Korean Job Discussion Forums

[Privateer]

If you leave Korea, what's the best way to take all your savings with you? Is there a way to get a good exchange rate and minimal bank fees? Is it worth the risk of taking cash on your person?

[KiwiRob]

bump.

I would also like to know this. + What if your doing a little travel around asia before you head back?

[Otherside]

Bank transfer.

The fees are pretty low, it costs about 10000-30000won depending on your bank (from this end, may vary on your home bank) to make a transfer, and the rates for a bank wire are better than cash.

On a decent amount of money, you won't save anything by taking cash. However, carrying large amounts of cash has an inherent risk.

Personally, I'd send the majority home with a bank transfer, and maybe a little cash for travelling (as well as access to it with an international ATM).

Whatever you decide to do, don't take won out of Korea.

[ttompatz]

[Deja]

Only 10.000-30.000KRW for a bank transfer? What bank? Last time I needed a wire it was 50.000KRW, regardless of the amount

Toilet paper devalues when used only, so that is a bad comparison ^^

[Ranman]

What about if I want to move to Germany after this for grad school or something, and I don't have a bank account in Germany at the moment? What would be the best way to exchange my savings here to the Euro?

[optik404]

I use KB to wire money.

From the ATM, it's a flat fee of 5,000WON. Then a middleman fee of 13,000WON. Then my bank at home charges $15.00USD ()

KEB, Woori, Hana, IBK, etc. all have comparable fees.

[LiAlH4]

I opened Citibank accounts in Korea and in my home country. I have internet access to both accounts and can make quick international transfers without paying any additional fees.