Korean Job Discussion Forums

[Caesar1313]

I've wired money home a few times now and I've noticed $10 is missing the last couple times. I didn't pay attention the times before so it's possible it was missing then too. I transfer from Hana bank to Scotiabank in Canada. Hana bank takes its wire fee as a separate transaction and the receipt last time said X amount of dollars was sent. On the scotiabank side the money deposited is missing $10 then they take another $10 as a fee. I've talked to both banks and both blame the other side, I also called Scotiabanks office in Seoul and the guy said they only deal with business not personal banking. Really getting frustrated here knowing I am being ripped off. Anyone else have this problem?

[Stones1962]

Banks screw us every day of the week....they will take their fee on both ends...

wire your funds every 3 months...that should save you 80$ a year

[wylies99]

[Caesar1313]

[losing_touch]

That fee appears to come from the intermediary bank that is involved in the transaction. This is the nature of finance. They are the middle man involved with your money, and you better believe they don't do it for free.

[Yesterday]

[bobbybigfoot]

I use KEB and send money to Scotiabank as well. Same thing happens to me. An extra $10 vanishes each time, over and above the wire charges I pay to KEB, and the $10 I pay to Scotiabank.

Like the above poster, I believe there's a third party involved, a middleman, who's taking his cut. How nice that this can be done without ever letting us know.

International banking is lame. With today's computers, wire charges should be nominal and money should be transferred automatically.

Instead we pay around $50 plus the juice on the exchange rate, and still we have to wait 24 hours or more to see our money. Lame.

[the ireland]

when i sent money home to ireland, i paid nonghyup about 8,000 won or so but my irish bank doesn't charge me to receive money in my account so i didn't get charged there, however the money had to go through a bank in germany, who then forwarded to my irish bank. the german bank took a �20 hit on me every time i sent money home.

The bank back home told me it had something to do with the korean bank not having a euro account so they send it to an affiliate bank that does have one, unfortunatly for me, my bank was not affiliated with them so i got deducted the money.

I only sent money home afew timesper year because of it.ifihad of sent every month i''d have been robbed of �280 plus the charge in korea....why would i give them money for hitting a button on a computer??

[Kikomom]

Ask any Italian, it's called the 'rub off'. Ever since banking was invented in Florence during the Renaissance, anytime money changes hands some rubs off.

[D.D.]

If sending money to Canada make sure you send it in Canadian dollars. You should only lose 10 dollars after paying the Korean bank their fee.

If you are losing 20 bucks you are getting scammed.

I use Nonhyup

[Nierlisse]

Yes, it's most likely an intermediary bank. I'm surprised no one at your bank in Canada knew that. It might be because your Korean bank can't send Canadian dollars, so they have to send it to another bank to convert it.

My bank in the US is too small to do international wires; so we send/recieve them through JP Morgan Chase. And Chase DOES take money off the top. And we get our foreign currency exchange rates from Chase as well.

[poet13]

I know KB uses Bank Of America as their intermediary bank. BOA charges 10US$ a pop.
I get nailed here, in the middle, and at the other end, without so much as a complimentary reach-around.

[OculisOrbis]

I also lose the $10 intermediary fee. I use KEB to send money to TD-Canada Trust. After making some calls, I found out the intermediary bank that was taking my $10 dollars was KEB in Canada. So I Pay KEB in Korea a commission to exchange and wire my money to themselves in Canada, where I am charged another $10 by their own Canadian branch to send my money to the requested account at TD.

Just curious if anyone else has discovered who their intermediary bank is and if they are also being double charged by the same bank for one service?

[A46220]

I am also very curious about this. I just sent home $500 (from KEB) a couple of days ago and only $480 acutally made it into my U.S. account (Chase). Then I get charged another $15 dollar foreign wire transfer fee by Chase. This is all on top of whatever KEB is charging in ₩ before the money is ever exchanged into U.S. dollars.

Does anyone know what intermediary KEB uses when money is sent to the U.S. (specifically to Chase)? My girlfriend also sent money from KEB to USAA and was missing $18 at the end.

[tigercat]