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d-rail
Joined: 04 Jan 2006
Location: Gangnam
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 Posted: Mon Jan 30, 2006 5:27 am Post subject: transferring money to US |
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| I've only been in Korea for a month so I'm still figuring things out. Is it better to wire money from my bank here in Korea back to my US bank and pay the fees from the Korean and US banks, and take their exchange rate, or wait? I have some friends coming to visit in a few months. Would i get a better deal if i gave them the cash and they did it in the airport and skipped the bank fees, even if the exchange rate isnt quite as good? I dont know if the exchange rate would be any different but does anyone have any advice? Would it even make any difference? |
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xeno439
Joined: 30 Nov 2005
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| Posted: Mon Jan 30, 2006 6:37 am Post subject: |
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| Wait. The exchange rate will level off somewhere. You wouldn't gain much playing the exchange game unless you waited for the most opportune time and sent more than $4,000 or $5,000 or so. The money you made sending a $1000 at a time would be less than the cost of the fees from each bank. If you have trustworthy friends, which it sounds like you do, then send it with them. |
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dulouz
Joined: 04 Feb 2003
Location: Uranus
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| Posted: Mon Jan 30, 2006 7:29 am Post subject: |
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| you need two international atm cards. One for you, one for dad. |
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BigBlackEquus
Joined: 05 Jul 2005
Location: Lotte controls Asia with bad chocolate!
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| Posted: Mon Jan 30, 2006 6:07 pm Post subject: |
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| When you go the ATM route, how much max will it let you take out back home? About 500,000 won? Or does it depend on the ATM you use? |
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d-rail
Joined: 04 Jan 2006
Location: Gangnam
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| Posted: Mon Jan 30, 2006 10:19 pm Post subject: |
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| xeno439 wrote: |
| The money you made sending a $1000 at a time would be less than the cost of the fees from each bank. If you have trustworthy friends, which it sounds like you do, then send it with them. |
I would be doing this only every couple months. so it will be $3000-4000 at a time. with that in mind, now what is the best way to get money back to US?
What about this ATM thing that was mentioned? I have my US check/atm card, and i have a cash card for my korean bank. (sorry for my ignorance with this) i also have the necessary information to wire money (bank routing #, my routing & acct #). thanks for the advice thus far. i'll get it eventually |
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Grotto
Joined: 21 Mar 2004
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| Posted: Tue Jan 31, 2006 12:06 am Post subject: |
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I went to KEB and got a money order and mailed it back home. My family deposited them for me.
Cost for money order about 5,000 won. Cost for envelope and stamp 580 won. Took about 10 days from the time I mailed it to the time it arrived home.
Super safe...if the money order doesnt show up go to your bank with your reciept and get a replacement.
Simple, fast and cheap  |
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xeno439
Joined: 30 Nov 2005
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| Posted: Tue Jan 31, 2006 2:25 am Post subject: |
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| d-rail wrote: |
| xeno439 wrote: |
| The money you made sending a $1000 at a time would be less than the cost of the fees from each bank. If you have trustworthy friends, which it sounds like you do, then send it with them. |
I would be doing this only every couple months. so it will be $3000-4000 at a time. with that in mind, now what is the best way to get money back to US?
What about this ATM thing that was mentioned? I have my US check/atm card, and i have a cash card for my korean bank. (sorry for my ignorance with this) i also have the necessary information to wire money (bank routing #, my routing & acct #). thanks for the advice thus far. i'll get it eventually |
If you send $4,000 a month, then you will stop sending money in two and a half months as the limit is $10,000. |
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Njord
Joined: 12 Jan 2006
Location: South Korea
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| Posted: Tue Jan 31, 2006 2:42 am Post subject: |
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| What do you do if you want to send more than $10,000? Also, about what are the total fees on a wire transfer? Is it a percent or a fixed number? |
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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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| Posted: Tue Jan 31, 2006 3:55 am Post subject: |
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| xeno439 wrote: |
| d-rail wrote: |
| xeno439 wrote: |
| The money you made sending a $1000 at a time would be less than the cost of the fees from each bank. If you have trustworthy friends, which it sounds like you do, then send it with them. |
I would be doing this only every couple months. so it will be $3000-4000 at a time. with that in mind, now what is the best way to get money back to US?
What about this ATM thing that was mentioned? I have my US check/atm card, and i have a cash card for my korean bank. (sorry for my ignorance with this) i also have the necessary information to wire money (bank routing #, my routing & acct #). thanks for the advice thus far. i'll get it eventually |
If you send $4,000 a month, then you will stop sending money in two and a half months as the limit is $10,000. |
Not necessarily. I am at the $14,000 US mark this year (not 2006, since I first opened the account back in last May). No problems thus far. It helps to walk in clean cut, clean shaved, dressed nice, and smiling with your limited knowledge of Korean. They seem to help you just fine. Once you make nice nice with the tellers, it's easy when a new one shows up. If you get problems with the new ones, simply tell her wait a minute in Korean and ask one of the "regular" tellers to "explain" it to her. Happen to me last month. Within 15 seconds...the girl apologized and off went my money. In summary, it's all about who you get that day.  |
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Grotto
Joined: 21 Mar 2004
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| Posted: Tue Jan 31, 2006 8:03 am Post subject: |
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| Quote: |
| If you send $4,000 a month, then you will stop sending money in two and a half months as the limit is $10,000. |
Hogwash! balderdash! bullcrap!
The 10,000$ limit is for people on a tourist visa! If you have an E2 you can send as much money as you want....sending it in bundles of 4000$ is fine.
Go with KEB. They know that E2 visa holders can send more than 10,000$ back a year and wont give you any hassles unlike the dumbasses at other banks! |
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JZer
Joined: 13 Jan 2005
Location: South Korea
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| Posted: Tue Jan 31, 2006 8:50 am Post subject: |
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| If for some reason the banks stops you from transfering more than $10,000 you can take the money with you when you leave. I think there is a $10,000 limit on money you can legally bring to the U.S. So that would be 10,000 wired and another 10,000 in your pocket. |
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BigBlackEquus
Joined: 05 Jul 2005
Location: Lotte controls Asia with bad chocolate!
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| Posted: Tue Jan 31, 2006 9:24 am Post subject: |
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| You can legally bring more than $10,000 into the US, but you must claim it. |
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