Korean Job Discussion Forums

[muffintop]

I asked a banker Friday at one of the local banks about wiring money home. He said I had to use the bank where my salary goes and can send only the amt I make annually once a year.

So..question is: Do we have to use that bank or can we open another and wire with that? What if you have an acct and no longer have an ARC, does that mean we cannot wire money home from our account and can only take the paper ? Wiring saves money as the "ideal " rate and the "primary " rate has a middle ground rate that we use IF we wire to a bank in our country versus taking the paper money and walking out of the bank.

Does anyone know about this?

[ChinaBoy]

The "banker" doesn't know what he's talking about.

That said, banks seem to make up their own rules sometimes in Korea.

I have multiple bank accounts, and transfer out of one that my salary does NOT go to. Also, I've sent money home without an ARC (although I previously sent money home WITH an ARC, and they might have had that information on record). A passport works well too.

I think as long as it's not some amount that is outrageously high, it's no problem. The laws aren't there to stop English teachers sending home a couple million.

[big_fella1]

Try a different bank or branch. We can wire home up to USD$50,000 per year without proof of earnings from any bank (all international transactions go through a common database anyway).

Afraid your banker is just a Korean making personal improvements to the system to protect his country. Ignore him and go elsewhere.

Either that or just register an account for ATM/Internet international transfers and avoid the paperwork. Once again if 1 bank/branch won't do it try the next.