Korean Job Discussion Forums

mervanm · Joined: 23 May 2010 Location: USA

I was wondering how you would go about taking the money that is deposited into your Korean bank account and transferring it into your home account, say in the United States. Any first hand experience or input would be great! Thanks!

warmachinenkorea · Joined: 12 Oct 2008

I wire money. I bank at Nonghyup. Take all you home bank info in.
Bank name, address, routing number, account number. Getting it set up took me about an hour. After it is set up it takes about 10-15 minutes each time. The fees vary depending on how much you send home. More than likley your bank at home will charge a fee. I spend about $35-50 a transfer.

Others might have a better way but this is what is simple and works for me. I've tried online but it was odd for me.

schlotzy · Joined: 10 Mar 2010 Location: South Korea

Man...isn't that just common sense?

PatrickGHBusan · Posted: Thu Jun 10, 2010 5:35 am Post subject:

Amazing isn't it schlotzy?

Next question: how do I do my laundry?

lifeinkorea · Joined: 24 Jan 2009 Location: somewhere in China

It's not common sense until you do it once.

It's surprising how people who thought it was such a stupid question not even mention the word remittance and how that works in order to transfer.

Basically, you have to fill out a small form online or in person. I suggest you go to the bank and do it in person the first time. Send a decent amount of money (if that is your final goal) through them, since they are more likely to do it right than you.

Then when you have that set up, you can take the information they put into the computer and do it yourself from in the future. I tried to transfer money from Nonghyup bank to the US, but it wouldn't accept the format of the address for my bank back home. I eventually had to go to a Korean bank and get this done. I still don't know how it would have worked with Nonghyup, but I wasn't going to test their suggestion by using a USB stick. I had to leave Korea the following day and wanted to make sure there were funds in my US account.

PatrickGHBusan · Posted: Thu Jun 10, 2010 7:10 am Post subject:

Sorry lifeinkorea but it IS common sense.

Go to the bank, fill out forms, wire the money.

You can also use online banking to wire money, it tends to be cheaper.

schlotzy · Joined: 10 Mar 2010 Location: South Korea

yeah..I mean obviously for the first time you'd go to the bank, with your home account info, and tell them you want to wire money home.

onie · Joined: 29 Dec 2008

If you're planning to transfer money home regularly, KEB has a bank account that you can link to your account at home, so that when you transfer any amount into this KEB account, it gets sent to the designated overseas account. It's pretty convenient, involves a one-off visit to a branch then it can all be handled online thereafter.

onie · Joined: 29 Dec 2008

If you're planning to transfer money home regularly, KEB has a bank account that you can link to your account at home, so that when you transfer any amount into this KEB account, it gets sent to the designated overseas account. It's pretty convenient, involves a one-off visit to a branch then it can all be handled online thereafter.

Morticae · Joined: 06 May 2010

perkxplosion · Joined: 18 Jan 2010 Location: gogo's. you know know.

Bring your passport just incase. It ended up they needed mine.

passport220 · Joined: 14 Jun 2006 Location: Gyeongsangbuk-do province

You can also look into buying American Express traveler's checks valued in USD and send them to your US bank in the mail. I bought them $1,000 USD denominations. It is just a math question to figure out what is most cost effective (exchange rate, wire transfer fees, etc.).

mervanm · Joined: 23 May 2010 Location: USA

Thank you for all these responses. I am leaving to go to Korea in December, so I just want to make sure I have as much solid information as I can get before I leave. Thank you again for the help.

poppy56 · Joined: 04 Nov 2009

I bank with NH as well and I just transfer money through the ATM machine. It's very easy. The first time I did it in the bank, filled out forms etc. and now I just go to any NH machine and transfer it.

NYC_Gal · Joined: 08 Dec 2009

The first time I went to wire money home, I had my SWIFT number, account number, and routing number. They only took the first two. When I asked if they needed the routing number, they said no. I raised my eyebrows, but left with my receipt. The next day I got a call asking for my 아바 number. He meant ABA number, which is also known as a routing number.

Apparently it isn't common sense to the bank employees! Laughing