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royjones
Joined: 26 Mar 2004
Location: post count: 512
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 Posted: Mon Apr 19, 2004 10:00 am Post subject: Alternative to wiring money |
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| Ok, based on the high rates of wiring, I am just curioius of any cheaper alternatives. Is it possible to open a checking account in Korea, and send personal checks to family back in canada, and have them deposit it for you in a join account. Not sure what the fees would be for a check. Also, on the same lines what about a bank draft and send it to someone back home. thanks in advance. |
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JennyJJ
Joined: 01 Mar 2003
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| Posted: Mon Apr 19, 2004 1:24 pm Post subject: |
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Wiring works, it's fast and the money is there - doesn't get lost - I don't understand the problems people have with it.
Save your money, wire twice a year and the $20 you spend is no big deal. Yeah, if you wire home $80 a month - the $20 is a big percentage - so save a little first. When you wire $6000 - the $20 is chump change.
Another issue is - if you want to learn to take care of yourself and not have to hassle relatives and friends (who are often a bit unreliable!) wiring goes right to your account and you don't have to keep wondering if your mom got to the bank or not.
Sending a check will also garner some fees - and may or may not work - and will take weeks to get done. About ten years ago I sent cash every month via the mail to my mom - that worked fine - never lost a cent. Did disguise the money in the envelop though. |
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Harpeau
Joined: 01 Feb 2003
Location: Coquitlam, BC
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| Posted: Mon Apr 19, 2004 1:48 pm Post subject: |
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| I heard that some people send a family member a (Korean) bank card with Cirrus, whatever. The mother or whoever simply just goes to an ATM in Canada and withdraw money from the account and uses it to pay bills. Sounds like a good plan. |
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Homer
Guest
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| Posted: Tue Apr 20, 2004 5:21 am Post subject: |
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Wiring money is in my opinion the best option.
You have to look at the bigger picture.
I, for example, send around 2500 cdn home every month (sometimes a little less or more).
This works out to roughly 30000 cnd/year.
Now, I pay 11 000 won per transfer here (12 cdn ) and nothing at my bank home.
This works out to 144 cdn per year in fees for over 30 000 dollars in transfers....
In short its chump change for a service that is safe, fast and efficient.
Last edited by Homer on Wed Apr 21, 2004 1:17 am; edited 1 time in total |
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Derrek
Joined: 15 Jan 2003
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| Posted: Tue Apr 20, 2004 2:31 pm Post subject: |
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| Harpeau wrote: |
| I heard that some people send a family member a (Korean) bank card with Cirrus, whatever. The mother or whoever simply just goes to an ATM in Canada and withdraw money from the account and uses it to pay bills. Sounds like a good plan. |
It sounds wonderful, but it depends on how much you plan to transfer. Every time you do the bank card thing, you get charged. And if you have to pull out cash 20 times at 3,000 won a pop (charge from korean bank and local bank for international withdrawl) it suddenly isn't such a great deal, and you have had to head to the bank 20 times to do all those transactions. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Tue Apr 20, 2004 3:43 pm Post subject: Re: Alternative to wiring money |
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| royjones wrote: |
| Ok, based on the high rates of wiring, I am just curioius of any cheaper alternatives. Is it possible to open a checking account in Korea, and send personal checks to family back in canada, and have them deposit it for you in a join account. Not sure what the fees would be for a check. Also, on the same lines what about a bank draft and send it to someone back home. thanks in advance. |
Korean banks don't offer personal checking accounts. |
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inexhile
Joined: 18 Feb 2003
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| Posted: Tue Apr 20, 2004 4:44 pm Post subject: |
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| A bank check. Costs nothing and you only pay for the postage stamp. |
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saint_moi
Joined: 06 Apr 2003
Location: That little place where I'm meant to be.
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| Posted: Wed Apr 21, 2004 6:08 am Post subject: |
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Not tryin to hijack this thread by all means, but wiring lets say:
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| Homer: ..This works out to roughly 30000 cnd/year |
That's quite a large amount of money each year. Isn't there another tax invloved? You have to pay tax on money earned overseas if you send it home, be it any country you're from. Am I wrong? And post 9/11 all reasonably large transfers are tracked so this is easily enforced, or not? Furthermore you would have to prove (by means of pay slips i presume) that this money was in fact earned.
Please someone put me in my place if I'm way off, and consider I'm not talking just Canada here. |
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prairieboy
Joined: 14 Sep 2003
Location: The batcave.
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| Posted: Wed Apr 21, 2004 7:01 am Post subject: |
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| saint_moi wrote: |
Isn't there another tax invloved? You have to pay tax on money earned overseas if you send it home, be it any country you're from. Am I wrong? And post 9/11 all reasonably large transfers are tracked so this is easily enforced, or not? Furthermore you would have to prove (by means of pay slips i presume) that this money was in fact earned.
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I'm Canadian and I don't have to pay tax on the money I transfer back to Canada. I took the time to fill out the NR-73 form for CCRA and based on the information I provided, they have deemed me to be a non-resident for tax purposes. I can't comment on what it's like for other countries.
You may have to provide proof to CCRA upon returning to Canada permanently that the money you earned was actually earned at a job or jobs. This can be taken care of by filing your personal korean income tax and you just may get a refund here.
As I understand it, only large sums of money, in excess of $10,000 are monitored. If you send $3,000 a pop that's not enough to set of any red flags. You are allowed to carry upto $10,000 cash into Canada without declaring it to Customs services and if you take more you simply fill out some forms and then present the proof that you earned this money.
But all of this has been covered before. Tax threads and money transfer threads.
Negotiate with your bank to reduce or eliminate the transfer fee that is charged back in Canada or just save a few months wages and transfer a few times a year instead of every month. That's the best advice.
Cheers. |
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