Korean Job Discussion Forums

[tombirner]

Hey y'all,

I transfered about $4,000 dollars on Halloween from Kwangju Bank to my American HSBC account. This the day after I transferred about $9,000 from and to the same account.

The first transfer showed up in my account a week ago. The second account still hasn't shown up.

What the hell do I do?? I'm in America now. Almost $4,000 is missing. They gave me a receipt for it. But now the WON has gone down again, so if I have to transfer it, I'll lose money (which is obviously so unfair, because they screwed up the transfer when the WON was up).

Anyone know how I can sort this out from America? Kwangju Bank doesn't have a English website.

Idiots. My co-teacher came with me and everything. Wish I could enjoy my time here rather than worry about Korean incompetence (I'm not as anti-Korea as many on here, but come on... a national bank losing $4,000?? Come on.)

[cruisemonkey]

This doesn't help... but how do you know it was the K-bank that 'screwed up'?

[tombirner]

I suppose I don't. Good point. Just seems like the Korean bank has to do all the work, fill out the forms, put all the info into the computer... I liked it over there, but there were enough of these kinds of screwups to lead me to believe it was Kwangju Bank's fault.

[Nierlisse]

Call your American bank, ask to speak to someone in the operations department. They are in charge of wire transfers and such. Unless it's such a huge bank that they have their own wire department, in which case, call them. They can tell you if they even received the wire in the first place. Even one number wrong somewhere on that form could delay or reverse your wire.

If they never got it, you have to take it up with your Korean bank.

[tombirner]

Yeah, I've already gotten that far. Just pretty much don't know how to take it up with my Korean bank. It's a small branch, and nobody speaks English. I'm in America now, and the time difference is like twelve hours.

I guess I'm just looking for reassurance that the money won't disappear or something. I'm sure it's insured somehow. Also want to be reassured that I won't lose money because the exchange rate has changed between then and now.

[chevro1et]

As long as you have the transaction reciept, you're cool. It indicates how much was transferred, where it was transferred to, and at what rate. At least mine from Pusan Bank do. Have a close look at yours. If you can at least figure out those details, take it to your American bank and ask them if the transfer has been recieved.

[Otherside]

I had a similar experience when I went home last vacation. A few days before I left I transferred a chunk of won home. (normally this transaction will show up in my home account within 48hours sometimes less than 24). A week later, no money was there. I was really stressed, but being back home, there was little I could do about it. About a week after that the money appeared. It took a total of 11 working days to appear. It has never taken more than 2 working days in all my transactions before and after that.

[EzeWong]

Well known fact that banks like to hold onto money as long as possible.
This is because the more assests a bank has the more intrest they can earn from their investments. Technically banks have the ability to wire money immediately but they never do (including many US, Candian, and Euro banks).

They usually like to disguise holdups as "paperwork" or "international transfers" etc etc. Like you know when you go to a bank and deposit cash it sometimes takes a few days to get deposited? In reality they verify the cash much faster than they give you access to it.

Well this is what I learned from a guy who worked middle management at a corporate bank (I won't name names.). I don't trust his word 100% but it does make a hell of a lot of sense

What I would assume here, they are holding up your money because it's an international transfer so they consider low on the totem pole of things that need to get done (basically you're a foreginer... it can wait). It looks like your money is lost but in reality its the Korean banks that don't want to release your funds AND don't want to give you acceess to it to move around. So it's money that's deadlocked with them for a few days.

Actually, I kind of mentally prepared myself for that when I transfer money home. I figure they would pull this kind of shit.

[Straphanger]

[EzeWong]

[sarbonn]

[Jeff's Cigarettes]

With my remittance acct at KEB the money goes out and arrives at my Thai bank the same day always.

[Straphanger]

[nobbyken]

The last time I sent money from the UK into my Korean account, there was a little holddelay in that he Bank of America wanted to contact me. I got a call from the NY bank in Seoul, to verify why I was sending money.

America likes to see all foreign bank transactions between any countries, even if any of the two countries are not American.
I was told it was an anti-terrorism thing.

EDIT - Call your bank, maybe someone is trying to contact you, but don't have a contact number for you.

[losing_touch]

This is a very big fear of mine. I am not happy about seeing this thread. I get paid on Friday. I will send home Friday! I am crossing my fingers that they guy over at KEB didn't screw it up in his computer!