Korean Job Discussion Forums

sadsac · Joined: 22 Dec 2003 Location: Gwangwang

Never had any problems transferring money back to Oz and have certainly sent back more that 10,000,000 won in a year. Change banks. KB are very good. Smile

clever not beautiful · Joined: 13 Apr 2004

Thanks so much for the advice everyone!

I think maybe I will look into changing banks. Everyone seems to like KB pretty well, but there don't seem to be too many fans of Nonghyup out there.

Dalton · Joined: 26 Mar 2003

I've wired money from KBStar four times in 8 months with no problems. The first time they photo copied my passport pic page. The last time they want to mark my passport. I assume it's because of the total amount I've sent (over 10 thou.). I set up the account myself and do my own deposits. I selected the largest branch I could find not some tiny bedroom sized place. Maybe that's the problem? Is it a large branch with lots of transfers and currency trading or a small branch?

Curious George · Joined: 06 Apr 2004 Location: Seoul, Korea

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Curious George wrote:
Which bank are you at? I would recommend switching if they are giving you hassles. I bank with KB (Kookmin) and they do transfers no questions asked. Just show them your alien registration card. Thats it ...no fuss.

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prosodic wrote:
Does your employer direct deposit your salary into the account? That could be why they aren't asking you for the contract or income statement.

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No, my employer doesnt direct deposit my money into my KB account. They deposit it into another korean bank's account and then I take it out and over to KB to transfer it. However, I have not reached the 10m won mark as someone else posted. Maybe thats it.

Gollum · Joined: 04 Sep 2003 Location: Japan

thegadfly · Joined: 01 Feb 2003

I'll do Grotto one better -- forget the bank Cheque, just purchase traveler's cheques -- my bank has Visa-sponsored cheques, but you can get American Express or other "brands," depending on the bank.

When I get them at my bank, I get them in $500 or $1,000 denominations (you can also get 20, 50 or 100's). At my bank, the exchange rate is better (the bank takes only half of their usual fee, compared to exchanging for the "cash" that is then transferred).

At my bank, the cheques are free -- I have an account there, which may be why, but for each 1.2 million-ish won exchanged, I buy one $1k cheque. The bank usually takes like 15-20 won to the dollar, and about half that for TC exchanges. So, saving a few thousand won on the exchange, no fee for the cheques, then the 580 won for postage as Grotto said...plus it is easier for the someone you trust...never had a problem with a bank (or retailer or anyone else) accepting my TC's...plus, they are cashed AS cash, so no waiting for the cheque to clear....

Wishmaster · Joined: 06 Feb 2003

That is actually a great way to go. My friend did that. Visa travellers cheques are accepted everywhere and they never expire. So, you can cash them a few years down the road. Certainly something to think about. However, bank cheques shouldn't be a problem since most Korean banks have branches overseas. Try one of the more famous branches.

Homer · Guest

Or, perhaps...just maybe...wire the money... Exclamation

It's a revolutionary concept I know but you can't be afraid of new ideas.. Laughing

As for bank fees, I pay none from my bank back in Canada and a mere man won from the bank here....that is an insignificant amount.
The whole transaction takes 5 minutes now.

guangho · Posted: Thu Mar 24, 2005 8:50 pm Post subject:

I've been trying to transfer my money back home but they say that they are afraid to transfer a measly 1m won. (I'm with woori.) How can I reassure them that I'm not a crook? Alternatively (I'm open to revolutionary ideas) how do I wire the money back-meaning where do I go to do it without being charged a fortune?

quiksilver · Joined: 11 Sep 2004

I bank with KB Star. I know that it has been said on here before but I'll say it again. When I signed up for an account I simply asked for 2 International ATM cards. I mailed one to my folks back in Canada and whenever I get paid I just tell my dad to go down to the ATM and pull out some money for me, then my mom goes the next day and puts it in my account. There are positives and negatives to this method. A positive is that it is instantaneous (sp), I talk to my dad on MSN, he goes downtown, and 5 minutes later the cash is in his hand and out of my account. It's quick. Some negatives are you have to trust someone to be walking around with your cash, you have to do it during Korean banking hours ( so I have to get my dad to go downtown at like 10:00 pm), and another negative is that KB Star charges you the cash rate at the time (which is usually about 15 or so won worse). There are a few more negatives to overcome but I like it because it's cash in hand, no waiting for ten days or two weeks for a wire transfer to go through.

jvalmer · Joined: 06 Jun 2003

i've been able to transfer no problem with KB. It only takes 1 or 2 days to get into my account back home. I've been able to transfer as little as 500 000 wons. They charge about 8000 wons everytime. So, it maybe worth while to wait until you have a few million to transfer.

quiksilver · Joined: 11 Sep 2004

jvalmer,

Do you need to show any proof that you earned the money? I don't get a receipt or pay stub or anything of the sort so I'm concerned that they won't let me wire money without proof that it's legit.

MissCanada · Joined: 26 Jul 2004

I've been sending money home through Woori bank. I never showed my contract, just brought my passport and alien registration card. They stamp my passport in the back every time to indicate the amount that I have sent home.

If your bank is giving your problems, try a different branch. You may be dealing with new and paranoid employees.

jvalmer · Joined: 06 Jun 2003

crimsonlily · Joined: 08 May 2006

I have a question about the $10,000 US limit. Is the limit per calendar year (2005/2006), or per 12 months (August 2005-August 2006)? Do they really need to contact the school once I've gone over $10,000 US as the money is directly deposited into my bank by the school. The banker I usually deal with said she will call my school when it approaches that amount, however this doesn't make sense. I guess also I am somewhat worried as she put many stamps in my passport and wrote dollar amounts - then photocopied the page. The only reason that's a concern is that there's a Chinese visa from when I went on holiday there. My school wanted me to ask permission about leaving the country on holidays. So would the school see the stuff from the bank?