| View previous topic :: View next topic |
| Author |
Message |
swoodman
Joined: 24 Sep 2009
Location: Reading, United Kingdom
|
 Posted: Wed Sep 01, 2010 10:55 pm Post subject: KEB seem to take a big cut |
 |
|
| I sent some money home to the the UK but my 3m won seems to have been changed into 1622 pounds. Online however, its at least 1640. Is it normal for them to take a cut of about 35K won? Is it just because the bank rate differs from the online (actual) rate? |
|
| Back to top |
|
 |
shostahoosier
Joined: 14 Apr 2009
|
| Posted: Wed Sep 01, 2010 10:59 pm Post subject: Re: KEB seem to take a big cut |
|
|
| swoodman wrote: |
| I sent some money home to the the UK but my 3m won seems to have been changed into 1622 pounds. Online however, its at least 1640. Is it normal for them to take a cut of about 35K won? Is it just because the bank rate differs from the online (actual) rate? |
This is a frequently asked question.
KEB charges you a few thousand Won (I want to say around 8000W right now) to do international transfers.
The foreign bank that you are sending money to may charge you for the transaction too.
Then, much to peoples' delight, there is a middle man. A mysterious entity that no one knows about and no one can direct you to. They take money from your transfer too for facilitating the transaction.
I went crazy because my bank in the US doesnt charge for incoming money and KEB told me there was no middle bank...but sure enough, every time I transfer money home, I lose $18. |
|
| Back to top |
|
|
crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
|
| Posted: Wed Sep 01, 2010 11:43 pm Post subject: |
|
|
When I do transfers online with KEB there is no middle-man.
KEB charges me 8000W, my home bank charges me $10 to accept it. |
|
| Back to top |
|
|
Vagabundo
Joined: 26 Aug 2010
|
| Posted: Wed Sep 01, 2010 11:55 pm Post subject: Re: KEB seem to take a big cut |
|
|
| shostahoosier wrote: |
| swoodman wrote: |
| I sent some money home to the the UK but my 3m won seems to have been changed into 1622 pounds. Online however, its at least 1640. Is it normal for them to take a cut of about 35K won? Is it just because the bank rate differs from the online (actual) rate? |
This is a frequently asked question.
KEB charges you a few thousand Won (I want to say around 8000W right now) to do international transfers.
The foreign bank that you are sending money to may charge you for the transaction too.
Then, much to peoples' delight, there is a middle man. A mysterious entity that no one knows about and no one can direct you to. They take money from your transfer too for facilitating the transaction.
I went crazy because my bank in the US doesnt charge for incoming money and KEB told me there was no middle bank...but sure enough, every time I transfer money home, I lose $18. |
remember the exchange rate won't based on the official bank exchange rate. It will be based on the bid/ask and it'll be based on the remittance bid ask for e.g. if you do it online.
needless to say..if the so called posted won rate that day is 1200 to 1.. expect to have to pay 1220 to get 1 dollar in physical exchange and 1210 to 1 in remittance.
Furthermore, KEB claims they have to send my money to the US thru a middleman bank - in this case JP Morgan, since they don't have a direct relationship with my bank (not surprising since it's a regional US bank).
KEB doesn't seem to take very much if anything from me.. JP takes 15 dolllars or so and my own bank charges me for the privelege of accepting more money from me, which they can lend at a certain percentage while paying me almost zero interest, while also getting money from the US Fed for free. That's some chutzpah, no?
so now I only transfer large amounts and only when necessary. |
|
| Back to top |
|
|
oldtactics
Joined: 18 Oct 2008
|
| Posted: Thu Sep 02, 2010 5:26 am Post subject: |
|
|
| crossmr wrote: |
When I do transfers online with KEB there is no middle-man.
KEB charges me 8000W, my home bank charges me $10 to accept it. |
Same here. I'm with TD in Canada. |
|
| Back to top |
|
|
Man on Street
Joined: 28 Aug 2010
Location: In the Seoul
|
| Posted: Thu Sep 02, 2010 5:46 am Post subject: Re: KEB seem to take a big cut |
|
|
| shostahoosier wrote: |
Then, much to peoples' delight, there is a middle man. A mysterious entity that no one knows about and no one can direct you to. They take money from your transfer too for facilitating the transaction.
I went crazy because my bank in the US doesnt charge for incoming money and KEB told me there was no middle bank...but sure enough, every time I transfer money home, I lose $18. |
Yeah, and all this time you thought you could confidently tell people you don't fund chemtrails |
|
| Back to top |
|
|
Von Tristof
Joined: 31 Oct 2009
|
| Posted: Thu Sep 02, 2010 7:16 am Post subject: |
|
|
| How would one go about setting it up so it could be done online? I'll most likely go to KB soon to make my first transfer but if I could do it online that would be best. I'm already set up online with TD back in Canada, but assume I have to set it up with the KB as well? |
|
| Back to top |
|
|
shostahoosier
Joined: 14 Apr 2009
|
| Posted: Thu Sep 02, 2010 7:27 am Post subject: |
|
|
| crossmr wrote: |
When I do transfers online with KEB there is no middle-man.
KEB charges me 8000W, my home bank charges me $10 to accept it. |
Then maybe your bank IS the middle-man bank.
My home bank (Charles Schwab) doesnt charge for incoming transfers...but $18 always vanishes from my transfer when it posts in my US account. |
|
| Back to top |
|
|
oldtactics
Joined: 18 Oct 2008
|
| Posted: Thu Sep 02, 2010 7:51 am Post subject: |
|
|
| Von Tristof wrote: |
| How would one go about setting it up so it could be done online? I'll most likely go to KB soon to make my first transfer but if I could do it online that would be best. I'm already set up online with TD back in Canada, but assume I have to set it up with the KB as well? |
KEB & KB* are not the same bank. Most of us, as far as I know, are talking about KEB - Korea Exchange Bank. With them, you go to the branch with your banking information from back home, including the bank address, and tell them that you want to open a transfer account. While you're there, tell them that you want internet banking and they can set that up in a couple minutes. |
|
| Back to top |
|
|
Man on Street
Joined: 28 Aug 2010
Location: In the Seoul
|
| Posted: Thu Sep 02, 2010 1:11 pm Post subject: |
|
|
| oldtactics wrote: |
| Von Tristof wrote: |
| How would one go about setting it up so it could be done online? I'll most likely go to KB soon to make my first transfer but if I could do it online that would be best. I'm already set up online with TD back in Canada, but assume I have to set it up with the KB as well? |
KEB & KB* are not the same bank. Most of us, as far as I know, are talking about KEB - Korea Exchange Bank. With them, you go to the branch with your banking information from back home, including the bank address, and tell them that you want to open a transfer account. While you're there, tell them that you want internet banking and they can set that up in a couple minutes. |
You can say that at every bank, actually. I bank at KB with absolutely no problems ever, albeit partially because I can use Korean and also there is a teller who speaks good English at my particular branch. |
|
| Back to top |
|
|
swinewho
Joined: 17 Aug 2009
|
| Posted: Fri Sep 03, 2010 1:59 am Post subject: |
|
|
The costs to send money home via KEB are as follows:
In $
$500 = w12,000
$501-$2000 = w18,000
$2001 -$ 5000 = 23,000
Then at the UK end there is a 'handling'fee which is almost the same cost.
OP it sounds like you got a ok deal.
As previous posters have said, the amount you see in currency exchange sites are not quite identical to bank rates either.
I've been in Korea for just over 2 years now and the range in the won has varied a lot.
1 million won has varied from 420 ish quid to 600 quid (around may time this year).
KEB bank (in my experience) is by far the best bank for foreigners..... |
|
| Back to top |
|
|
Chambertin
Joined: 07 Jun 2009
Location: Gunsan
|
| Posted: Fri Sep 03, 2010 2:20 am Post subject: |
|
|
Everyone in my old town got Ripped Huge by KEB and another bank, forgot the name but it wasnt Shinhan (SP?).
Check everything on wire transfers, these banks take way too much out of it if you let them.
I use Hana Bank and I love it. Very low fees and excellent buy / sell rates. I highly reccomend them. One day I sent at a rate of 1200 per USD when yahoo and other sites were quoting at 1190. In fact my crappy little bank back in the states pulled the Jack-hole move and charged me 20$ USD for RECIEVEING money and it wasnt any small ammount. WTF?
Wish they had a Hana Bank US branch. |
|
| Back to top |
|
|
PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
|
| Posted: Fri Sep 03, 2010 9:33 am Post subject: |
|
|
When I was tranferring money (well we still send money to Korea for family reasons) the Korean bank charged me roughly 7000W and my home bank did not charge me a dime.
I had made previous arrangements with them however and after year 2 in Korea I had substantial business with them which led to them offering me free banking service (no banking fees at all except on a few select transactions or services).
The wire transfer fee is something that can be minimized through some simple planning.
Send money fewer times but in larger amounts....you save on transfer fees.
Check if you bank offers a nominal fee for unlimited transfers. |
|
| Back to top |
|
|
air76
Joined: 13 Nov 2007
|
| Posted: Fri Sep 03, 2010 9:34 pm Post subject: Re: KEB seem to take a big cut |
|
|
| Vagabundo wrote: |
remember the exchange rate won't based on the official bank exchange rate. It will be based on the bid/ask and it'll be based on the remittance bid ask for e.g. if you do it online.
|
+1
The exchange rate that you find online is generally the average of the bid/ask rates...banks don't make much money from the $8 they charge you to transfer money, they make their money by having different rates for the currencies that they are buying/selling.....if you come into the bank and sell $100 for 117,500 won, the next guy in line who wants to buy those dollars will now pay 118,000 won for that same hundred dollar bill.
There really is no reason to be transferring home less than 5-6,000,000 won at a time...maybe once after you just get here or if the exchange rate takes a temporary dive, but the more you send the less you pay in fees per won sent. |
|
| Back to top |
|
|
daveyc18
Joined: 15 Nov 2009
|
| Posted: Sun Nov 07, 2010 7:56 pm Post subject: |
|
|
| crossmr wrote: |
When I do transfers online with KEB there is no middle-man.
KEB charges me 8000W, my home bank charges me $10 to accept it. |
hey, they charge you 8000W for sending how much exactly?
this doesn't seem to match the fee table posted in this thread:
$500 = w12,000
$501-$2000 = w18,000
$2001 -$ 5000 = 23,000
i'm with NH and get charged a little over 15,000W for sending OVER $1,000 CAN. curious if it's worth the hassle of switching. i'm with PC like you (i know this because you stated that in another thread). |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
