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MANDRL
Joined: 13 Oct 2006
Location: South Korea
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 Posted: Fri Oct 27, 2006 4:10 pm Post subject: International Money Orders |
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| I have a bill I have to pay every month here in the States by money order or cashiers check. When I go to Korea, I will still need to pay this bill. Is it easy to obtain international money orders in Korea and do you know if they are accepted everywhere outside of Korea. Thanks! |
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i_teach_esl
Joined: 07 Sep 2006
Location: baebang, asan/cheonan
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Oct 27, 2006 10:35 pm Post subject: Re: International Money Orders |
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| MANDRL wrote: |
| I have a bill I have to pay every month here in the States by money order or cashiers check. When I go to Korea, I will still need to pay this bill. Is it easy to obtain international money orders in Korea and do you know if they are accepted everywhere outside of Korea. Thanks! |
Yes and usually yes. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Sat Oct 28, 2006 6:34 am Post subject: |
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| I wire transfer money to my home account and pay my bills with the online banking from my home bank. I also use Skype to do telephone banking back home. It might be possible to wire money from your Korean account to your home bank and then use the telephone or online banking to set up the cashiers check if that's the only option you have to pay it. My home bank account can also set up wire tranfers using the online system - that may be an option. Not sure, just an idea. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Sat Oct 28, 2006 6:38 am Post subject: |
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This actually brings up a question that I have been pondering. When I wire transfer money back home there is a charge from the Korean bank and another charge when it hits my home bank. I was considering sending a money order home to a friend who could then deposit to my home bank account free of charge. There is only a minimal charge to purchase a money order (~$6) as opposed to the $40 dollars woth of fees for wire transfer. Not a thread hijack attempt - just thought it may provoke/provide some more insight on the subject.
Last edited by OculisOrbis on Sat Oct 28, 2006 6:38 am; edited 1 time in total |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Sat Oct 28, 2006 6:38 am Post subject: Re: International Money Orders |
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| ttompatz wrote: |
| MANDRL wrote: |
| I have a bill I have to pay every month here in the States by money order or cashiers check. When I go to Korea, I will still need to pay this bill. Is it easy to obtain international money orders in Korea and do you know if they are accepted everywhere outside of Korea. Thanks! |
Yes and usually yes. |
What's "money order" in Korean? The KB branch by my school said they didn't have money orders. Then again, they're idiots there. They charged me the cash rate to transfer into my USD account and marked my passport for it too.
moneytag |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Oct 28, 2006 4:13 pm Post subject: Re: International Money Orders |
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| huffdaddy wrote: |
| ttompatz wrote: |
| MANDRL wrote: |
| I have a bill I have to pay every month here in the States by money order or cashiers check. When I go to Korea, I will still need to pay this bill. Is it easy to obtain international money orders in Korea and do you know if they are accepted everywhere outside of Korea. Thanks! |
Yes and usually yes. |
What's "money order" in Korean? The KB branch by my school said they didn't have money orders. Then again, they're idiots there. They charged me the cash rate to transfer into my USD account and marked my passport for it too.
moneytag |
I simply ask for a money order. I have had no difficulty at woori, shinhan or keb getting one. The fee is usually about w5000. KB* is the "Western Union" agent in Korea and they always prefer to "wire money". Much more profit for them.
If I want to deposit a money order to my account at home,
I simply make it payable to "ttompatz",
mark on the back of it, "for deposit to account of payee #xxx-yyyy-zzzz"
and then mail it to the bank
with an additional note inside indicating that I want it deposited to my account.
I have never had any troubles doing this. It usually takes about 10 days from the post office here to credit in my account. |
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Novernae
Joined: 02 Mar 2005
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| Posted: Sat Oct 28, 2006 10:36 pm Post subject: Re: International Money Orders |
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| ttompatz wrote: |
| huffdaddy wrote: |
| ttompatz wrote: |
| MANDRL wrote: |
| I have a bill I have to pay every month here in the States by money order or cashiers check. When I go to Korea, I will still need to pay this bill. Is it easy to obtain international money orders in Korea and do you know if they are accepted everywhere outside of Korea. Thanks! |
Yes and usually yes. |
What's "money order" in Korean? The KB branch by my school said they didn't have money orders. Then again, they're idiots there. They charged me the cash rate to transfer into my USD account and marked my passport for it too.
moneytag |
I simply ask for a money order. I have had no difficulty at woori, shinhan or keb getting one. The fee is usually about w5000. KB* is the "Western Union" agent in Korea and they always prefer to "wire money". Much more profit for them.
If I want to deposit a money order to my account at home,
I simply make it payable to "ttompatz",
mark on the back of it, "for deposit to account of payee #xxx-yyyy-zzzz"
and then mail it to the bank
with an additional note inside indicating that I want it deposited to my account.
I have never had any troubles doing this. It usually takes about 10 days from the post office here to credit in my account. |
What is the largest size money order you can buy? (In Canada it can't be more than $999) |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Oct 29, 2006 4:30 am Post subject: Re: International Money Orders |
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| Novernae wrote: |
| ttompatz wrote: |
| huffdaddy wrote: |
| ttompatz wrote: |
| MANDRL wrote: |
| I have a bill I have to pay every month here in the States by money order or cashiers check. When I go to Korea, I will still need to pay this bill. Is it easy to obtain international money orders in Korea and do you know if they are accepted everywhere outside of Korea. Thanks! |
Yes and usually yes. |
What's "money order" in Korean? The KB branch by my school said they didn't have money orders. Then again, they're idiots there. They charged me the cash rate to transfer into my USD account and marked my passport for it too.
moneytag |
I simply ask for a money order. I have had no difficulty at woori, shinhan or keb getting one. The fee is usually about w5000. KB* is the "Western Union" agent in Korea and they always prefer to "wire money". Much more profit for them.
If I want to deposit a money order to my account at home,
I simply make it payable to "ttompatz",
mark on the back of it, "for deposit to account of payee #xxx-yyyy-zzzz"
and then mail it to the bank
with an additional note inside indicating that I want it deposited to my account.
I have never had any troubles doing this. It usually takes about 10 days from the post office here to credit in my account. |
What is the largest size money order you can buy? (In Canada it can't be more than $999) |
There are different products you can buy. "Money orders" are usually up to about US$1500. depending on the bank. Some go as high as $5000.
Above that you can get a cashiers checks or a bank drafts (similar to money orders) or other negotiable items for limits up to about $1 million each. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Tue Nov 07, 2006 3:33 am Post subject: |
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I'm in a little town. My wrangler set up an account at the nonghyup bank where her husband works in a bigger city. She called him and he said I will have to travel to a bigger city (12000 won bus ticket) to get a money order in US dollars.
Can I buy a money order at the post office?
Will I get screwed on the exchange rate? Fees vs. bad exchange rate?
How much does it cost to transfer money online?
Bank of America wised up and has special programs for sending money to Mexico from the US. They figured it's better to have the money in the US until they send it instead of having it all go to Mexico without spending any time in a Bank of America account. Maybe Korea can learn something from them. -Jeff |
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