Korean Job Discussion Forums

[jajdude]

If there is a limit, can one get around it by using 2 or more banks, or might that be noticed? Then again, the money orders and traveler cheques work too.

[crimsonlily]

I'm not exceeding any limit as I haven't done any work outside school (I know, goody goody - I follow the rules). I just wonder: is the $10,000 USD limit per calendar year (2005/2006) or per 12 months Aug. 05-Aug.06). It was hard enough to find one bank where we could communicate! Does anyone know the answer to this question?
Also - why contact the school when the school deposited the money in the bank. Would the school see any bank forms or are does the bank just call them? Thanks to anyone who can answer.

[braunshade]

I have always wondered what the fuss is about regarding sending your money home........why not just leave it in your Korean bank??

[RobinH]

For the past 4 years I've been sending home 2-4 mil every couple or three months, sometimes more. I KNOW I've sent home more than 10,000$ in any 12 month period. I think it depends on how uptight your bank is. I have been using Hana bank. There are a couple English-speaking guys at my branch who never give me a problem.

[vassalage]

Ok so I am heading to Korea right way and I have a bunch of bills still to pay here in Canada including student loans and credit card debit. I have automatic payments being taken out of my account at different times of the month. I really wanna to have good credit which is the part of the reason for going to Korea so that I can keep up with my bills and hopefully pay them off sooner.
I have had a horrible time with the TD bank here just processing regular transactions and I am worried they will mess everything up. I'm not sure if changing banks may be to large a hassel as my job here will be depositing cheques for a couple of weeks after I leave as well as my gst cheques and such. Plus then I would have to change all my account information for all my debts. I seem to have the worst luck with payments and banks messing everything up cheques not being deposited that sort of thing.
I need a good cheap method to get money home to my account. I will definitely need money put into my account each month and I was just wondering if anyone has delt with the TD bank while transfering money home. Sending money home to a relative is not an option (as I trust them less to put the money in my bank account on time then I do the bank).

Thanks

Edit: td bank is in canada it is TD Canada trust

[RobinH]

I know what you mean about not being able to count on relatives to do stuff for you back home! Several times I have asked my parents to send me this or that. They always promise to do it and they almost always let me down.

I have not written a paper check in years. I do all my bill paying stuff through Paytrust dot com. I'm not sure if they deal with Canadians, but definitely check it out. I pay about 4-5 bills per month and pay Paytrust about 5 bucks US per month for the service. All my paper or electronic bills go to them and they handle everything for me, deducting the $$ from my American bank account. Well worth it!

I don't know anything about TD bank, so can't help you there. As I said, I was using Hana bank and never had any problems transferring $$ home. I may be going back in the fall and I'll get another account there. In fact, I plan to use the same branch as before so they will already know me.

EDIT: Is TD bank in Canada or Korea?

[redlightorchestra]

I don't know if anyone has tried this but I have been wondering about it for a few months.
I regularly buy from ebay and I always use paypal. I have a paypal account set up through my canadian bank. I want to set up another account with a Korean bank. Then I could transfer money to myself. Paypal does not charge fees, they set their currency conversion a little bit higher, though.

[RobinH]

Yes, you can do that, but I haven't tried. I'm not sure my bank guy would understand what to do, even with a translator. You know how Koreans balk at anything new.

I buy a lot of stuff on eBay too. One warning though, many sellers will not want to sell to you if you have a Korean address. I explain to them that I'm an American living in Korea, but my bank account is in the US. That usually works for them. I'm not sure if they would agree if I had a Korean bank account too.

[Harpeau]

[joesp]

dudes,
you have never checked the amount you receive if you say it only costs you 5,000 won for an international wire transfer.

the bank which sends it has the option of charging you 50% or 100% of the 12 - 18,000 won fee.

the other portion of it comes out regardless, by your bank in your country. These are the same:

5,000 won -> 12,000 won -> to USA

seoul -> shinhan new york --> to you

AND

17,000 won -> 0 won ----> toyou.


hope that helps. There is no 5,000 money transfer that I've ever heard about.

As for pappal, that will work provided you can get a credit card issued from a Korean bank, then you can transfer money from your Korean credit card to the papayl (and repay it from your korean bank) then do the paypal transfer to your American bank account. But, getting a korean visa or mastercard is not easy.

[bacasper]

[MSU Fan]

There are just some things that you can't nickle and dime over. I have been charged around 15,000 won, but have a very nice, kind teller who has been very helpful and he even gave me a discount when I first transfered money out of the country.

It all comes down to the service and competence of your bank. I had a bank back at home that has changed names 4 times in the last 7 years and many of the tellers made me do just about everything when trying to cash or deposit a check. If you have a good bank, more importantly good customer service, then blowing 15 - 20,000 won isn't that important.