told "We don't issue them to foreigners".
One of these days I will trek to Itaewon to see if the KEB branch there will issue me one. Them being all "expat-friendly" and such.
Failing that I'll see if they can give me a KEB Global Card. |
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Sector7G
Joined: 24 May 2008
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| Posted: Sat Apr 17, 2010 4:25 am Post subject: |
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| Savant wrote: |
| Sector7G wrote: |
| 1)Get an International Debit card from KEB |
Failing that I'll see if they can give me a KEB Global Card. |
Sorry I was not more specific. It is the KEB Global Card that I have. It says "check card" on it, but it is essentially a debit card, and it works in the USA, hence the "international" part.
I got it in a Busan branch with the help of a Korean friend. |
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roknroll
Joined: 29 Dec 2007
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| Posted: Sat Apr 17, 2010 8:19 am Post subject: |
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| egrog1717 wrote: |
OR...
Get yourself set up with an overseas remittance account with KB* and use an ATM to send your money home... And pay a 5k fee (plus what your bank at home charges) instead of 18,500!... :S
Same paperwork involved, same documents required... Hell of a lot cheaper  |
Hell of a lot more expensive than you think. First, note the time and the x-rate and send some money home via KB's ATM remittance. Second, determine the x-rate you've actually received through how much you get in your home currency (including any intermediary fees). Third, compare the standard quoted rate vs the calculated rate and discover how they underhandedly have gotten as much or more out of you had you walked into the bank and made an oversea's remittance. And because it's based on a percentage (the commission ups the x-rate you get) it means that the more you send, the more expensive it is. But the gimmick-->W5000 won transfer sounds great.....until you do the math and realize they're actually making more off people this way than the seemingly expensive bank visit remittance. At least this was true for me, after the second transfer I gave it up.....have yet to go to the bank to have them explain why the rates were so much higher than the quoted rates. But given that it happened on two occasions, I'm assuming the obvious. |
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bassist33
Joined: 07 Jul 2009
Location: Mok-dong, Seoul
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| Posted: Sun Apr 18, 2010 6:38 am Post subject: |
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| I opened a Charles Schwab Free Investor Checking Account before I came here due to the advice of another poster. I get an interest earning account coupled with a brokerage account that refunds any charges I am assessed using foreign ATM's and does not charge me for incoming wire charges. I have IBK and they used to charge me nearly $40 outgoing, but now I they are only charging me $18. Wire is in my bank usually within 12 hours. The only drawback to the Charles Schwab account is there are no branches in the states, but that doesn't really affect me over here. With the free brokerage account it's a great way to invest and save while over here. |
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