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BrenSmith
Joined: 10 Sep 2009
Location: Bundang
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 Posted: Sun Apr 25, 2010 3:34 am Post subject: Remittance and Korean bank exchange rates..?? |
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I recently sent my first bit of $ home via KB* atm. I wanted to send home $1000CDN so I sent 1,115,000 which according to several exchange rate websites was slightly over $1000 (so that I could cover any minor fees). The ATM told me there was a 5000W fee even though I was told at the bank there was no ATM remittance fee. The atm then told me the amount I would be sending was now 1,114,989W..? Which according to KBs ATM was the equivalent of $985CDN.??
Question: Where does KB derive its exchange rate from?
I wound up with $973 in the bank. I understand that there are 3rd party banks that funnel this money and take a fee. |
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salgichawa
Joined: 18 Mar 2010
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| Posted: Sun Apr 25, 2010 8:58 pm Post subject: Re: Remittance and Korean bank exchange rates..?? |
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| BrenSmith wrote: |
I recently sent my first bit of $ home via KB* atm. I wanted to send home $1000CDN so I sent 1,115,000 which according to several exchange rate websites was slightly over $1000 (so that I could cover any minor fees). The ATM told me there was a 5000W fee even though I was told at the bank there was no ATM remittance fee. The atm then told me the amount I would be sending was now 1,114,989W..? Which according to KBs ATM was the equivalent of $985CDN.??
Question: Where does KB derive its exchange rate from?
I wound up with $973 in the bank. I understand that there are 3rd party banks that funnel this money and take a fee. |
Hi There,
Getting depressing huh? But the last I heard KEB, while convenient, had a transfer fee of 15,000 Won each time. This is even when they have branches in the US and Canada.
All I can suggest is to watch the exchange rates and keep a bigger wad of cash for the times when they are better.
The rates goes back and forth a lot it is good if you can keep an eye on them through the websites.
It is strange, depending on who you talk to they will or won't admit that their banks middlemen are the ones to take the extra fees. There can be another person involved.
It is possible to get a cheque made out in your home currency and mailing to deposit it into your account. You get a receipt to keep as proof. |
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Kurtz
Joined: 05 Jan 2007
Location: ples bilong me
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| Posted: Sun Apr 25, 2010 9:25 pm Post subject: |
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| KEB the best (only?) for online sending of funds? I need to think about sending home some bulk cash, and keeping my eyes open for a dip in the exchange rate, jumping online and banging home some money sounds the way to go. |
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T-dot
Joined: 16 May 2004
Location: bundang
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| Posted: Sun Apr 25, 2010 10:09 pm Post subject: Re: Remittance and Korean bank exchange rates..?? |
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| BrenSmith wrote: |
I recently sent my first bit of $ home via KB* atm. I wanted to send home $1000CDN so I sent 1,115,000 which according to several exchange rate websites was slightly over $1000 (so that I could cover any minor fees). The ATM told me there was a 5000W fee even though I was told at the bank there was no ATM remittance fee. The atm then told me the amount I would be sending was now 1,114,989W..? Which according to KBs ATM was the equivalent of $985CDN.??
Question: Where does KB derive its exchange rate from?
I wound up with $973 in the bank. I understand that there are 3rd party banks that funnel this money and take a fee. |
You pay 5,000 won on this end then another 5-10 CAD (not sure, just check your home account) bucks on the other end. Thats the way RBC works anyways. |
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BrenSmith
Joined: 10 Sep 2009
Location: Bundang
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| Posted: Mon Apr 26, 2010 1:38 am Post subject: Re: Remittance and Korean bank exchange rates..?? |
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| salgichawa wrote: |
All I can suggest is to watch the exchange rates and keep a bigger wad of cash for the times when they are better.
The rates goes back and forth a lot it is good if you can keep an eye on them through the websites.
It is possible to get a cheque made out in your home currency and mailing to deposit it into your account. You get a receipt to keep as proof. |
It just seems that KBs exchange rate didnt match up with every other exchange rate on the web that I did research just prior to transferring. KB said I transferred 1,114,989?? after the 5000W fee...huh?1,114,989=1000, not $985. Aaanyways, I guess I will wait for the best rate I can and probably do it in the bank and get some sort of explanation..maybe.
Thanks for the chequing info. Has that made more sense for you?
| T-dot wrote: |
You pay 5,000 won on this end then another 5-10 CAD (not sure, just check your home account) bucks on the other end. Thats the way RBC works anyways. |
My home bank (credit union) doesn't charge for an incoming transfer..or so they claim.KB claimed there was no remittance fee. Trust in financial institutions is at an all-time low after the past couple years I'd imagine. |
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BrenSmith
Joined: 10 Sep 2009
Location: Bundang
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| Posted: Mon Apr 26, 2010 1:40 am Post subject: |
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| Kurtz wrote: |
| KEB the best (only?) for online sending of funds? I need to think about sending home some bulk cash, and keeping my eyes open for a dip in the exchange rate, jumping online and banging home some money sounds the way to go. |
I have internet banking with KB* and apparently its "impossible" to wire home via internet banking with them despite what some other posts on here have said. |
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