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milkweedma
Joined: 15 Dec 2006
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 Posted: Thu Nov 06, 2008 8:10 pm Post subject: xe.com to send currency home. |
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Is anyone out there using xe.com to send money home? They have much cheaper rates than using korean banks which are really ripping us off.
Yesterday the Nongyup Bank rate for sending money to New Zealand was around 800 won for 1 NZ$. The correct market rate figure was down around 750 ish. I worked it out that on my intended transaction of 10,000,000 won, the bank would of pocketed around 250,000 won. And they have the audacity to also charge another 13,000 won as a fee. And them theres the fee at the other end that my bank in New Zealand takes (about NZ$20). |
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acornrevolution
Joined: 16 Jul 2007
Location: Pusan, SK
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| Posted: Thu Nov 06, 2008 10:20 pm Post subject: |
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| Hey, Americans are losing thousands of dollars with these transactions. What I wouldn't give to just have a 250,000 won loss!!!! |
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Weetbix Kid
Joined: 13 Oct 2008
Location: Gohyeon, Geoje
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| Posted: Fri Nov 07, 2008 2:43 am Post subject: |
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I looked at sending money home to NZ via XE as well, but there was so many hoops to jump through in order to send - you need a reference check from a previous landlord / employer plus quite a few other things that i was really put off. Perhaps you'll have more perseverance (and less avoidance of hard work than me) and get it sorted.
If so, let me know how it goes! |
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joeyjoejoe
Joined: 24 Sep 2006
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| Posted: Fri Nov 07, 2008 4:16 am Post subject: |
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how are you planning on changing your KRW?
http://www.xe.com/fx/ doesn't deal in won, only
| Quote: |
* AUD - Australia Dollars *
* CHF - Switzerland Francs
* EUR - Euro * (see country list below)
* HKD - Hong Kong Dollars
* MXN - Mexico Pesos
* NOK - Norway Kroner
* SEK - Sweden Kronor
* USD - United States of America Dollars *
* CAD - Canada Dollars *
* DKK - Denmark Kroner
* GBP - United Kingdom Pounds Sterling *
* JPY - Japan Yen
* NZD - New Zealand Dollars
* SGD - Singapore Dollar
* ZAR - South Africa Ran |
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Teelo
Joined: 09 Oct 2008
Location: Wellington, NZ
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| Posted: Fri Nov 07, 2008 1:20 pm Post subject: |
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I was stupid enough to use Travelex recently to buy some korean won with NZ dollars.
The rate on xe.com said $1 = ~W800.
About 30 minutes later, when I got to Travelex, the rate they gave me was W640. 
Guess its a good thing I only bought $200 worth I guess. |
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joeheckel
Joined: 13 Oct 2008
Location: Seoul
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| Posted: Mon Nov 10, 2008 10:29 pm Post subject: |
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| joeyjoejoe wrote: |
how are you planning on changing your KRW?
http://www.xe.com/fx/ doesn't deal in won, only
| Quote: |
* AUD - Australia Dollars *
* CHF - Switzerland Francs
* EUR - Euro * (see country list below)
* HKD - Hong Kong Dollars
* MXN - Mexico Pesos
* NOK - Norway Kroner
* SEK - Sweden Kronor
* USD - United States of America Dollars *
* CAD - Canada Dollars *
* DKK - Denmark Kroner
* GBP - United Kingdom Pounds Sterling *
* JPY - Japan Yen
* NZD - New Zealand Dollars
* SGD - Singapore Dollar
* ZAR - South Africa Ran |
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XE.com handles all currencies. There is a link on the bottom that gives you visibility to all major currencies. I would be interested in hearing the most economical way to send money home? Is there a bank in Seoul that offers online banking with a fair exchange rate so paying bills back home is easier? |
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Sir John Hawkins
Joined: 07 Nov 2008
Location: Ulsan, SK
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| Posted: Tue Nov 11, 2008 4:35 am Post subject: Re: xe.com to send currency home. |
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| milkweedma wrote: |
Is anyone out there using xe.com to send money home? They have much cheaper rates than using korean banks which are really ripping us off.
Yesterday the Nongyup Bank rate for sending money to New Zealand was around 800 won for 1 NZ$. The correct market rate figure was down around 750 ish. I worked it out that on my intended transaction of 10,000,000 won, the bank would of pocketed around 250,000 won. And they have the audacity to also charge another 13,000 won as a fee. And them theres the fee at the other end that my bank in New Zealand takes (about NZ$20). |
Whats the cost to send money to the US? Say, 500 US as an example. |
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tommo123456789
Joined: 31 Jan 2008
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| Posted: Tue Nov 11, 2008 6:30 am Post subject: |
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| To send $500 to the US, at my bank, with the current exchange rate.. probably about 700,000 won |
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I_Am_The_Kiwi
Joined: 10 Jun 2008
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| Posted: Tue Nov 11, 2008 4:05 pm Post subject: |
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Yeah thats just them making money anyway they can. and theres is sweet F.all you can do about it.
When i use NH to send money back to NZ they have to exchange it into USD first cos National Bank doesnt accept KRW. But the amount works out to be the same anyway.....
id prefer better rates though, and no one in korea ive found advertises rates online for NZD-KRW.
best way is to go off XE.com and then add around another 20WON or so to the rate. |
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