Korean Job Discussion Forums

[Mysteriousapien]

Hi, I am looking for the most efficient, cheap way to wire transfer money from America to South Korea. Anybody know of any good and reliable companies? I'll leave on the 22nd to Seoul to teach with SMOE and I just want to know about this before I leave.

[climber159]

Take cash (in the form of Dollars, Euros, or Yen). I've done it many times and never had a problem. Exchange some at the airport when you arrive; then, exchange the remainder at one of the money changing places in Itaewon or Myeong-dong.

A wire transfer will offer a slightly better rate, but I'm pretty sure you don't have a Korean bank account yet. If you're with SMOE you won't have an account set up until you've been here for at least a week.

[Mysteriousapien]

Thanks, but i still need to find a way to wire transfer money in case of an emergency.

[hellofaniceguy]

Western Union. Done it from time to time.

http://www.westernunion.com/info/agentLocator.asp?country=CN

and click on the country location and go from that point....you need the postal code....but I have had money wired to KB Star bank

[climber159]

Do you have an ATM card or a Credit Card with a VISA logo or another widely recognized logo? Korea has ATMs. Korea also accepts credit cards. Possible emergency situations solved. Just say no to the high fees Western Union will slap you with.

[Slowmotion]

[climber159]

Most of the banks have international ATMs; just not in all of their branches. Usually branches closer to central Seoul and ATMs located in travel places (train stations, bus depots, airports). If you go to a bank, they should be able to tell you which branches have international ATMs.

[Kikomom]

The rates at Western Union are outrageous. It's ok for an emergency, I suppose, and it's good to have for a backup plan. But I'd say keep a low balance on a credit card with enough available credit to cover a possible escape if you need one (ticket out).

A credit card (or possibly your bank debit card) would be the way to go. The cash advance interest on a credit card is higher than using it for purchases. If you have online bill pay set up with your home bank, you can keep track of your balances online, keep your payments managed, and keep your interest payments low.

Set up web banking with bill pay before you leave, and bring your account statements with you so you can give your Korean bank the routing numbers to transfer funds home to make your payments.

[hellofaniceguy]