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alljokingaside
Joined: 17 Feb 2010
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 Posted: Thu May 06, 2010 6:57 am Post subject: Funds Transfer- hopelessly confused |
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So I've heard several conflicting instructions on how to best transfer cash from a Korean bank to an American bank. What is the best way to do this, avoid/minimalize fees and not have to use the postal service?
-I have a CitiBank acct. (set up for this express purpose) in Chicago, but heard from a local CitiBank teller (in Busan) that its $50-80 minimum/transaction + any fees that my bank in the States charge..
-I've heard KEB only charges $15-20 per outgoing transaction and incoming funds aren't levied by the receiving bank.
-I've heard about getting a traveler's check then sending it through the mail- this one has me worried unless it's FedEx with their high shipping charges for docs.
Help. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu May 06, 2010 7:36 am Post subject: Re: Funds Transfer- hopelessly confused |
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| alljokingaside wrote: |
So I've heard several conflicting instructions on how to best transfer cash from a Korean bank to an American bank. What is the best way to do this, avoid/minimalize fees and not have to use the postal service?
-I have a CitiBank acct. (set up for this express purpose) in Chicago, but heard from a local CitiBank teller (in Busan) that its $50-80 minimum/transaction + any fees that my bank in the States charge..
-I've heard KEB only charges $15-20 per outgoing transaction and incoming funds aren't levied by the receiving bank.
-I've heard about getting a traveler's check then sending it through the mail- this one has me worried unless it's FedEx with their high shipping charges for docs.
Help. |
Go to your bank.
Get a MONEY ORDER / CASHIERS CHECK drawn in US FUNDS (usually drawn on a US bank) PAYABLE to YOU and send it to YOUR bank with the endorsement on the back, "for deposit only to the account of the payee, #XX-XXXX-XXXX"
If you are really paranoid about it, use EMS (express mail service) from K-post. It is track-able and traceable from start to finish. (cost you about 5-10k for the money order and 10k for EMS).
K-post airmail works too for about 1k won.
note: the money order is also track-able and traceable as well as replaceable if lost or stolen (keep your receipt).
DON'T SEND AN ENDORSED TRAVELERS CHECK. That is NO DIFFERENT than sending cash through the mail.
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Caffeinated
Joined: 11 Feb 2010
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| Posted: Thu May 06, 2010 7:42 am Post subject: Re: Funds Transfer- hopelessly confused |
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| alljokingaside wrote: |
-I've heard KEB only charges $15-20 per outgoing transaction and incoming funds aren't levied by the receiving bank.
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I'd rather send it by KEB. My bank charges about 15000won to process at their end but the speed and security seem worth it. |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Thu May 06, 2010 7:51 am Post subject: |
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I paid 28,000 and did it in person (KEB). Done in 15 minutes. No waiting to see if the dominoes all lined up correctly, no confusion, and I didn't have to put up with this online banking crap they make you go around in circles with ("Sorry, the format of the receiving bank's address is incorrect. Please try a billionth time to figure out our address format"  )....and then call English support only to get a robotic lady telling you steps you already did in broken English. At the bank, the teller has a book they open, like a phone book. They put in the bank you are sending money to and you're done. If only they would sell this book, we could do it ourselves.
Last edited by lifeinkorea on Thu May 06, 2010 7:59 am; edited 3 times in total |
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alljokingaside
Joined: 17 Feb 2010
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| Posted: Thu May 06, 2010 7:55 am Post subject: |
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thanks for the tips
definitely gonna check out the local KEB here to check out rates
$20-30 is definitely not a problem.
will also check the local post offices out, too.
and it seems that having a citibank account's pretty worthless. bleh. |
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jonpurdy
Joined: 08 Jan 2009
Location: Ulsan
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| Posted: Thu May 06, 2010 3:16 pm Post subject: |
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KEB online banking: 8,000 won. You can even do it from a Macintosh now (through their special Java app). My bank doesn't charge anything to receive so each time it's only 8,000 won for me.
You go in one time to a branch with your receiving bank's info, give it to them, then it shows up in your online banking. Then you never go to them again! |
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Korean LaoWei
Joined: 01 Apr 2009
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| Posted: Thu May 06, 2010 3:58 pm Post subject: |
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| I am curious about this question too. You mentioned that we need our bank information. What specific information do they require? Ex: Bank name, routing #, account #, Etc. |
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salgichawa
Joined: 18 Mar 2010
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| Posted: Thu May 06, 2010 5:58 pm Post subject: |
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| Korean LaoWei wrote: |
| I am curious about this question too. You mentioned that we need our bank information. What specific information do they require? Ex: Bank name, routing #, account #, Etc. |
Hi There,
All of that plus sometimes they like to have an address for your home branch and for you here in Korea a contact number and email. You may want to take in your Alien ID card and passport for them to photocopy for the file.
All on the form..good luck |
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oldtactics
Joined: 18 Oct 2008
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| Posted: Thu May 06, 2010 6:23 pm Post subject: |
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| I have internet banking with KEB too and it costs me 8,000 to send my money home every month. You can wire transfer money directly from a teller at the bank as well, even if you don't have an account, but I'm sure it'll cost a bit extra. |
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