| View previous topic :: View next topic |
| Author |
Message |
Mikazo
Joined: 10 Mar 2011
|
 Posted: Thu Mar 17, 2011 1:16 pm Post subject: Sending money home through Paypal |
 |
|
Hi there. In the process of securing a job in Korea I am trying to figure out how to get the money that I earn back home. Most of the usual methods (bank transfers, bank drafts, etc) will not work in my case since I am with a smaller credit union. Rather than open an account with a larger bank, I was wondering if anybody has had experience sending money home via Paypal. It seems simple enough - just open another Paypal account connected to your Korean bank account and just transfer it to your primary email address, right? Any reason why it wouldn't work?
Thanks in advance. |
|
| Back to top |
|
 |
EddieH
Joined: 15 May 2010
|
| Posted: Thu Mar 17, 2011 2:38 pm Post subject: |
|
|
| I haven't tried, but a coworker said he couldn't link his Korean bank account (Nong Hyup bank) with a Paypal account. What I had to do was send money to a friend's account at home who put it into my mutual fund for me. Definitely a hassle. If you're not actively paying off debts at home, though, you really will only have to transfer at the end of your contract (I only made two transfers for the year). |
|
| Back to top |
|
|
crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
|
| Posted: Thu Mar 17, 2011 2:47 pm Post subject: |
|
|
| Paypal will not connect your Korean bank account to your account. they fail to recognize our alien registration ID and no amount of e-mails will change their minds. You can only connect the account if you use a Koreans ID number, but even then you are not permitted to withdraw money from the account to paypal. I think this is due to some banking dispute or something. You can only get money in there if you use a Korean credit card of some kind. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Thu Mar 17, 2011 3:57 pm Post subject: Re: Sending money home through Paypal |
|
|
| Mikazo wrote: |
Hi there. In the process of securing a job in Korea I am trying to figure out how to get the money that I earn back home. Most of the usual methods (bank transfers, bank drafts, etc) will not work in my case since I am with a smaller credit union. Rather than open an account with a larger bank, I was wondering if anybody has had experience sending money home via Paypal. It seems simple enough - just open another Paypal account connected to your Korean bank account and just transfer it to your primary email address, right? Any reason why it wouldn't work?
Thanks in advance. |
Paypal won't work. If your credit union can't receive incoming bank wires then the simplest way is to get a money order from a Korean bank made payable to yourself and send it to your US bank endorsed, "payable to the account of the payee, account #xxx-yyyyy-zzzzzz".
Cost you 5k won for the money order and 1000 won for the stamp and envelope. Safe, secure and worry free. Takes about 10 days from when you drop it off at the counter at the post office to being credited in your account.
. |
|
| Back to top |
|
|
Mikazo
Joined: 10 Mar 2011
|
| Posted: Thu Mar 17, 2011 5:03 pm Post subject: Re: Sending money home through Paypal |
|
|
Thanks for the input. My question then is, would they be able to convert the currency there at the Korean bank into US dollars?
And how do you recommend sending it? What sort of mail service would you use?
Thanks a bunch.
| ttompatz wrote: |
Paypal won't work. If your credit union can't receive incoming bank wires then the simplest way is to get a money order from a Korean bank made payable to yourself and send it to your US bank endorsed, "payable to the account of the payee, account #xxx-yyyyy-zzzzzz".
Cost you 5k won for the money order and 1000 won for the stamp and envelope. Safe, secure and worry free. Takes about 10 days from when you drop it off at the counter at the post office to being credited in your account.
. |
|
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Thu Mar 17, 2011 6:33 pm Post subject: Re: Sending money home through Paypal |
|
|
| Mikazo wrote: |
Thanks for the input. My question then is, would they be able to convert the currency there at the Korean bank into US dollars?
And how do you recommend sending it? What sort of mail service would you use?
Thanks a bunch.
| ttompatz wrote: |
Paypal won't work. If your credit union can't receive incoming bank wires then the simplest way is to get a money order from a Korean bank made payable to yourself and send it to your US bank endorsed, "payable to the account of the payee, account #xxx-yyyyy-zzzzzz".
Cost you 5k won for the money order and 1000 won for the stamp and envelope. Safe, secure and worry free. Takes about 10 days from when you drop it off at the counter at the post office to being credited in your account.
. |
|
Yes, they will sell you a money order in USD (converted from won at the counter) and it will be drawn on a US Bank (so it is easy to deposit).
It is safe and secure (just like sending a check) so unless you are in a real rush you can simply send it regular air-mail (560 won) and 7-10 days for delivery.
If you are in a panic to get it there fast, then use EMS (13k won) and 3-5 days for delivery.
. |
|
| Back to top |
|
|
Mikazo
Joined: 10 Mar 2011
|
| Posted: Thu Mar 17, 2011 6:44 pm Post subject: Re: Sending money home through Paypal |
|
|
What happens if the money order is lost in the mail?
| ttompatz wrote: |
Yes, they will sell you a money order in USD (converted from won at the counter) and it will be drawn on a US Bank (so it is easy to deposit).
It is safe and secure (just like sending a check) so unless you are in a real rush you can simply send it regular air-mail (560 won) and 7-10 days for delivery.
If you are in a panic to get it there fast, then use EMS (13k won) and 3-5 days for delivery.
. |
|
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Thu Mar 17, 2011 8:08 pm Post subject: Re: Sending money home through Paypal |
|
|
| Mikazo wrote: |
What happens if the money order is lost in the mail?
| ttompatz wrote: |
Yes, they will sell you a money order in USD (converted from won at the counter) and it will be drawn on a US Bank (so it is easy to deposit).
It is safe and secure (just like sending a check) so unless you are in a real rush you can simply send it regular air-mail (560 won) and 7-10 days for delivery.
If you are in a panic to get it there fast, then use EMS (13k won) and 3-5 days for delivery.
. |
|
Save your receipt and get a replacement.
. |
|
| Back to top |
|
|
Illysook
Joined: 30 Jun 2008
|
| Posted: Fri Mar 18, 2011 5:09 am Post subject: |
|
|
| Transferring money to your home bank or credit union has nothing to do with the size of the institution. If it has a bank routing number, you can wire money to your account. Look at one of your checks. It's the nine digit number that goes before your account number. If you give that number to your banker in Korea, they can send money to your account in America. |
|
| Back to top |
|
|
Sector7G
Joined: 24 May 2008
|
| Posted: Fri Mar 18, 2011 7:29 am Post subject: |
|
|
| Illysook wrote: |
| Transferring money to your home bank or credit union has nothing to do with the size of the institution. If it has a bank routing number, you can wire money to your account. Look at one of your checks. It's the nine digit number that goes before your account number. If you give that number to your banker in Korea, they can send money to your account in America. |
Yeah, I was thinking the same thing, though some of the smaller ones have to use a "go between" institution to make the transfer. That is where that $18 dollar "mystery fee" comes from. I learned that from experience. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
