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ca86108
Joined: 04 Jan 2010
Location: Seoul (Geumcheon-Gu)
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 Posted: Sat Feb 13, 2010 3:41 pm Post subject: banking question |
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| If I want to transfer my US money from my US bank account to a Korean bank account will they charge me a transfer fee. Or say I dump all my savings into my Korean bank account, when I try to put it back to US dollars would I lose any money? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Feb 13, 2010 3:56 pm Post subject: Re: banking question |
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| ca86108 wrote: |
| If I want to transfer my US money from my US bank account to a Korean bank account will they charge me a transfer fee. Or say I dump all my savings into my Korean bank account, when I try to put it back to US dollars would I lose any money? |
Your US bank MAY charge a fee for the bank wire (depending on your account status), the bank here will charge a fee for an incoming wire AND if there is an intermediary bank it WILL also charge a fee. You can expect the fees to total between $10-$40 per bank wire.
There may also be losses changing back and forth from $ to won as the exchange rate varies (depending on the exchange rates at the time of the transfer / exchange). Exchange rates are not stable.
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ca86108
Joined: 04 Jan 2010
Location: Seoul (Geumcheon-Gu)
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| Posted: Sat Feb 13, 2010 5:53 pm Post subject: |
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| so basically you should leave all the money at home and bring only 1k or so to Korea huh? |
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PeterDragon
Joined: 15 Feb 2007
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| Posted: Sat Feb 13, 2010 6:08 pm Post subject: |
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This depends SO MUCH on which banks you work with. If you're working with decent banks the fees will be minimal.
However, if you're comfortable just bringing cash, the proces is much simpler and slightly cheaper.
Walk into any bank a healthy distance from the airport, and you can trade your cash in for a minimal service fee, no hassle of setting up a transfer, figuring out multiple fees, etc... |
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PeterDragon
Joined: 15 Feb 2007
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| Posted: Sat Feb 13, 2010 6:09 pm Post subject: Re: banking question |
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| ca86108 wrote: |
| Or say I dump all my savings into my Korean bank account, when I try to put it back to US dollars would I lose any money? |
Also in answer to this: As long as the dollar keeps doing as poorly as it has, and the won continues to be relatively stable, you won't lose any money doing this. |
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