Korean Job Discussion Forums

[edith]

Hi,

Can anyone confirm the process of sending money back to the UK?

I called my UK bank and they said it would be better to change the WON into Sterling here and then send it from my Korean account.

What do other people do? not sure which bank I will be with yet, my director is sorting it out on Monday.

Thanks in advance.

[crystal]

I have an account with KB and when I send money home I have to either send it in Britsh pounds or American dollars. As long as you have all your bank details from home it's quite simple. They will transfer it directly from your account and generally takes less than a week.

[tzechuk]

Best way and cheapest - go to a bank and get a banker's draft (cheque), send it home by secure post and have someone deposit it in your account.

Barclays charges a deposit fee of 30 quid, natwest and HSBC both charge 25 quid if you did a direct bank transfer. So we are talking of money you lose with exchange rate, money you lose here because they charge a fee and money you lose at home!!! This is about 40 quid!!!

According to the banks, these are not fees that they charge but rather the clearing houses.

In any case, I grew tired of sending money home each month to pay for my student loan only to lose 25 quid per go, so in the end I sent money (a bank draft) to my mum who paid my student loan for me.

[ttompatz]

[hellsbells]

Interesting...I have an account with HSBC back home. I send money home via bank tranfer every month - no probs. HSBC don't charge me anything to receive the money - I bank with Finebank here - and it costs about 10,000 -15,000 won this end depending on how much I send. I don't think I'd bother doing it if HSBC were charging me 25 quid a time, but they don't.

Shows up in my account within a day or two. Couldn't be easier.

[tzechuk]

[Skaborough]

Other Canadians may be able to help with this. We have here a service through the Interac system where you can securely email money through Interac's system. The cost is nominal. Is there a similar system in the Korean banks?

What is a good bank to use over there by the by? Is online bank prevalent? Or are most transactions carried out in person? I'm addicted to online banking (Im lazy), and it would make life very easy if it were possible to make online payments to Canadian institutions, like my Uni, while Im over there... it would save money...

Is it possible while Im think of it, to go into a Korean bank and make a payment to a CDN institution? I doubt it is, but I was wondering if maybe our technicological banking-wunderkinds have figured out was to get money out of us easier.

Payce,
Patch

[ilovebdt]

Hi

I send money back to my Natwest account in the UK by wire transfer with Kookmin Bank.

I pay about 12,000 won this end for the transfer and Kookmin Bank in the UK, cheap arses, take another 12.00 off of the amount I transfer beofre it reaches my account.

ilovebdt

[Wangja]

As TZ suggested above, if there is no great hurry, a Sterling bank draft payable to yourself is probably the cheapest way.

By way of comparison, when I send cash from UK to Korea, the cost is 30 GBP / 55 USD.