Korean Job Discussion Forums

dankdo · Joined: 21 Mar 2007 Location: Paju City

I was wondering if it's a good idea to transfer all my money from Nonghyup bank to my bank account in America. I'm leaving in March.

Is there a transfer fee when sending money from one bank to another? Is it a fixed rate or a percentage?

I don't know the terminology, but is there a fee for when the bank changes Won into U.S. dollars?

How many people actually send money home through the bank. I read on a previous post someone will bring ALL of their money to the airport...seems pretty risky to me, but oh well. I will hopefully have more than 10 million won to pay off my loans, which I will declare. Should I exchange this money at the Korean airport or O'Hare Int'l Airport in Chicago?

aaabank · Joined: 27 Feb 2007

Whenever wiring money there will be a service fee. If you have less cash than the limit as deemed by your country to be taken on board, go for it.

yetanotherSarah · Joined: 09 Sep 2007

Just got back from transferring money from the same bank home to Canada myself, so here's what I know...

Is there a transfer fee when sending money from one bank to another? Is it a fixed rate or a percentage?

Last month I transferred my entire paycheck, the fee was 11,998 won. But this month I transferred only half and the fee was 6,580 won. So it does change with the amount you send.

I don't know the terminology, but is there a fee for when the bank changes Won into U.S. dollars?

It seems that the bank slightly increases the rate of exchange, but there isn't a fee.

Hope this helps you make a good decision. [/quote]

Scotticus · Joined: 18 Mar 2007

Suitcase? If I travel with large sums of money, that envelope of Benjis is ON ME, in a buttoned pocket. No way in hell I'm taking a chance that my suitcase gets lost, someone finds the money and then decides to not return it.

dankdo · Joined: 21 Mar 2007 Location: Paju City

>Insert bulging pants joke here<

Razz

Sorry, couldn't resist...Thanks Sarah, the exchange rate doesn't seem all that harsh. I will have over 12 million won by March...doing the math in my head, I reckon spending $150 to wire my money safely is pretty reasonable...then again, it IS $150..

victorology · Joined: 10 Sep 2007

I would exchange won into dollars in Korea because you will most likely receive a better exchange rate here. Carrying a sum like $10,000 is not that bad. It's not like the highest denomination is $10 bills. You'll be carrying $100 bills. I've carried up to $15,000 in cash on me and it's doable.

twg · Joined: 02 Nov 2006 Location: Getting some fresh air...

browneyedgirl · Joined: 17 Jul 2007

wings · Joined: 09 Nov 2006

If you carry more than 10,000 dollars on you in cash when you enter a country you have to declare it. Not sure what happens after that.....

Drug sniffing dogs are also trained to sniff out large quantities of cash, (or so I've heard) so I would declare it for sure.

dogshed · Joined: 28 Apr 2006

With the electronic transfers no one ever seems to
know. They will get you all kinds of answers however.

The English line at Nonghyup gave me a list of fees that get charged
when you use their service. A $1000 was going to cost $35 to send
plus what my bank charges to receive. Some people say it's just $7,
but if the woman on the phone is correct then perhaps the fees are
just buried in the total amount.

I take my money to KEB. I buy a paper Bank of New York Check.
They charge a fee from $5 to $15 depending on the total amount.
You get the remittance exchange rate which is better than the cash rate.
The good thing about the check is you know exactly what the fee is
when you get it. You can mail the check or carry it on the airplane.

I just opened an account with KEB. They have a %30 reduction in their
markup over the base rate if you have an account with them and
use their online system to send money and the fee is $7 to send
plus what your bank charges to receive. I have not tried that yet.
Are there other fees? Who knows.

ernie · Joined: 05 Aug 2006 Location: asdfghjk

my old boss tried to do this a couple of years ago... had about $10 000 in a suitcase but his plane arrived on sat night after the banks had closed... he couldn't deposit that much into a machine, so he had to haul it around until monday! ha! worked out in the end, but risky, IMO

imagine being the guy going to steal his wallet and finding $10 000 in his suitcase! makes me want to follow around white dudes with korean girlfriends at the vancouver airport!

Juregen · Joined: 30 May 2006

Go with a suitcase full of cash and tell me when you will be at the airport Smile

ernie · Joined: 05 Aug 2006 Location: asdfghjk

i'll "help" you carry the money!

CeleryMan · Joined: 12 Apr 2007 Location: Seoul

Suitcase full of cash is gangster, go for it!

Kimchi Cowboy · Joined: 17 Sep 2006

LOL - I actually SAW a guy (Korean, Chinese, I have no idea) at the Incheon airport trying to clear security with a large, box-like briefcase stuffed full of cash from what must've been at least 5 different countries. The officer on the scene started questioning him, he called his supervisor who took a look at the case and then called HIS supervisor... all the while the guy with the case was standing there, grinning his dumb "Who, me?" grin...

Wish I could've seen how THAT one played out, but I had better places to go...