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Jessiemj93
Joined: 15 Apr 2014
Location: England
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 Posted: Tue May 06, 2014 12:18 am Post subject: Payments |
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So im a bit confused, ive been speaking to some potential employers and im unsure on how the payment will be made.
Do they set up a current account for me and pay me into that? or will it go in to the account i have from the UK? or it something i have to do myself?
Im so confused >.<
Can anyone explain their situation? because im only assuming it can be different depending on the employer? i think if i was to have a bank account there it would be easier? does that sound right to you? |
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Fox
Joined: 04 Mar 2009
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| Posted: Tue May 06, 2014 1:10 am Post subject: |
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| Your employer will directly deposit your pay into a bank account. They very well may want you to have an account at a specific bank, and they'll likely set up the account for you or help you to set it up. It will not go into the account you have in the UK. Assuming your employer is remotely reputable, you probably do not need to worry about it too much, but if anything they suggest or instruct sounds strange, be sure to mention it here. |
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BackRow
Joined: 28 Jul 2010
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| Posted: Tue May 06, 2014 1:16 am Post subject: |
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Once you get your alien card you got to the bank of your choice and open an account. You give your employer the account number and they will deposit your pay into the account ever month.
Some places insist on certain banks, so you may end up having multiple accounts. Both schools I've worked for required different banks, and now I have three accounts.
The idea that they would send your pay to your uk account I'll will take as a joke... |
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Jessiemj93
Joined: 15 Apr 2014
Location: England
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| Posted: Tue May 06, 2014 1:26 am Post subject: |
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| Fox wrote: |
| Your employer will directly deposit your pay into a bank account. They very well may want you to have an account at a specific bank, and they'll likely set up the account for you or help you to set it up. It will not go into the account you have in the UK. Assuming your employer is remotely reputable, you probably do not need to worry about it too much, but if anything they suggest or instruct sounds strange, be sure to mention it here. |
Thank you very much. Its just a little confusing on Skype. I understand them well enough but them they go into a bit of a fast speaking frenzy and im left stunned trying to think about what they said.. there are only so many times i can say..'im sorry pardon?'
So if i was to have an account here in Korea. would i be able to set up a standing order to the UK account i have (confused a little bit on if they offer online banking) doubt id be able to understand or use it at the beginning. |
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Fox
Joined: 04 Mar 2009
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| Posted: Tue May 06, 2014 1:49 am Post subject: |
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| You can transfer money from your Korean bank account to the UK. I don't know whether you can set up standing orders or not (and I wouldn't be shocked if the bank employee you ask doesn't know either given I've had them furrow their brows in confusion over what money orders were despite me showing them a physical example of their own bank's money orders), but really you shouldn't do it even if you can. Exchange rates fluctuate day to day, so strictly scheduling your currency transfers could cause you to lose money needlessly. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue May 06, 2014 2:04 am Post subject: |
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| Jessiemj93 wrote: |
| Fox wrote: |
| Your employer will directly deposit your pay into a bank account. They very well may want you to have an account at a specific bank, and they'll likely set up the account for you or help you to set it up. It will not go into the account you have in the UK. Assuming your employer is remotely reputable, you probably do not need to worry about it too much, but if anything they suggest or instruct sounds strange, be sure to mention it here. |
Thank you very much. Its just a little confusing on Skype. I understand them well enough but them they go into a bit of a fast speaking frenzy and im left stunned trying to think about what they said.. there are only so many times i can say..'im sorry pardon?'
So if i was to have an account here in Korea. would i be able to set up a standing order to the UK account i have (confused a little bit on if they offer online banking) doubt id be able to understand or use it at the beginning. |
Get a job.
Get a visa.
Land in Korea.
Work for 40 days and they put your pay into your Korean bank account.
From that point you can save it, spend it or do a "remittance" back to your account at home.
Costs for a foreign remittance vary WIDELY.
AFTER you get settled you can set up a remittance account at KEB and do your foreign transfer on-line. The cost is very reasonable (about 8k won) and processing is usually done within 2 banking/business days.
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Jessiemj93
Joined: 15 Apr 2014
Location: England
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| Posted: Tue May 06, 2014 2:15 am Post subject: |
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| ttompatz wrote: |
| Jessiemj93 wrote: |
| Fox wrote: |
| Your employer will directly deposit your pay into a bank account. They very well may want you to have an account at a specific bank, and they'll likely set up the account for you or help you to set it up. It will not go into the account you have in the UK. Assuming your employer is remotely reputable, you probably do not need to worry about it too much, but if anything they suggest or instruct sounds strange, be sure to mention it here. |
Thank you very much. Its just a little confusing on Skype. I understand them well enough but them they go into a bit of a fast speaking frenzy and im left stunned trying to think about what they said.. there are only so many times i can say..'im sorry pardon?'
So if i was to have an account here in Korea. would i be able to set up a standing order to the UK account i have (confused a little bit on if they offer online banking) doubt id be able to understand or use it at the beginning. |
Get a job.
Get a visa.
Land in Korea.
Work for 40 days and they put your pay into your Korean bank account.
From that point you can save it, spend it or do a "remittance" back to your account at home.
Costs for a foreign remittance vary WIDELY.
AFTER you get settled you can set up a remittance account at KEB and do your foreign transfer on-line. The cost is very reasonable (about 8k won) and processing is usually done within 2 banking/business days.
. |
Wow!1 so they charge you for transferring money?! |
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Jessiemj93
Joined: 15 Apr 2014
Location: England
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| Posted: Tue May 06, 2014 2:17 am Post subject: |
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| Fox wrote: |
| You can transfer money from your Korean bank account to the UK. I don't know whether you can set up standing orders or not (and I wouldn't be shocked if the bank employee you ask doesn't know either given I've had them furrow their brows in confusion over what money orders were despite me showing them a physical example of their own bank's money orders), but really you shouldn't do it even if you can. Exchange rates fluctuate day to day, so strictly scheduling your currency transfers could cause you to lose money needlessly. |
Hmm.. I understand where your coming from. what would you recommend the best way to save money? (im a very money oriented person) in the sense that i have a very busy life that it just revolves in my world. i see £'s in my Dreams. hahaha!! |
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BackRow
Joined: 28 Jul 2010
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| Posted: Tue May 06, 2014 2:47 am Post subject: |
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| Jessiemj93 wrote: |
Wow!1 so they charge you for transferring money?! |
...alright, between this and all their other threads this must be a troll account |
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Jessiemj93
Joined: 15 Apr 2014
Location: England
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| Posted: Tue May 06, 2014 2:49 am Post subject: |
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| BackRow wrote: |
| Jessiemj93 wrote: |
Wow!1 so they charge you for transferring money?! |
...alright, between this and all their other threads this must be a troll account |
erm.. a what? 0.o im not a troll... |
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Jessiemj93
Joined: 15 Apr 2014
Location: England
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| Posted: Tue May 06, 2014 2:56 am Post subject: |
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| BackRow wrote: |
| Jessiemj93 wrote: |
Wow!1 so they charge you for transferring money?! |
...alright, between this and all their other threads this must be a troll account |
for starters i need an explanation of what a troll is?! and not in mythology.
I'm nosy and curious yes, but isn't that you should be when asking a question? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue May 06, 2014 3:34 am Post subject: |
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| Jessiemj93 wrote: |
| BackRow wrote: |
| Jessiemj93 wrote: |
Wow!1 so they charge you for transferring money?! |
...alright, between this and all their other threads this must be a troll account |
for starters i need an explanation of what a troll is?! and not in mythology.
I'm nosy and curious yes, but isn't that you should be when asking a question? |
http://www.google.com/
"internet troll".
There are questions, there are FAQs, and then there is just juvenile stupidity.
. |
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Jessiemj93
Joined: 15 Apr 2014
Location: England
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| Posted: Tue May 06, 2014 3:41 am Post subject: |
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| ttompatz wrote: |
| Jessiemj93 wrote: |
| BackRow wrote: |
| Jessiemj93 wrote: |
Wow!1 so they charge you for transferring money?! |
...alright, between this and all their other threads this must be a troll account |
for starters i need an explanation of what a troll is?! and not in mythology.
I'm nosy and curious yes, but isn't that you should be when asking a question? |
http://www.google.com/
"internet troll".
There are questions, there are FAQs, and then there is just juvenile stupidity.
. |
But what is stupid about my questions? Im thick yes, but then again, i also have a full time job, doing a uni degree, have a mortgage and still manage to live so i cant be that dim.
I only ask questions because i want to know the answers. please show me a question that is thick? i don't taunt peoples emotions and i don't provoke an argument. i just simply ask. plus it is not off topic because it is in the general discussion section. so why am i a troll? -~- |
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singerdude
Joined: 18 Jul 2009
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| Posted: Tue May 06, 2014 3:46 am Post subject: |
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For international transfers, you will be either be charged a transfer fee from your bank, an incoming transfer fee from the receiving bank, or both. Also, some banks use an intermediary (middle man) so you may be charged for that as well.
Each bank has different exchange rates, but I would recommend KEB, since they are more foreigner friendly.
If you don't want to do a wire transfer, you can always send a bank check, but it takes much longer and in the long run, you really don't save that much. In my opinion, it's not worth the hassle. I've done bank checks before, and I wished I just went through the hassle of setting up a remittance account. You will also get a better exchange rate through remittance, at least by my experience. |
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Jessiemj93
Joined: 15 Apr 2014
Location: England
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| Posted: Tue May 06, 2014 3:51 am Post subject: |
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| singerdude wrote: |
For international transfers, you will be either be charged a transfer fee from your bank, an incoming transfer fee from the receiving bank, or both. Also, some banks use an intermediary (middle man) so you may be charged for that as well.
Each bank has different exchange rates, but I would recommend KEB, since they are more foreigner friendly.
If you don't want to do a wire transfer, you can always send a bank check, but it takes much longer and in the long run, you really don't save that much. In my opinion, it's not worth the hassle. I've done bank checks before, and I wished I just went through the hassle of setting up a remittance account. You will also get a better exchange rate through remittance, at least by my experience. |
Thank you very much for your response. I'm not great on my banks and understanding transferring so this has helped me a lot. I was just unsure about the savings of it but if you don't think it is worth it i will look down a different route. I don't eat much, I don't shop too much and i like to be cold hahaha so i tend to have a bit of money spare. the only thing i live off is coffee.. i will look into remittance. ^.^ |
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