Korean Job Discussion Forums

[b_canadian_eh]

So I have been in Korea just over 4 months now and 3 weeks ago I went into my KB bank branch to transfer money back home to Canada. Gave them the instructions that my bank had given to me. They did their thing, looking thuroughly confused. An hour later I had a receipt saying it was a go.

Money didn't arrive so I go back to the bank, they tell me they couldn't do it, my bank back home is too small (a co-op).

So what can I do to get money back home? I remember reading that some people just send a 2nd bank card back home and have someone remove money that way. Is this possible? Are there any other options that I don't know of? Just trying to pay some bills back home....

[spliff]

How long did you wait before you asked them if the dosh had arrived? Sounds like you were coming down a little heavy on them. Chill...Asians in general don't like that and you'll make them WANT to cause you dred. Anyway, apply at KB bank for an international ATM card. Ask, for two cards. If they only give you one it's cool runnings...just send it to your recipient in Canooks and just use the account when you want to transfer money and open another w/ KB or any other bank for your "�n-country" banking. Tails up, and remember.....relax! "Everyman has a right to contol his own destiny"

[schwa]

No problem transferring money to chartered banks in Canada, but credit unions & co-ops seem to be a no go.

[dogshed]

http://www.eslcafe.com/forums/korea/viewtopic.php?t=70963&highlight=

This thread has someone saying that Scotiabank in Canada does not charge incomming fees. It works and there is no fee.

Have someone get an account there or see if you can get one online. In the US some banks will let you open an account online if you transfer money by electronic check from another bank. (I guess they assume you showed your ID at the first bank.)

[Smee]

My bank at home was too small to do international transfers, so I transfered the money to my parents. Since I was using the money to pay off bills, it didn't make any difference. It takes a few days for the money to arrive.

[Big Mac]

Go to KEB (Korea Exchange Bank). Take the money you want to send to Canada with you. Buy a money order in Canadian dollars. It will cost you 10,000 Won. Put the money order in an envelope and send it to your parents or someone else you trust. They'll get it in about a week. Get them to deposit the money into your account.

It's a very simple and easy way to get money to Canada. That's how I always send money home. Wire transfers are too expensive and I never need the money in my account right away.

[xox]

[dogshed]

[dogshed]

[b_canadian_eh]

Thanks for the help.

Question re: money orders. What happens if it gets lost in the mail? Are you out the money? If so, it doesn't seem like the most secure way to send money.

[Stinky Llama]

I have a related question/possible suggestion about transferring money.

Can you use PayPal to transfer money from your Korean bank to PayPal and then from PayPal to your bank at home? I used to do that to transfer money from my parents or to my friends while I was in college. It's slightly time consuming since it takes several days for it to clear each way but it's free and isn't that complicated.

I was thinking of doing this when I go to Korea so I did check and see that South Korea was on the list of countries serviced by PayPal so I'm assuming it should work.

If anyone knows for sure if this is possible, please let me (us) know!

[Big Mac]

You don't need to worry about the money order getting lost. KEB gives you a carbon copy of the money order and if the money doesn't arrive at its destination they will give you your money back. I've never had to do that though...so I don't know how much trouble KEB would give you if you tried to recover the money.

[heydelores]

Do you have to have an account at KEB to get a money order?

[Big Mac]

[PEI George]

On a slightly different note, is there a limit to how much a Canadian can send back in a given year? Some friends of mine that don't know anything about anything are telling me this.