Korean Job Discussion Forums

[JFuller317]

I transferred a mid-size sum of money home from KB bank a few days ago. Paid about 20,000 won in KB for the service. When I opened my online account a few minutes ago, I was pretty furious. First, the amount I received was $18 less than what I had transferred (someone along the way helps themselves to an unauthorized fee?) and on top of that my bank charged $12.50 to accept the transfer.

All in all, about $50 to send money home. I might as well use Western Union next time.

Short of saving up a fat wad of cash to exchange before leaving, what is the best way to do this?

[Ya-ta Boy]

Have you thought about putting the dough in a sealed envelope and FedExing it home?

[optik404]

so go to the bank and ask why you recieved $18 less

[bassist33]

I use a Schwab individual brokerage account to send money home. I get charged on this end, but it's free on the Schwab side. The account is free with a interest earning checking account. I just transfer the money to the checking account from my brokerage account. Also, no fees on foreign atm usage and they reimburse you for any fees charged by other banks. Great account imo.

[Sector7G]

[Freeghen]

....then tack the exchange rate on top of it and you are really in for a nasty surprise when you see how much is in your account back home.

[flakfizer]

I've always sent my money home via traveler's checks. You sign them once at the bank, then when you get home, there is line in the middle where you can write in the name of a person you are signing them over to. I write in my mother's name and then sign my name again at the bottom. I date the checks about three weeks in the future from the day I mail them so they cannot be cashed until that date. If mother does not confirm that the checks have arrived during that three week period, I could have them canceled, but it's never happened. It's always gone smoothly.

[psycholomo]

have any of you tried moneybookers.com? Instead of a flat fee they charge a percentage and it is pretty quick to wire funds between your accounts. they charge 1% of what you are trying to transfer and it caps at a certain limit. It has been by far the cheapest way that I have been able to transfer funds between two bank accounts without having to pay 40+ dollars to do the transaction.

[Sector7G]

[Freeghen]

[frankly speaking]

"....then tack the exchange rate on top of it and you are really in for a nasty surprise when you see how much is in your account back home."

Freeghan this has to be the dumbest reply that I have ever heard.

First of all, banks in Korea give a better exchange rate for overseas remittance than they do for cash transactions.

Second of all the sender would know the exchange rate when he sent it.

Money orders are usually a very good and safe way to send money back especially if your bank at home charges to receive money.

Use KEB instead of KB, you will not regret it. Never send small amounts in a wire transfer. I never send less than 5 million at a time it doesn't hurt as much.

[Sector7G]

[djsmnc]

I gots dis guy named Tony. He gives me the stuff, I give him the cash, I sell the stuff while he sends to cash home t' my pops.

[Freeghen]

[Freeghen]