Korean Job Discussion Forums

Koreabound2004 · Joined: 19 Nov 2003

So, I just went to the bank, and sent money home for the first time. It took 1 hour. I have a feeling that they might have messed up the transaction. All the necessary info is on my receipt, but I don't know if they have all the codes in the right places. Also, they put the receiver code for TD bank. I bank with CIBC-Pres. Choice.

Anyone know what happens if the bank here screws up? Where does my money go???

canuckistan · Posted: Thu Sep 16, 2004 10:22 pm Post subject:

I don't think you have anything to worry about. Even though I bank with the CIBC too, the "Single Customer Credit Transfer To" on my wire transfer record reads: "Toronto Dominion Bank, Toronto".

TD gets it first in TO and then forwards it to the CIBC. Don't know why this is, but I guess some (all?) Korean banks have an interbank agreement with the TD.

The "Account With Institution" is what reads "CIBC" + the address of my branch.

In 2.5 years of wiring money home, I've never had a wire transfer get screwed up. In 3 or 4 days it's in the account, and someone on my end gets a record sent in the mail notifying them of the wire transfer deposit and the amount. Minus the bank fee of course Laughing

If you get a phone card, you can check with CIBC next week.

Koreabound2004 · Joined: 19 Nov 2003

What a relief! Thanks!!!! Any idea how much CIBC takes..I got charged 7000 won by Nonghyup, and I expect to pay in Canada as well. Just wondering....AND I AM SOOOO GLAD someone else has had the same experience! Thanks a bunch!

canuckistan · Posted: Thu Sep 16, 2004 10:43 pm Post subject:

CIBC will probably ding you 10 to 15 bucks per wire transfer.

I was just thinking that if you have internet banking, you can check your balance on-line next week as well.

In any case if someone has screwed up, it's easy to track the money down.

The most important thing is making sure the clerks get your bank name, address, SWIFT code, account number and name of the person whose account it is right the first time. Then, instead of going through this typing procedure each time you want to send money home, bring along your last wire transfer record and the clerk can just bring it up on the computer without having to re-type it. This minimizes the chance of mistakes being made with your wiring info.

Yangkho · Joined: 22 Sep 2003 Location: Honam

Koreabound,

If you in a small town, it's likely the first time the teller has ever had to wire money to Canada.

I'm in a small town and it took my bank an hour to figure out how to send money to my local Western Union back home. Afterwards, they apologized to me and said they had never done such a transaction before.

I think next time it'll get done faster for you.

paperbag princess · Joined: 07 Mar 2004 Location: veggie hell

the first time takes a bit of time because the bank is putting you in the system. i wouldn't worry about it, my money always gets home, though i'm with rbc. i've never had a fee on the canadian side, though my first bank tried to way-over charge me (like 50$) and told them that the canadian bank would take those fees (which they never did). so watch out for "the good bank" they have bad policies.

Eazy_E · Joined: 30 Oct 2003 Location: British Columbia, Canada

I bank with a credit union, and when I transferred my money home before I was to fly back, it got stuck at the international transfer desk in Vancouver. I hadn't given the Korean bank (KB) enough information about my bank branch (strange because they had the receipt from an earlier transaction). But after I did that, the money was in my account the next day.

It's natural to get stressed about sending large amounts of money home, but I don't think it could get irretrievably lost. Don't panic.

prairieboy · Joined: 14 Sep 2003 Location: The batcave.

I just wired 1.5 mill back to my Canadian account from my new Korean bank. The charge on this end was higher than my previous bank and the service charge was higher on the Canadian side too.

Has anyone put together a list of Korean banks and the service charge to wire money abroad? I used �� and they apparently charge a percentage of the amount I wired on top of a basic fee (17,500 total). �� would only charge me a flat fee regardless of the amount (12,000 total).

agraham · Joined: 19 Aug 2004 Location: Daegu, Korea

VanIslander · Posted: Mon Sep 20, 2004 4:33 am Post subject:

Koreabound, if my experience is any indication, you'll be alright.

I don't have an acoount or anything and yet I just walk into the nearest KB Bank and send money overseas every month or so, at relatively little cost and never having to wait an hour (usually ten to twenty minutes tops, thirty at the busiest).

Sometimes the paperwork seemed suspect because of an unsure clerk who acts like she's (always a she, when I go) pretty new to the task, but I just double check the numbers and have family get it on the other end, no problem.

BTW, Koreabound, since you are now here in Korea, that brings a new meaning to bound, eh? Wink