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greatunknown
Joined: 04 Feb 2010
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 Posted: Thu Oct 09, 2014 6:35 pm Post subject: Banking question regarding Canadian bank draft |
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I have recieved an inheritance.
I am now in possesion of a bank draft for a relatively large sum. It is from a Canadian bank. My savings account in Canada is with the exact same bank. I need to get this money deposited into my Canadian savings accout. Does anyone have any suggestions on how to do this cheaply? I am alright with waiting a few weeks/months.
My KEB branch told me I can deposit it into a USD or KRW account and transfer it but converting Canadian currency is not free and because of the sum, 1 or 2 percent is quite expencive.
Any suggestions appreciated |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu Oct 09, 2014 10:56 pm Post subject: Re: Banking question regarding Canadian bank draft |
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| greatunknown wrote: |
I have recieved an inheritance.
I am now in possesion of a bank draft for a relatively large sum. It is from a Canadian bank. My savings account in Canada is with the exact same bank. I need to get this money deposited into my Canadian savings accout. Does anyone have any suggestions on how to do this cheaply? I am alright with waiting a few weeks/months.
My KEB branch told me I can deposit it into a USD or KRW account and transfer it but converting Canadian currency is not free and because of the sum, 1 or 2 percent is quite expencive.
Any suggestions appreciated |
Was it sent to you in Korea? Is it a money order or can you contact the estate or the lawyers and just tell them to deposit the funds into your account? Sending it to you in Korea is quite strange. Otherwise, call your bank and ask them or if you are going home for a visit soon take it with you if you can do so safely. They really should have just wired the funds directly to your account. |
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Redcap
Joined: 03 Jan 2010
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| Posted: Fri Oct 10, 2014 7:46 am Post subject: |
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The key to getting this issue resolved is to ensure that your bank account allows for third party deposits.
If you are uncertain as to whether your account is set up for third party deposits (they usually aren't, unless specified by the account holder), contact your bank by telephone.
If it is necessary, changing your account profile to allow for third party deposits is a fairly simple process. Have your bank fax or email a form in which you are authorizing deposits from a third party. Depending on your financial instititution, you may have to specify who the third party will be. Fill out the form, sign it, and fax/email it back to your bank.
The next step is to courier the draft to someone in Canada that you trust, and have that person deposit the draft into your account. Don't worry. Third party depositors can only deposit on your behalf- they can't hoover funds out of your account. Also, drafts are secure banking instruments. So if it gets lost or stolen during transit, it can be replaced fairly easily.
Alternatively, you can courier the draft directly to your home branch. Again, you will have to contact your bank and determine the arrangements.
My recommendation would be to get the funds into your account sooner, rather than later. You indicated that there is a large sum of money involved here. That being the case, you are forfeiting valuable interest while this draft is in limbo.
Best of luck. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Oct 11, 2014 7:00 pm Post subject: Re: Banking question regarding Canadian bank draft |
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| greatunknown wrote: |
I have recieved an inheritance.
I am now in possesion of a bank draft for a relatively large sum. It is from a Canadian bank. My savings account in Canada is with the exact same bank. I need to get this money deposited into my Canadian savings account. Does anyone have any suggestions on how to do this cheaply? I am alright with waiting a few weeks/months.
My KEB branch told me I can deposit it into a USD or KRW account and transfer it but converting Canadian currency is not free and because of the sum, 1 or 2 percent is quite expencive.
Any suggestions appreciated |
If you have the actual bank draft in your possession you need to:
1) Endorse it: "for deposit only to the account of the payee #xxx-xxxx-xxxx-xxxx.
- 1a) Add a letter telling the bank what you want done with it (please deposit this to my savings account - number xxxxx).
- 1b) Wrap an extra piece of paper around the draft.
2) Put the draft and letter in an envelope and seal the envelope.
3) Address the envelope to your bank branch at home.
4) Go to your nearest post office and get an EMS envelope.
5) Place your envelope into the EMS envelope.
- 5a) Label the contents as "documents" .
- 5b) Send it to your bank.
It is trackable and traceable.
It should arrive there in a few days (3-5 working days).
Your bank will deposit it to your account ( usually 1 working day).
IF the draft is from a Canadian bank then it should be credited right away.
If it is very large they may hold funds for a week or so pending clearance at the bank it was drawn on.
Costs will be on the order of 20k won in total and the time frame is about a week.
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