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d-rail
Joined: 04 Jan 2006
Location: Gangnam
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 Posted: Mon May 08, 2006 9:15 pm Post subject: sending money to the U S |
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| i know i have seen threads on what the best way to send money back to the u.s. is, but i dont know how to find them again. i have a few thousand that i need to send back home. i have some friends coming to visit me next week from the u.s. Is it better to give them cash and have them change the money at the airport (or somewhere else?) or would it be better to get a money order, or a travelers cheque? Does it make any difference? i want to get the most bang for my buck and i heard that a travelers check gives a slightly better exchange rate - is this true? What have you found as to the best way to get money to the u.s.? thanks. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Mon May 08, 2006 9:22 pm Post subject: |
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FWIW, I reckon change it as late as possible.
Decline in the USD looks set for a while, around 950 to buy USD now, IMHO. |
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seattlespew
Joined: 01 Mar 2006
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| Posted: Mon May 08, 2006 10:05 pm Post subject: |
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*.*
Last edited by seattlespew on Fri Aug 31, 2007 2:39 pm; edited 1 time in total |
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d-rail
Joined: 04 Jan 2006
Location: Gangnam
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| Posted: Mon May 08, 2006 11:27 pm Post subject: |
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| seattlespew wrote: |
Whatever you do, don't take in in cash and change it at the airport. That is the worst of all your options.
Just go to your bank and tell them you'd like to send an international wire transfer. They will do it for you. Charge will be about 30,000 won in total. The exchange rate should be good if you go to your own bank. My bank even gives me a discount from the rate up on the board. |
yeah, i checked out wiring fees. my bank in the u.s charges a fee, there is a fee in the clearing house, and the bank here in korea. i found closer to 40,000. BUT, cant i bypass all of that if i do a money order or travelers check? my friends can just take it back for me. i dont know what the fee is for money order/travelers check, cause i havent done it in korea, but back home it was $7. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Mon May 08, 2006 11:31 pm Post subject: |
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| If you trust your friends, just go to the bank and exchange your won for travellers checks and send 'em home with the friends. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon May 08, 2006 11:36 pm Post subject: |
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| d-rail wrote: |
| seattlespew wrote: |
Whatever you do, don't take in in cash and change it at the airport. That is the worst of all your options.
Just go to your bank and tell them you'd like to send an international wire transfer. They will do it for you. Charge will be about 30,000 won in total. The exchange rate should be good if you go to your own bank. My bank even gives me a discount from the rate up on the board. |
yeah, i checked out wiring fees. my bank in the u.s charges a fee, there is a fee in the clearing house, and the bank here in korea. i found closer to 40,000. BUT, cant i bypass all of that if i do a money order or travelers check? my friends can just take it back for me. i dont know what the fee is for money order/travelers check, cause i havent done it in korea, but back home it was $7. |
A money order is (depending on the bank) between 5000 and 8000 won.
It is safe, secure, replacable if necessary and gets you the same rates as TCs.
Simply make it payable to yourself and place the endorsement:
" FOR DEPOSIT TO THE ACCOUNT OF THE PAYEE, # XXXX-XXXX-XXXX"
on the back. Send it to your bank back home.
It can ONLY be deposited in your account so there is no theft worry. If it somehow gets stolen or lost, then you can get a replacement for it. Don't lose your receipt until it is cashed and credited to your account at home. |
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