Korean Job Discussion Forums

[Yesterday]

Also check which is cheaper - choosing CHARGE to be paid by benificiary (you) or sender (you) - either choice is paid by you - but at the bank you are sending from - and YOUR bank in your Home-country you are sending to.

(example - I send from the CHB - and if I tick/select sender pays - then I pay the CHB 10,000 won - but if I tick BENEFICIARY pays charge - then I pay CHB NOTHING - but MY bank in my home country takes 5,000 won from my account for the fee - a LOT CHEAPER.

Therefore - besides from choosing from banks here - also check how much YOUR bank would charge - if you opted for them to pay the fee. It can work out a LOT cheaper....

(but by the way - I am always dismayed by you westerners who grumble and complain over a few thousand won - REALLY??? Is life that bad? to complain over 5,000 won (give and take) here and there??)

[phaedrus]

[Derrek]

[phaedrus]

[helly]

You should be able to send money from any bank, regardless of if you have an account there or not. Tellers at the branch may tell you otherwise but they typically do not know otherwise or they may feel it too inconvenient to do it any other way than the way they are used to doing it. This may cause a slower process in the bank itself and more checking of passports, documentation, filling of forms, etc, that, in my opinion, outweighs any financial benefit.

Choosing a bank with a teller that will expedite the process for you, remember you from month to month, and speaks a common language (Korean or English, depends on your ability) will make sending money so easy. I used Han Mi/KorAm, Haesung Bldg Branch (between Samsung and Seollung subway stops on Taehaeran-ro) in Seoul for years and NEVER had a problem.

[white tiger]

i recently sent $800cdn from CHB(Korea) to RBC(Canada). the transfer fee was already subtracted by CHB. RBC received $755. after speaking with RBC, they said they do not charge a fee for receiving.
If my receipt from CHB says $800 after minusing the fees...
where did that $45 go???

[Homer]

Tiger,

RBC does charge something (as do most other banks) unless you negociated something with them.

Perhaps you miss-understood the CHB's explanation and the 45$ was their wire fee, although that seems rather high.

[phaedrus]

[Grotto]

If you want to avoid paying wire fees and are not in a hurry to get the money in the same day get a bank cheque and mail it to someone you trust and have them deposit it into your account.

As it is made out to me, in my name it can be put into my account.

Total cost: between 3000-5000 won for the cheque and 580 won for the airmail envelope and stamp. Cheap. I have been doing it this way for two years now and never had a problem. Usually takes about 7-10 days to arrive in Edmonton, Alberta Canada.

If it gets lost you can go to the bank and cancel it and they will reissue you a new cheque. Safe and cheap!

[Hollywoodaction]

I haven't wired anything in a long time, but my mother came for a visit and we learned something about cashing in traveler's cheques in Korea. They charged a ridiculously high fee (around 10 000won or 15000won) per transaction. When she cashed a 50$ cheque and a few 100$ cheques, they considered that as two seperate transactions, so they doubled the fee.

[azjen]

I too wired 1000$US to my bank back home. Its set up for people in the military and their family members. Before leaving for Korea I discussed the costs of wiring money there and as I understand they charge no fees to incoming wires. Regardless of origin.

I paid 13,000 Won at the bank at the time of transfer. When I checked my US account, Shinhan only deposited 980$US. One side is, hey its only 20bux. But the other side is if I mail half my paycheck home each month, that $20 will add up eventually. Why should Shinhan gain an extra $120 for the entire year that I'll be over here.

I decided to ask Shinhan what happened. The teller insisted my bank charged me the $20. So, I called my bank, Shinhan only deposited $980. I then went back down to explain the situation. After an hour and a half and several phone calls the explanation I received was that my bank charged me the money not Shinhan. The person who recieves the money also has to pay. I simply disagreed, smiled and walked away. I called my bank again, asked to speak to a senior teller and asked if USAA charges a fee for incoming international wire transfers, no fee Shinhan only put in $980. I then asked the office manager from my school to call and verify the fees. She explained it, that Shinhan deposited $980 because my bank charges fees to remove the money. I then asked her to call the bank and ask them to put the $20 back into my account and allow my bank to charge me for withdrawing the money. Well, lets just say nothing has happened. The office manager hasn't called back and I'm still out the $20.

Should I change banks? I really don't trust Shinhan and sending money home is a necessity.

Thanks for any assistance.

[dogbert]

Most of the time in this situation, there is a bank in the U.S. between Shinhan Bank and USAA Federal Savings Bank that also handles your transfer. The reason for this is that the Korean bank only wires directly to certain large banks in the U.S., which then transfer your wire onward to your particular bank in the U.S. The $20 may likely be this bank's cut and Shinhan, if pressed, should explain that to you, if that is in fact the case.

[azjen]

Through my research, the bank in the US was Shinhan Bank NY. So, yes there is someone else in the middle but its Shinhan. I asked another teacher here (he's Canadian) if he's ever sent the equivalent of $1000 home and what were the fees. He told me he has, he was charged the 13000 won from Shinhan and his bank charged him a $4 Canadian fee for wiring money in.

So, as you can see I'm still confused as to the $20 US. My bank charges no fees and I was dealing with Shinhan on both sides.

[dogbert]

[geedog]

Does anyone know the wire fees for CIBC banks in Canada?