Korean Job Discussion Forums

[jweeke]

After all the various fees I'm losing almost $50 to transfer $500. 15 for KEB, 10 for wells fargo and 20 for some mystery liason. I don't want to do this.

Transferring more less often is not an option right now.

Read about getting a second (?) atm card and shipping it back to the states. Is this possible?

Are there better banks?

Any other ideas?

[Sector7G]

Many threads on this subject with more details but there are several cheaper ways.

In a nutshell(from memory):

The absolute cheapest, but by far the slowest way, is to send either a money order, traveler's check, or cashier's check to your bank. It is relatively safe but only an option if you have the luxury of time as it takes 7 to 14 days to reach the US(for example). The costs for buying said checks is only a few bucks at most, as is the cost to send it.

Another way many people talk about here is setting up an internet account with your Korean bank where you do the transferring yourself. I hear the fees for that are far cheaper than what you are paying now. Sounds pretty convenient too.

What I have done is to send a family member the Global Check card that I received from KEB. She then can then withdraw from an ATM back in the states as soon as I tell her the money is in my account here. We usually do $1800 for less than half what you are being charged for $500. I do it this way most of the time as I usually need to get it there quick.

Speaking of KEB, they must charge a flat rate transferring the way you do because I used to transfer $2000 for almost the same as you were charged for $500(including the $18 mystery fee)