Korean Job Discussion Forums

[robja]

I bank with IBK and I sent money back to the UK for the first time last month using a bank transfer, which was fairly expensive in terms of charges/exchange loss.

It was a relatively small amount, just enough for my credit card payment, but I plan to send a larger amount this month and want to know if there's a cheaper way of doing it. I guess there will be some relative savings when sending a larger amount, but I'm not sure to what extent.

Last time I sent Won 288,000.

I opted to pay all charges at this end and paid three different charges of USD 18 (the bank used a rate of 1044 Won to USD, which was the same as the Oanda rate for the day) and Won 8000 and 3000. So, about Won 32000 all in.

Only GBP 131.90 arrived in my account in the UK, an exchange rate of Won 2183 = GBP 1.

The Oanda rate for the day was 2037:1

Daylight robbery.

Is there a better way of doing this? Different bank? Send an ATM card to someone at home?

Any advice gratefully received.

[cazzy3]

not sure if there are different rates to send money to different countries, but i use nong hyup bank and my costs for transferring money is only around 10,000 for all costs.

i think the atm card is a good idea, but make sure the card will work overseas as many don't work outside.

i'd try another bank first though because i've heard similar stories about banks that overcharge for one reason or another.