Korean Job Discussion Forums

jsk · Joined: 31 Oct 2008

I noticed my Bank of America checking account now has a convenient option to wire money to my KB account online. I plan to wire $9K to my KB account next week. However, I'm trying to decide which conversion option to use.

Option 1: BoA converts USD -> won before wiring it. Cost: $35 and exchange rate is about 1100 won/$1 (per BoA's website)

Option 2: BoA sends USD and KB converts it. Cost: $45 and exchange rate is about 1150 won/$1 (per KB's website)

Obviously, option 2 looks more attractive at first sight since it would net me about 400K won more. But I'm wondering if there are any hidden cuts taken by KB or other 'intermediary' banks. On KB's website, it only mentions a 10K won fee for incoming wire transfers over $300. Anyone know if the numbers listed on the exchange rate tables are the real thing? Thanks

martypants · Joined: 15 Feb 2009 Location: Ulsan, South Korea

There are ALWAYS hidden fees. And the exchange rates from BoA seem way too low. Its running 1155 today. It will change hourly so whatever you read will not likely be the rate until you commit your $. KB is a shiester bank.
Good luck with them.

jsk · Joined: 31 Oct 2008

Any experiences with KEB? Similar fees/rates but their info is laid out a little better. I have an account with them but it's not fully set up yet.

djsmnc · Joined: 20 Jan 2003 Location: Dave's ESL Cafe

Shoot, I use an international ATM here when I have to and only get charged $2 US!

martypants · Joined: 15 Feb 2009 Location: Ulsan, South Korea

yeah, I do that, too. I just don't keep much money in my US bank anymore.

jsk · Joined: 31 Oct 2008

What exchange rates are you getting by international ATM?

I thought about bringing the cash with me when I visit the US in a couple weeks, to save on the fees. But the exchange rate on wire transfers is slightly better than on cash (maybe 7 won/$1). Doesn't seem like a lot but for $9K it covers the cost of fees.