Korean Job Discussion Forums

[jenna80ss]

Thanks Rudyflyer for the input.
Our old roommate however, went to the bank to send money and they told him that he was sending too much money home. I think this may have been because he kept going to the same branch/location. Also, the guy at the bank told my boyfriend that any amount over $10,000 US would need to accompanied by tax receipts to show we are making enough I am guessing to send it home.
I guess my route will be the ATM.
By the way, what bank do you send money home through? I go to Kookmin but may switch over since they seem to be paying particular attention to me.
Thanks

[rudyflyer]

jennas:
this is too strange. I've used the following banks: Housing and Commercial Bank in 96-97, Kookmin in 99, CHB in 2000 and Kwangju Bank since last Feb. Only thing I had to show 1 time was a pay stub when I've first started using the bank to send money back. If you bring your bank book it will show deposits, that should be fine. Yeah if you're doing a say $15k transfer the bank in the US will report that to the US gov't but thats normal. Likewise Korea may require a report be made to them but thats related to large cash transactions to trip up drug runners etc

Don't know what intermediary bank they use to transfer the money but my transfers always hit my bank (a credit Union in Austin) the next/same day.

Swear some of these bank people need to brush up on the laws. These laws were changed in 98. My advice is to find a bank where they know the rules and take your business there

[jenna80ss]

Well, I went to a DIFFERENT bank besides Kookmin to try and send money home and they stamped my passport too! Someone told me that banks just started doing this a few months ago. Does anyone know of a bank in Bupyong that they have been to within the last two months that DOESN"T Stamp passports?

Or in Seoul (if they are open on Saturdays)?

Also, I would like to know if anyone has tried the international ATM route to send money home. I heard the exchange rate is not as good and I am sort of afraid that it will raise flags if money is leaving like that.

Also, do you know what the ATM charge is for using the international ATM?
Sorry lots of questions,
Just need some answers!
Thanks,
Jennifer

[em]

Okay, these will probably seem like stupid questions but I am not even a newbie yet - still in Canada.

Student loan payments are going to come due soon after I get to Korea - ugh! - and I'm trying to figure out how to make payments. This international bank account sounds like a good idea cause then they can just take it out of the account without me having to bug anyone back here or figure out some elaborate way to them their money. Is anyone over there in a similar situation and willing to give me some ideas?

If you are using an international bank card then shouldn't you be able to withdraw anywhere that there is a bank machine without any trouble? Isn't that the idea of an international bank? And I would also like to ask the question asked by one of the previous posters - why only during Korean hours? If the bank is open, or the ATM available, in whatever other country you are in, shouldn't they, or the computer, just be able to access your account and give you the funds?

Thanks all

[rudyflyer]

best thing to do is set them up for automatic deduct from your bank in NA. All you have to do is send them a form with your bank account and routing info (send them a voided check). May take a couple of weeks to set up. Wire money over on payday and you'll be fine.

Other option is sign up for a bill pay service yahoo has one and so do many banks. Our bank does and it costs $7/month for the service. All you do is give the bank the account info where to send the payment and the day to send it out on. We do that for our storage and to pay my folks to send over our mail. No payment is ever late

HTH

[em]

That's brilliant, Rudeflyer, thanks! $7 is worth that much peace of mind!

[Walter Mitty]

...was show my pay statements, proving that I'd legally earned the money I was sending home. This was at Kookmin Bank, and it always went smoothly, as long as I had my pay statements. No fuss, no muss!

[dulouz]

from.

Wire transfer - easy but expensive. 10% charge, no thanks
Cash in mail? Haven't tried it, does not sound good. You could send it registered and insure it for the amount but I dont know what the fees are.

Cashier check? I tried to get a money order from the banks and they said no but I was told to go to the post office. Can i send a money order for Won? Then my bank at would have to convert that.

Hmmm... what else? which banks will change your money into dollars and the give you a cashiers check?

Tell me now, I need to send some money...

TY!

[kimcheeking]

[rudyflyer]

[dulouz]

I'm sorry i missed something - was quoted 80,000 won for sending $50 us


That not 10 k won. should i ask again?

[kimcheeking]

[rudyflyer]

true enough KK, I was quoting my bank in Austin and what they charge. For a US bank they are pretty cheap the middle bank takes $20 and my bank takes $3

80,000 won for $50? thats nuts besides for that amount I'd get a travelers check and mail it back

did you mean $500? if so its still too high IMHO

[dulouz]

Sorry to bash this, but I went to 3 banks here in wonju. Hana, CHB, Kookmin and they wanted 10% to send 600,000 won/500 US $. 10K won? where is that? Maybe I have a province problem.

[dulouz]

the banks said no money orders from them.

what are travellers checks called here?
what are cashiers checks called here?