Korean Job Discussion Forums

[olsanairbase]

Anyone else still use 1000 travelers checks to bypass money transfer fees in order to send money back home to their accounts?


Also, this way makes it hard for the government to actually know how much money you earn.

[ttompatz]

[passport220]

I have used them in the past. I don't know if they are more or less traceable by the govenment, I used them as they were just cheaper than paying the wire transfer fee.

I countersigned them and then prepared them by writing �For Deposit Only� with my bank account number on the back, so I think why would have been difficult to use if stolen. Also if they were stolen, I would have just claimed ignorance about the counter signature and made a full claim.

For me it was just a math question on what cost less looking at fees, exchange rates, cost to mail, etc. It worked for me as my Korean bank did not charge a commission on traveler's checks for account holders.

[Chokse]

Yeah, it's much cheaper to go the TC route if you are sending large amounts home.

I have done it several times in the past. I get free TCs at the AMEX office if I show my AMEX card, so the checks cost nothing. I sign both signature fields and for the "Pay To", I put my bank name and account number. If it gets stolen, the thief can either deposit them to my account or throw them away. Either way, I lose nothing.

Stick them in a big envelope, address it to your bank, and pay a small fee for delivery confirmation. All told, I spent about 2,500 won to send about $40,000 to my bank in the US.

I can't even imagine what the bank fees would have been had I done a wire transfer!

[Epik_Teacher]

I have sent them that way for years, just make sure you send them EMS. They will get there in 4-5 working days. And it's not "stupid" as one jackass referred to them as.