Korean Job Discussion Forums

[eIn07912]

Ok, here is my evil plan to dodge all those pesky transaction fees for wiring money home to pay for student loans each month. Tell me if anyone else has tried this.

As it stands now, I go online and electronically wire money each month from my Korean account to my American account to make my student loans. The transaction fees are really starting to suck. Over $30 each time just on the Korean side. Another $15 a month on the American side. That's almost $50 a month I pay just to move money from one bank to another. My loan payments are only $150 a month, that means over a year, I'm losing the ability to make 4 extra payments a year!!

I've had enough of this. I set up two PayPal accounts. One for my American bank, one for Korean. Both are linked to their respective debt cards. So, as soon as I get paid, I'm going to "gift" myself on PayPal enough for the monthly payment. Which means my Korean PayPal will send the American one $150. This transaction takes place instantly (or as quick as I can log out of the first PayPal account and log into the second one and click "accept.")

Then, since my American PayPal is linked to my American bank, I can "withdraw funds" or basically, send money from my PayPal to my bank account. Huzzah! The I just have to wait 3 days for the transaction to process and then go over to Sallie Mae and make a payment online. (Yes, it would be easier to pay Sallie Mae from Korea, but they can only set up online payment for US banks)

So, what do you think? So far I've tested sending myself a dollar from Korean to American through PayPal. No problem. No extra fee. Only this morning did I test withdrawing funds from American PayPal to my American bank. One point though, it does take about a day longer through this process than it does to wire money from bank to bank. But to save $50 a month, it's worth the extra day wait.

Bow before me. I am your King.

[nathanrutledge]

Interesting plan... tell us if you get hit with anything on a larger transfer. You may just be our savior.

[winterfall]

Fees depends on your bank. KEB charges 7,000 Won. There's a middle man fee for some unnamed bank, if it's under a $1000 dollars it's free. If it's a $1000 dollars or over it's $20. (By the way I need to call them about that, this $20 fee never popped up before)

And I use TD Bank in the states, they don't charge a fee if the incoming wire is in USD. And from there I just do a bank to bank domestic transfer which is also free.

Total transfer time till I make my payment. 2-3 days and usually less than $4

You need a new bank

[Captain Corea]

I am pretty sure there are fees in Paypal as well. I transfer a fair amount of funds through it and always get dinged.

[NYC_Gal]

It's 4.9%. It could work out to less if you do it this way. I've done it a few times, but just handed my friend the cash and had her use her Korean CC to pay my American account. It worked out cheaper on days that the exchange was good.

[optik404]

How did you manage to set up a Korean Paypal account?

[jonpurdy]

KEB: 8000원. If you don't have a KEB account and your school insists on paying to your regular one, Korean bank to Korean bank transfers are free and instant.

Then set up an account with an American bank that doesn't charge for incoming wire transfers.

[oldtactics]

Another vote for KEB - I pay 7,000 to transfer money home to my Korean account, and it usually takes 1 business day. Bank-to-bank transfers seem a lot more reliable than shuffling money around in Paypal, especially considering how long the holds are sometimes. Glad it's working for you, but I'll stick to my method.

[winterfall]

[blakely]

does anyone know what KB Charges?

[DeMayonnaise]

I have an idea. Wait until you have a bunch of money saved up, and then send a couple thousand dollars home at once. It's a flat rate fee, so the $50 fee (which is more than my bank charges anyways) is a smaller percentage of the rate. I can't believe you can only afford to send $150 a month...send $450 (which is probably 1/4 of your paycheck) every 3 months.

Now I am YOUR King!!!

[Smudger]

[machoman]

KEB!!!! holllllaaaaaaa!!!! so easy and convenient.

[bobbybigfoot]

[bsrosenfeld]