Korean Job Discussion Forums

[vox]

Hello

I'm in Canada for the next couple of weeks and I'm trying to find the cheapest bank to do business with for trans-Pacific funds deposits. I used to know a couple of teachers who had special arrangements with their banks for cheaper deposits but I can't hunt them down now. Anyway one was dealing with the Royal Bank but no one at RBC's 1-800 has a clue as to any special partnerships or sister banks or anything like that with any Korean bank. TD Canada Trust (my current bank) straight up has nothing. I may as well be hiring boat people to personally deliver the funds to my Canadian account.

Does anybody from Canada know which bank I should open an account with to get a good 'don't-fleece-me' arrangement on sending funds home?

Thanks in advance

[plattwaz]

At RBC, and I am sure most other banks, the fee structure for your transactions is determined by the type of account you have, and the type of service you pay for.

For instance, they have "Signature Service", "Signature Plus Service", "Gold Service" etc etc.

How it works is that Signature Service may cost $2.95 per month and gives you unlimited free deposits, ten free withdrawls, free internet and telephone banking, and 5 free withdrawls from non-RBC ATMs per month. Then, when you upgrade to Signature Plus, you pay $5.95 per month and get those services increased, plus some other ones added.

That may not be the package -- the above is just an example of the kind of thing they offer.

Anyway, in my case because I had the same acount for over 20 years in good standing, I was able to negotiate my package and got them to change a couple of the features and give me free incoming wire transfers (max of 1 per month) instead of a lot of the other stuff that I won't use.

[ddeubel]

[vox]

[Moldy Rutabaga]

I had an account with the Royal Bank since 1975, and they still treated me like garbage concerning my student loans both in Canada and here. I closed the account last time I went home.

KEB is the best of a bad lot, I've found, about wire transfers to Canadian banks. Not sure what will happen when KEB is merged, but so far you might give them a try. I pay around $15 for the transfer, and the bank on the other end might deduct another $10. Because of this nuisance, I tend to send money in large chunks less often.

While you're there, see if you can withdraw money from your Korean ATM card. If so, a relative could make regular withdrawals from that card and then pay your bills with the money.

Ken:>

[vox]

[plattwaz]

[Mr. Pink]

If there isn't a big hurry on sending cash, use bank drafts. That is what I did a few times. You can get them at KEB bank. Mail them registered mail in a letter to a family member you trust. Have them deposit the money in your account. Costs you time and maybe a buck or two for the money order.

[peppermint]

Just allow for the bank back here to put a couple of weeks hold on the money.

[Moldy Rutabaga]

[Homer]

I don't pay a cent for wire transfers at my home bank.

I negociated that with them a long time ago. I don't pay any special service fees for that either.