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yomuthabyotch
Joined: 24 Dec 2004
Location: Hell, Korea
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 Posted: Sun Feb 13, 2005 2:56 pm Post subject: Retaining an American Bank Account in Korea |
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Sorry if this topic has been discussed before.... 
Anyway, so I'm heading off to Seoul in June, and I still have a massive student-loan debt to pay off here in the Evil Empire (  ), but I don't want to defer it; I just want to pay it off as I start to earn $$ in Korea.
Currently, I make my student-loan payments online, so how would I go about transferring my future income in won to my American bank account in dollars? Are there any Korean laws or regulations against retaining a foreign bank account?
This would be so much more convenient if Wells Fargo had a branch in Korea, but I don't think they do.  |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Feb 13, 2005 4:01 pm Post subject: Re: Retaining an American Bank Account in Korea |
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| yomuthabyotch wrote: |
Sorry if this topic has been discussed before....
Anyway, so I'm heading off to Seoul in June, and I still have a massive student-loan debt to pay off here in the Evil Empire ( ), but I don't want to defer it; I just want to pay it off as I start to earn $$ in Korea.
Currently, I make my student-loan payments online, so how would I go about transferring my future income in won to my American bank account in dollars? Are there any Korean laws or regulations against retaining a foreign bank account?
This would be so much more convenient if Wells Fargo had a branch in Korea, but I don't think they do. |
Nothing illegal about having a foreign bank. Most people wire money from their Korean bank to their home bank. There's a fee, about $25, so you don't want to do that to send back $200 at a time.
Wells Fargo seems to be a west coast, south thing. I couldn't even find a Wells Fargo branch in Manhattan. Citibank has branches in Korea. I could never figure out why banks in Seattle always tried to sell themselves as being small and local. It's like "I want to live in three nations. I want a bank with international scope." |
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teachingld2004
Joined: 29 Mar 2004
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| Posted: Sun Feb 13, 2005 4:02 pm Post subject: money |
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| You can send them money orders, It is cheaper to do that. Or if you are sending home money to your bank anyway, just continue to do it on line. |
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yomuthabyotch
Joined: 24 Dec 2004
Location: Hell, Korea
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| Posted: Sun Feb 13, 2005 4:33 pm Post subject: Re: money |
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| teachingld2004 wrote: |
| Or if you are sending home money to your bank anyway, just continue to do it on line. |
Right, but HOW would I send money to my American bank account? I can't send cash over the mail, and I'd have to open up a Korean bank account on the side to do any type of transfers, and according to mindmetoo, that's expensive. Is this my only option? I just want one bank account, dammit! 
Sending the student-loan sharks money orders sounds convenient, but then there's the 'getting-lost-in-the-mail' possibility I have to worry about. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Feb 13, 2005 5:35 pm Post subject: Re: money |
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| yomuthabyotch wrote: |
| teachingld2004 wrote: |
| Or if you are sending home money to your bank anyway, just continue to do it on line. |
Right, but HOW would I send money to my American bank account? I can't send cash over the mail, and I'd have to open up a Korean bank account on the side to do any type of transfers, and according to mindmetoo, that's expensive. Is this my only option? I just want one bank account, dammit!
Sending the student-loan sharks money orders sounds convenient, but then there's the 'getting-lost-in-the-mail' possibility I have to worry about. |
I doubt you can have your pay check direct desposited into your American bank account. You will have to open a Korean bank account. Some schools will strongely encourage you to use their bank. (That's a whole other discussion.)
You will discover as you go through life you collect keys, email accounts, and bank accounts. However much you'd like to have just one, it's a fact of life.
Before you leave, ask your bank for what information you'll have to give your Korean banker to do a wire transfer. Typically it's the name of your bank, your account #, and something called a routing number. The routing number, I believe, exists on your checks but its never obvious what the number is and it varies from check to check.
Changing money from one format to another, moving it around the world, etc. these things all cost money. It's a way a bank makes money. Charging for services. $25 isn't much when you're moving $1000. If you're not banking $1000 a month in Korea you're partying too hard.
There are other ways, that will save you a few bucks but they tend to require getting a parent or relative back at home do some leg work, and requires you to do some leg work. Frankly, I'll pay an extra $20 to safely move a large sum of money from one continent to another by the time honored wired method.
I strongly suggest, too, you put your finances in order before you leave. Make sure you have enough cash here to live a month without pay and make sure you have enough cash in your bank at home that you can make a couple student loan payments before your Korean earnings take over. |
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yomuthabyotch
Joined: 24 Dec 2004
Location: Hell, Korea
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| Posted: Sun Feb 13, 2005 5:45 pm Post subject: |
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Great advice! Thanks.
I may have to request a temporary deferment(?) on my payments, if possible, until I start earning in Korea. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Feb 13, 2005 10:48 pm Post subject: |
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| yomuthabyotch wrote: |
Great advice! Thanks.
I may have to request a temporary deferment(?) on my payments, if possible, until I start earning in Korea. |
Most hagwons will advance you pay. But then that ends up being two sucks money tight months when they deduced your advance from your first pay check. If you can bank some money now to float you, do whatever it takes. Because being short of money in Korea while everything is new and you sudden find you need to buy a lot of stuff like cleaning products and a coffee maker is just another stress you don't need. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Sun Feb 13, 2005 11:42 pm Post subject: |
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Make sure that either your bank back home has internet banking abilities or that you can at least get the student loan company to withdraw monthly payments and that you have a way to check the balance. I've got both set up, so I just keep some money in there to pay the monthly bills. This will also help keep you from having to have other people pay your bills for you back home while you're here.
You also need to ensure that you have a good debit card from the bank as well, if possible. Something that works internationally. There have been emergency situations where I've needed funds ASAP and, upon finding an international ATM, had the immediate burden relieved.
Wiring the money, when you send large amounts, might seem expensive, but it's potatoes compared with the simplicity and safety of it. Just be sure to bring a blank check with the account and routing number on it, and try to get the bank address handy over here as well.
If you set everything up before you leave, it'll be far easier than trying to piece it together once you're over here and start having problems. |
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Zenpickle
Joined: 06 Jan 2004
Location: Anyang -- Bisan
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| Posted: Mon Feb 14, 2005 2:13 am Post subject: |
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A small detail --
Also write down the address of your bank. You'll need that to transfer money.
I transfer money every month, and it's usually no problem. Even though it is routine, though, half the time the guy in charge of transfers gets confused about what he's doing. |
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John Henry
Joined: 24 Sep 2004
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| Posted: Wed Feb 16, 2005 3:56 pm Post subject: |
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| Also, a small trick you may want to try regarding the student loans. Try to get like a hardship deference, or something along those lines. If your loans are gov't subsidized, you won't accrue interest on them during that period. You can still pay on them and such, just not "have to pay". Also, not accruing interest rocks. |
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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| Posted: Thu Feb 17, 2005 7:46 am Post subject: |
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| Another idea: If you have a parent/friend/relative that you trust IMPLICITY, open a bank account in Korea for the express purpose of paying your loan. Keep the bankbook for making deposits, and mail the card (along with the password!) to your contact. They can withdraw the funds and pay your loan. Be sure to get the INTERNATIONAL card from your bank and let your contact know that they can only withdraw money when the Korean banks are operational (typically 9 am-midnight, KST). |
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yomuthabyotch
Joined: 24 Dec 2004
Location: Hell, Korea
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| Posted: Thu Feb 17, 2005 11:31 am Post subject: |
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| Wow. Thanks for all your varied responses! Korean banks are open till midnight?? How convenient! |
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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| Posted: Thu Feb 17, 2005 6:56 pm Post subject: |
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| Not the banks, just the machines! And many machines "close" at midnight...and some earlier! |
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yomuthabyotch
Joined: 24 Dec 2004
Location: Hell, Korea
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| Posted: Thu Feb 17, 2005 11:52 pm Post subject: |
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| ajuma wrote: |
| Not the banks, just the machines! And many machines "close" at midnight...and some earlier! |
Well, that's NOT convenient at all! |
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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| Posted: Thu Feb 17, 2005 11:58 pm Post subject: |
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Welcome to Korea!
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