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Korean Job Discussion Forums
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Deja
Joined: 18 Mar 2011
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 Posted: Wed Mar 27, 2013 4:29 am Post subject: |
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Literally everything was done in less than 30 minutes (most of which was asking questions and having 5 people translate  ).
It's a debit, not a credit card, >5 year validity (I have no idea why it was 62 months and not 60..), I chose the PIN even.
@wishful, I don't see how Square is cheaper? The bank will charge 2% for KRW->USD conversion, and Square will charge 2.75%, for a total of 4.75%.
Unless you transfer very small amounts, even 50.000KRW I was charged for a 4000$ transfer is less than that. (plus the conversion fee which is around 2%, similar to credit card conversion fee anyway) |
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Wed Mar 27, 2013 10:36 pm Post subject: |
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| Zyzyfer wrote: |
Mostly because it confused me. I'm sooooo not an early adopter, or even late adopter. My phone, despite being all flashy to me, is not on the compatible devices list.
Anyway how do you transfer a large sum of money (say, more than $1,000 US) that way? Is there some option in the UI on the phone or something?
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zyzyfer, all you do is fire up the app, plug in the reader into your headphone jack and swipe your cc/debit card. that's it. you can also swipe other people's cards. so if you have a roommate for example you can just swipe their card instead of having them give you cash. they get mileage and you get money sent to your home account (if that's what you desire).
| Deja wrote: |
@wishful, I don't see how Square is cheaper? The bank will charge 2% for KRW->USD conversion, and Square will charge 2.75%, for a total of 4.75%.
Unless you transfer very small amounts, even 50.000KRW I was charged for a 4000$ transfer is less than that. (plus the conversion fee which is around 2%, similar to credit card conversion fee anyway) |
deja, you will get the krw>another currency conversion fee no matter what, whether you wire transfer through the bank or use square. however, many banks charge obscene rates for wire transfers. if the 2.75% fee charged by square is less than the wire transfer fees combined from both by the outgoing and receiving banks then it's a better value proposition. this is not even factoring the added benefits of using a system like square being that it's quicker than a wire transfer, no internet banking needed, and you can use your cc/debit card to get mileage/cash back and raise your credit limit at the same time. these things are indispensable to some people. |
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Deja
Joined: 18 Mar 2011
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| Posted: Thu Mar 28, 2013 2:21 am Post subject: |
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I don't mind getting mileage for nothing, but this is hardly nothing.
2.75% for a transfer is far beyond what even Korean or Serbian banks charge for transfers - and I have not seen any bank elsewhere charge anything close to what banks in these two places charge. |
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