Korean Job Discussion Forums

[hamesworth]

Ok guys, I just recently got to Korea in Novemeber. I am weighing my options for sending money home. I have spent, literally, hours reading through other forums, but I think there is new technology that can be utilized. I have a Chase bank account back home. They recently released an app for the iPhone that you can deposit checks, money orders, or travelers's checks as long as it is in U.S. Dollars from your phone. They usually only take about 2 days to process.

So, my question is, if I can get a money order or traveler's check from my bank then can I just deposit it into my account with no foreign fees?

[Swampfox10mm]

I don't know , but I promise you that if it works, they will be quick to remove such a "loophole." Korea is all about trying to keep money from flowing freely out of the country (easily, anyway).

[hamesworth]

I contacted my bank and they said that as long as the currency was dollars, I was good to go! So where's the cheapest place to get money orders or traveler's checks?

[bobbybigfoot]

At KEB:

5,000 Won = $499 and less
10,000 Won = $500 to $1999

More than $2000, I'm not sure.

But yeah, I just bought a money order for $499, paid 5,000 won, then bought a stamp and mailed it home. Total 6,000 won. At least a week in the mail. Plus my bank bank home won't clear the cheque for 30 days. Doesn't matter though. I owed someone money and having immediate access to the funds wasn't an issue.

International money orders clearing in two days?
Really?

[hamesworth]

I haven't tried international ones but checks from back home clear quickly. I will give an update once I have money to send home haha.

[Chris.Quigley]

Best way to send money home?

Find a Korean in your home country that needs to send money back to Korea. (Needs to be someone you trust)

This is what I did - transferred all my money into their Korean bank account. They in turn- transferred an equivalent amount of money into my Canadian account.

Fees?

1$ transfer fee for them in Canada
800won transfer fee for me in Korea.
exact exchange rate for the date.

[tideout]

[Mr.Duck]

I know this is an old thread, but I can't seem to find any other threads on this specific topic, has anyone tried this? does it work?

[tideout]

[thegadfly]

I haven't paid for a fee for a TC in nearly a decade, but I bought them at a bank at which I had an account...so I would suggest getting an account at a foreign exchange bank (mine is KEB).

Now, exchanging currency incurs a fee, but there is a charge for cash as well -- it is the "spread" on the exchange -- for example, today's exchange is 1132 won to $1 US, but to buy US dollars might cost 1147 won, and selling US dollars might only get 1117 won (15 won over/under would be the exchange fee).

It used to be, cash and wire transfers had about a 20 won to the dollar fee, and TC exchanges had only a 10 won to the dollar fee.

The foreign remittance account at KEB has pretty low exchange fees and transfer fees, and if you can get your home bank to waive incoming international wire fees (which some banks will do if you have more than a certain amount in the account), you can probably send your money home nearly as cheaply.

I've tried many different ways over the years, and the cheapest was to buy TCs and send/carry them home for deposit. The "costs" involved were the exchange fee, the postage if mailed, and the time to get them physically processed if hand carried to the bank. The wire transfers via online banking with KEB had a slightly higher exchange fee, the transfer fees, and fees from any intermediary bank.

From my own experiences, I determined that sending 10 million won home via wire transfer netted me about $10 less than turning that 10 million won into TCs and then depositing those TCs when I went back to the US (I head back to the US twice a year or so -- and yes, I converted 20 million won on the same day, in order to test this).

I also know from experience that it would take me ten minutes to drive to my bank from my brother's house, would take me about 15 minutes in the bank to process all of the checks, unless I had a new teller, in which case it could take up to twice as long, and then ten minutes drive back....

$10 for 30-60 minutes effort...I am at a point in my life where I would rather have the time than the money. KEB transfers take less than 5 minutes to log in and effect the transfer, now that I have all that stuff set up....

I have also wired from KB bank to the US, and from a regular KEB account (not the foreign remittance account). Both of those had noticeably higher fees ($15 more dollars for the other KEB, and $35 more for the KB on a 10 million won transfer -- I dunno why, I just know the end result amounts).