Korean Job Discussion Forums

[sallymonster]

I hope this story serves as a warning.

Right before I left Korea, I applied for my pension refund. Since I didn't have a voided check for my American bank account to give the pension office, I decided to have the pension office send my money to my Woori Bank account instead. Then, I would use my online banking to send the money home.

I'm now in the U.S., and the pension money just came in, but I can't seem to get it transferred to the U.S.! When I tried to do an "overseas remittance" on the online banking system, I got nothing but error messages. I think it's because I don't have a "foreign currency account", just a regular deposit account like everyone else. Also, I've never used Woori bank to send money overseas before; I always used KB for that (I emptied and closed the KB account, which never had online banking, before leaving Korea).

Is there anything I can do? I still have friends in Korea, but I don't know if I can trust someone within Korea enough with that much money plus my American bank account information.

Let this be a lesson to everyone: don't apply for your pension refund at the last minute, bring your American checkbook to Korea with you, and never trust your Korean online banking with large amounts of money!

[tardisrider]

[luckylady]

you don't say where in the U.S. you are, but if you google "Korean-American Banks" you'll see there are several around

give one a ring and I'm sure you can find someone there who can assist you. maybe you can just open an account and have the money transferred there directly.

I'm also sure you aren't the only one this has happened to - I didn't even know I had a pension account until maybe 3 yrs in - but that was a few years ago -

anyway - let us know how you resolve this.

[tideout]

OP: Good luck with this and as mentioned, let us know how you resolve this. It's one of those nightmares that I've had once or twice.

To others reading - definitely have a remittance account with your primary account.

[Pablo]

Does the pension office always require a cancelled check? Will they send the refund to a savings account abroad?

[ttompatz]

They do not need a blank check.

You can forward it with the swift code, account name and account number for your non-Korean bank account that you want the funds deposited to.

Baring that you can send it to your Korean bank account but make sure you have international access to it (remittance account or international ATM card).

If you are planning to use an international ATM card make sure it is one that you have used internationally BEFORE you depend on it.

Sally:
If you have someone who can translate a letter for you (I don't know if you can write hangul) AND you have the means to confirm your identity to the bank (passport, ARC (photocopy), bankbook) you can send written instructions to the bank and have them send you a bank draft payable to yourself.

.

[sallymonster]

I no longer have my ARC (I turned it in to immigration when I left Korea), but I have my passport, bank book, and bank card. I don't know if I'd be comfortable sending my passport, though.

Also, it seems I have the ability to make a transfer to a bank within Korea, just not overseas. Though, the local transfer list does include BOA and Chase, though that probably only includes investment accounts or something. I don't have any accounts at those banks anyway.

And the reason why I'd have needed my checkbook is because it has my American bank account number and routing number in order for the pension office to send money there. And I was indeed told that the pension office would need a blank check to send the money to America. I guess I was wrong about that, though.

[Pablo]

Note to self: Make a few xeroxes/scans of the ARC before returning it.

Thank you for the heads-up, Sallymonster and Ttomplatz.

[Jake_Kim]

[luckylady]

just be wary of anyone here on Dave's that might offer to "help you out" by withdrawing the funds and sending it to you

oh yeah

[plchron]

I'll do it for 10%

[plchron]

ok, that's bad karma. I'll do it for free. give me all the info I will need and instructions on what to do for your case. I know what to do for myself. I am headed there on Thursday.

[liveinkorea316]

There is zero chance a Korean bank is gonna let another person withdraw her money on her behalf. It's kind of why they are called banks.

[plchron]

I thought I could give them her info in person. Just trying to help.

[northway]