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isitts
Joined: 25 Dec 2008
Location: Korea
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 Posted: Wed Jun 29, 2011 11:28 pm Post subject: Logistics of school paying severance/airfare to bank in US |
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My contract is about finished and I�m leaving Korea.
Just a quick question. I�m arranging for my school to pay my severance and return airfare reimbursement to my bank in the US. Do they only need my account number or will they need my routing number, too?
I ask because my school seems a little confused what a routing number is. I don�t think they use them here. |
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Ramen
Joined: 15 Apr 2008
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| Posted: Wed Jun 29, 2011 11:31 pm Post subject: Re: Logistics of school paying severance/airfare to bank in |
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| isitts wrote: |
My contract is about finished and I�m leaving Korea.
Just a quick question. I�m arranging for my school to pay my severance and return airfare reimbursement to my bank in the US. Do they only need my account number or will they need my routing number, too?
I ask because my school seems a little confused what a routing number is. I don�t think they use them here. |
if they don't know what routing number is tell them to give you the money before you leave on the last day.  |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jun 29, 2011 11:41 pm Post subject: Re: Logistics of school paying severance/airfare to bank in |
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| isitts wrote: |
My contract is about finished and I�m leaving Korea.
Just a quick question. I�m arranging for my school to pay my severance and return airfare reimbursement to my bank in the US. Do they only need my account number or will they need my routing number, too?
I ask because my school seems a little confused what a routing number is. I don�t think they use them here. |
If you leave without your money you can expect to lose it.
They need the swift code, routing and account number for your bank at home.
Do NOT depend on your school (even if it is a PS) to accomplish the task (send money offshore) in a timely or efficient fashion.
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Thu Jun 30, 2011 12:08 am Post subject: |
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There seem to be conflicts of deadlines here.
I have to leave within 10 days for them to pay my ticket home.
They have 14 days to pay the severance.
My school wants to pay both to my Korean bank account but of course as I�ll be leaving Korea, I�ll be closing my account.
So, not quite sure how I�m supposed to jump through those hoops. I suppose this is what the two months notice was for (which I gave them), but at the time I didn�t know I�d be leaving Korea indefinitely.
It sounds like they�ll be able to get the severance to me while I�m in Korea. But they�re telling me �it�s a rule� that the plane ticket be reimbursed after I leave Korea�which sounded fishy by itself, but even more so when he (the school accountant) said that he wanted to pay the money to my Korean account.
Anyway, thanks! I�ll arrange to get both paid to my Korean account before I close the account and leave. But that still seems to be cutting it close. |
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koreatimes
Joined: 07 Jun 2011
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| Posted: Thu Jun 30, 2011 2:08 am Post subject: |
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Set up transfers between your Korean account and your bank account back home. Then they can just deposit into your Korean account.
Seems to be the fail safe method so far. |
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thegadfly
Joined: 01 Feb 2003
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| Posted: Thu Jun 30, 2011 3:14 am Post subject: |
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KEB has something called a Foreign Remittance Account. Mine took me about 20 minutes to set up at the bank, though I already had another account there. They have little pamphlets for the account in the display area. Set one of those up, and give the school, and the pension office, that account number.
I have transferred money into my remittance account from both a KEB bank and a KB bank. In both cases, the transfer showed up in my US account within a few hours, though the literature says it may take up to a few days, depending on bank holidays.
They just deposit money into the account, and it is automatically transfered to a linked US account (for which you will need a swift number, routing number, account number, and bank address, though I was able to set mine up without that last one -- they asked for the address, but since I didn't have it, the nice lady that helped me set up the account anyway. Not everyone is nice, so be sure to bring it. I also brought my passport and arc card). |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Thu Jun 30, 2011 4:37 am Post subject: |
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| koreatimes wrote: |
Set up transfers between your Korean account and your bank account back home. Then they can just deposit into your Korean account.
Seems to be the fail safe method so far. |
| thegadfly wrote: |
KEB has something called a Foreign Remittance Account. Mine took me about 20 minutes to set up at the bank, though I already had another account there. They have little pamphlets for the account in the display area. Set one of those up, and give the school, and the pension office, that account number.
I have transferred money into my remittance account from both a KEB bank and a KB bank. In both cases, the transfer showed up in my US account within a few hours, though the literature says it may take up to a few days, depending on bank holidays.
They just deposit money into the account, and it is automatically transfered to a linked US account (for which you will need a swift number, routing number, account number, and bank address, though I was able to set mine up without that last one -- they asked for the address, but since I didn't have it, the nice lady that helped me set up the account anyway. Not everyone is nice, so be sure to bring it. I also brought my passport and arc card). |
Thanks, you guys. Did you manage the transfers online, then? Both my Shinhan bank and KEB bank have been reluctant to let me move my money online. Maybe I'll check out a Seoul branch of KEB.
Is a remittance account a separate account? Or can I set up to transfer from my existing account. [edit: Sorry. Guess you answered that.]
If I have to open a separate account, are they going to let me with less than a month left on my ARC. Really, if I can't use my existing account, I don't think I'm going to be able to make a trip to Seoul to open another account and these Bucheon banks are very unaccommodating to foreigners.
Swift number? I've never heard of that. I guess I'll call my bank and ask. I do have my bank address, so no worries there.
But basically, you're saying the bank can be middleman for the school in handling things like swift and routing numbers.
But these Korean bank accounts...did you just leave the accounts open after you left? I guess that's not unthinkable. I just usually close my accounts when I leave the country.
*sigh* Opening another account is hardly what I have in mind when I'm planning on leaving the country. Neither Japan nor Taiwan made it this difficult to leave with my money (and I didn't have to extend my visa). Oh, well. Thank, again! |
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thegadfly
Joined: 01 Feb 2003
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| Posted: Thu Jun 30, 2011 6:51 am Post subject: |
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Yes, I made my transfers online. I had similar trouble wiring money through my online KB account (it couldn't be done, the bank folks assured me). I already had a savings account at KEB, and have always liked them better (my school banks with KB, and so their paperwork is easier if they pay into a KB account -- I don't mind at all anymore, as there is no fee for me to do an online transfer from my KB savings account to my KEB savings account).
I tested both a transfer from the KB savings account directly to my remittance account, and a transfer from KB savings to KEB savings, then to my remittance account. Both transfers showed up in the US within a few hours, though the KB => KEB=> remittance had lower fees taken out than the KB => remittance.
I had to get a digital certificate and set up an online account, which was a huge pain in my arse with KB, but I did eventually get it done ( 3 hours over two trips to the bank). I would suggest bringing a flashdrive and getting the digital certificate on that right at the bank, rather than saving it to your computer...
Good luck.... |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Thu Jun 30, 2011 6:17 pm Post subject: |
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Thanks. The school accountant liked the KEB remittance option the best. I�m a little dubious as I�ve not been all that happy with KEB (went overseas twice and my �global� debit card didn�t work at the ATMs). But I also went there by myself and the Bucheon branches don�t have any English speakers. I�ll go with a co-worker this time.
I had actually found my bank�s SWIFT number and liked that option best, but that didn�t really appeal to my school. Oh, well. Hopefully this goes well.
| thegadfly wrote: |
I had to get a digital certificate and set up an online account, which was a huge pain in my arse with KB, but I did eventually get it done ( 3 hours over two trips to the bank). I would suggest bringing a flashdrive and getting the digital certificate on that right at the bank, rather than saving it to your computer...
Good luck.... |
But how about with KEB? Was that a pain for the digital certificate? That�s what really bothered me with Shinhan. I had to go twice to get a digital certificate and I still wasn�t able to do my banking online. And pretty sure I tried the second time to get it saved to a USB drive.
And even for the short time I did have access to online banking (before I started having problems), there were so many security what-have-yous that I had to download before I could even look at my balance that I had a very time using the word �convenient� to describe Korean online banking.
Ugh. Ok, I�m done. Thank you for your help! |
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koreatimes
Joined: 07 Jun 2011
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| Posted: Thu Jun 30, 2011 7:19 pm Post subject: |
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| But I also went there by myself and the Bucheon branches don�t have any English speakers. I�ll go with a co-worker this time. |
I went to the one near Bupyeong station. What you do is call the English support number and they talk to the people at the bank.
Don't go to the normal teller windows where you stand. Go to the area where you sit down with what looks more office like or has more of an immigration office appearance.
I tried the same thing with NH (Nonghyup) and I just went to the front desk, called their English support number and they talked to the front desk. After that, I was taken upstairs to their "VIP" section and got it set up there. Again, this wasn't in the normal area. |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Thu Jun 30, 2011 9:13 pm Post subject: |
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| koreatimes wrote: |
| Quote: |
| But I also went there by myself and the Bucheon branches don�t have any English speakers. I�ll go with a co-worker this time. |
I went to the one near Bupyeong station. What you do is call the English support number and they talk to the people at the bank.
Don't go to the normal teller windows where you stand. Go to the area where you sit down with what looks more office like or has more of an immigration office appearance.
I tried the same thing with NH (Nonghyup) and I just went to the front desk, called their English support number and they talked to the front desk. After that, I was taken upstairs to their "VIP" section and got it set up there. Again, this wasn't in the normal area. |
Right on. Thanks! |
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thegadfly
Joined: 01 Feb 2003
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| Posted: Fri Jul 01, 2011 3:57 am Post subject: |
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| isitts wrote: |
Thanks. The school accountant liked the KEB remittance option the best. I�m a little dubious as I�ve not been all that happy with KEB (went overseas twice and my �global� debit card didn�t work at the ATMs). But I also went there by myself and the Bucheon branches don�t have any English speakers. I�ll go with a co-worker this time.
I had actually found my bank�s SWIFT number and liked that option best, but that didn�t really appeal to my school. Oh, well. Hopefully this goes well.
| thegadfly wrote: |
I had to get a digital certificate and set up an online account, which was a huge pain in my arse with KB, but I did eventually get it done ( 3 hours over two trips to the bank). I would suggest bringing a flashdrive and getting the digital certificate on that right at the bank, rather than saving it to your computer...
Good luck.... |
But how about with KEB? Was that a pain for the digital certificate? That�s what really bothered me with Shinhan. I had to go twice to get a digital certificate and I still wasn�t able to do my banking online. And pretty sure I tried the second time to get it saved to a USB drive.
And even for the short time I did have access to online banking (before I started having problems), there were so many security what-have-yous that I had to download before I could even look at my balance that I had a very time using the word �convenient� to describe Korean online banking.
Ugh. Ok, I�m done. Thank you for your help! |
I got my digital certificate from KB, not KEB, and when I tried to log in with KEB, I had to use the KB certificate -- you do not get a new one, but you CAN get it set up to work for other banks. When I tried logging in to KEB online, I used my KB certificate, followed the English instructions to change my certificate to work with all accounts, and had no problem. It took maybe 2 or 3 minutes (I had pop-up blockers up, so I had to restart the process and turn them off -- it might even be quicker if you already have them turned off). |
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koreatimes
Joined: 07 Jun 2011
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| Posted: Fri Jul 01, 2011 5:30 am Post subject: |
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| When I tried logging in to KEB online, I used my KB certificate, followed the English instructions to change my certificate to work with all accounts, and had no problem. |
If you can use multiple banks on the same computer (certificate), more power to you. I tried to use NH and KEB and it didn't work. I ended up wasting many hours calling support from both banks and they didn't know how to fix it. I suggest you choose just one bank and I paid KEB 28,000 to set it all up.
If you have the time, then by all means try it first, but in my case I was leaving the next day and it was 3pm when I realized I wouldn't be able to figure it out. Between that problem and the banks not accepting the format of my bank's address back home, I decided to let the bank sort it out. |
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thegadfly
Joined: 01 Feb 2003
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| Posted: Fri Jul 01, 2011 5:34 am Post subject: |
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| koreatimes wrote: |
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| When I tried logging in to KEB online, I used my KB certificate, followed the English instructions to change my certificate to work with all accounts, and had no problem. |
If you can use multiple banks on the same computer (certificate), more power to you. I tried to use NH and KEB and it didn't work. I ended up wasting many hours calling support from both banks and they didn't know how to fix it. I suggest you choose just one bank and I paid KEB 28,000 to set it all up.
If you have the time, then by all means try it first, but in my case I was leaving the next day and it was 3pm when I realized I wouldn't be able to figure it out. Between that problem and the banks not accepting the format of my bank's address back home, I decided to let the bank sort it out. |
The certificate did NOT work initially, but the KEB English language site, on the Certificates page, gave the option, in English, of converting the certificate issued by a different bank into a certificate usable for any bank account. I followed the instructions on the site, and it took a minute or two to modify my existing certificate. After that, I had no trouble.... |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Mon Aug 01, 2011 11:21 am Post subject: |
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| thegadfly wrote: |
KEB has something called a Foreign Remittance Account. Mine took me about 20 minutes to set up at the bank, though I already had another account there. They have little pamphlets for the account in the display area. Set one of those up, and give the school, and the pension office, that account number.
I have transferred money into my remittance account from both a KEB bank and a KB bank. In both cases, the transfer showed up in my US account within a few hours, though the literature says it may take up to a few days, depending on bank holidays.
They just deposit money into the account, and it is automatically transfered to a linked US account (for which you will need a swift number, routing number, account number, and bank address, though I was able to set mine up without that last one -- they asked for the address, but since I didn't have it, the nice lady that helped me set up the account anyway. Not everyone is nice, so be sure to bring it. I also brought my passport and arc card). |
Hey thegadfly, just wanted to thank you for the remittance account suggestion. Ended up getting my money just fine that way 
Last edited by isitts on Mon Aug 01, 2011 7:31 pm; edited 1 time in total |
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