Korean Job Discussion Forums

tooseoulful · Joined: 10 Dec 2011

Hi everyone!

I've been accepted to EPIK and will be departing in August. I have a question regarding banking, not in Korea, but rather in the U.S. I should preface this by saying that I've done numerous searches on this forum and others, but haven't found a conclusive answer because I think my situation is kind of strange.

I bank with Charles Schwab, and my broker says I'll have to shut down my account before leaving for Korea because the bank requires me to have a current U.S. address and because it will generate interest while I'm gone, which is an IRS issue. Besides, my Schwab account can't process international transfers at ALL, so there would be no way for me to send money home. Big problem! I do have the option of using my brokerage account, but that quickly becomes complicated and has a lot of limitations.

My question is whether anyone has suggestions on banks (preferably with low fees) that would accept international transfers? I've read good things about HSBC and Citi Bank. It would be especially helpful if anyone knew of a bank that avoided the long chain of bank-hopping that I know happens often when transferring money from Korea back to the U.S.

Thanks in advance!

shostahoosier · Joined: 14 Apr 2009

That's strange as Schwab is one of the more popular accounts here in Korea.

Your Schwab checking account wont be able to accept incoming international transfers but you can set up a brokerage account with them (for free) that accepts international wires and doesn't charge for it.

I've lived in Korea for almost 3 years with a Schwab account. Just give them your parent's address.

young_clinton · Joined: 09 Sep 2009

Bank of America or Citibank

Modernist · Joined: 23 Mar 2011 Location: The 90s

Any reason in particular you want to use the 'Too Bad, I mean Big, To Fail' All-Stars? My experience with ALL of the major national US banks has been terrible. Unless you have seven figures in an account, you are nothing to them but a fee-extraction machine.

AVOID Citi, Chase, Wells Fargo, HSBC, Capital One and ESPECIALLY BoA [by far the worst of the bunch]. Why not use one of the middle-ranking, regional ones? They are just as workable for receiving incoming transfers. I use Fifth Third and their service has been excellent. Also there's PNC, Regions, Suntrust, Citizens, Comercia, BOK, KeyBank....tons of choices. Just pick one with a good branch network where you live now.

And as for the address thing, yes, just use a relative or friend who isn't planning to move. They don't need to know the truth. Get a PO box and use that for receiving mail/tax info.

soomin · Joined: 18 Jun 2009 Location: Daegu

No_hite_pls · Posted: Tue Jun 26, 2012 8:37 pm Post subject:

luckylady · Joined: 30 Jan 2012 Location: u.s. of occupied territories

it's the law that all U.S. banks have to have an American address on their customers - so as someone else suggested, just give your parents' address or someone you can trust. then opt for online statements, if you haven't already done so.

I can recommend U.S. Bank; their online system is top-notch which to me is important when traveling abroad. also their fees are very reasonable, including acceptance of wire-transfers, around $11 - it varies depending on how often transfers are done.

soomin · Joined: 18 Jun 2009 Location: Daegu

cedarseoul · Joined: 16 Feb 2008 Location: nowon-gu

luckylady · Joined: 30 Jan 2012 Location: u.s. of occupied territories

tooseoulful · Joined: 10 Dec 2011

Thanks for the informative responses, everyone! I have set up an account with Citi because their Global Transfers program will allow me to wire money out, or receive it, at no fee. Of course, I'll still have to pay the fees at my Korean bank and any intermediary banks, but at least it'll be free on the U.S. side. Plus, Citi's transfers process the same day, which will avoid that 5-7 day window from which many banks suffer. I also checked with HSBC but their fee schedule was unpleasant ($15 and $30 to send and receive transfers, on top of other banks' fees).

On the Schwab note, I think I'll take the advice given here so as to avoid shutting down my account, which will be a hassle. I'm also "converting" my brokerage account so I can use it if needed.

I've read several times about the confusion on the $10k cash limit, and definitely don't plan on carrying that much paper on the plane. That's what banks are for. Smile

Thanks again!

davai! · Joined: 04 Dec 2005 Location: Kuwait

Keep your Schwab account.

On payday in Korea, go to the bank and get Travelers Checks. (Don't let them stamp your passport)

Fill them out to YOURSELF, then endorse (sign the back) them with "FOR DEPOSIT ONLY" AND YOUR Citi ACCOUNT # on them.

AIRMAIL them with a deposit slip DIRECTLY to the branch at which you opened the account.

Total cost: 650 won (stamp) + 300 won (envelope) + 1 week in transit.

Once that hits your account, do an online transfer to Schwab.

Pablo · Joined: 15 Dec 2011

davai! · Joined: 04 Dec 2005 Location: Kuwait

Banks (as well as the ROK government) want to keep track of your exchanges, so they sometimes stamp the dates and amounts in the last page of your passport.

This is, however, not a law, just bank policies. They will tell you it is a law, so not to break with bank policy and because they are intimidated by having to use English.

But this sort of stamping is prohibited by your and all governments. The USA passport explicitly states that it can only be stamped by foreign governments for exit/entry purposes only. You can show the bank that page, or just give them a copy.

Pablo · Joined: 15 Dec 2011