Korean Job Discussion Forums

[pkang0202]

Bank of America checking account holders get free incoming INTERNATIONAL wire transfers.

If you send money via KEB, it doesn't go directly into your bank account. The money gets sent to JP Morgan, and then JP Morgan puts it in to your account.

Since the money going from JP Morgan to BoA is a domestic transfer, you get hit with a domestic incoming wire transfer fee. It doesn't matter that the original wire came from Korea.

I had a long argument with 3 different departments at BoA about this.

I have not had that problem with Woori Bank. When I sent money via Woori, it went directly from Woori to my BoA account, no itermediary.

[Trevor]

You could at least have a little sympathy for JP Morgan. Do you know how much upper management bonuses are going to set them back this year?

How much was the fee?

[jsk]

[wallythewhale]

Did you do it online or through a teller at KEB? Sucks cuz I was hoping to transfer money without hidden fees.

[hey_waegook]

I got BOA

[pkang0202]

I think the free incoming International Wire Transfers applies to longtime customers.

When I spoke with BoA before coming to Korea, I asked them about it. They said since I was a customer for a long time, I didn't have any incoming fees. I think they do that to prevent people opening up new accounts just to receiving international bank transfers.


The fee is $12 for incoming domestic. Tack that on to the fee that you pay to the korean bank tosend the money out and wire transfers can get expensive if you do it on a regular basis.

[jsk]

It's the first I've heard about it then. I've had my BoA account since 1998 and I get charged the full amount of fees, including when I made a wire transfer to my KEB account last weekend.