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shostahoosier
Joined: 14 Apr 2009
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 Posted: Thu Apr 15, 2010 3:14 am Post subject: Both banks claim they are not taking money from my transfer |
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I bank with KEB in Korea and Charles Schwab in the US.
I recently did a transfer only to find that I was $19 short on the money's arrival in the US.
Schwab does not charge for incoming international wire transfers and when I called they said that they received the amount that is currently in my account.
KEB charges the 8,000W to wire money, but my banker claims that they dont charge anymore money and they deposited the full amount into my US account without taking any extra fees.
I asked if there were was a middle bank that was taking money and both KEB and Schwab said no. (I know that Schwab uses Citi to wire but they said that Citibank didnt take the money either).
How can both banks say that they arent taking money when the money isnt there?
Its only $19 which isnt the end of the world...but I would like to know if this is a set fee or a % in case I decide to do a large or small transfer in the future.
Does anyone have any clue as to what is happening with my money? |
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davai!
Joined: 04 Dec 2005
Location: Kuwait
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| Posted: Thu Apr 15, 2010 8:13 am Post subject: |
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I do, but no one wants to listen.
Physically walk into the bank, exchange your won to USD Travelers checks, make them out to yourself, then send them with a deposit slip to your bank in the US. You'll wait about a week, and then, BAM! your cash is deposited. NO FEES. AND Safe! Once you make them out to yourself (and endorse them) no one else can use them.
Is anyone out there? |
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Forward Observer
Joined: 13 Jan 2009
Location: FOB Gloria
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| Posted: Thu Apr 15, 2010 8:42 am Post subject: |
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| davai! wrote: |
I do, but no one wants to listen.
Physically walk into the bank, exchange your won to USD Travelers checks, make them out to yourself, then send them with a deposit slip to your bank in the US. You'll wait about a week, and then, BAM! your cash is deposited. NO FEES. AND Safe! Once you make them out to yourself (and endorse them) no one else can use them.
Is anyone out there? |
There are a lot of people that know and use this method. Just because a few people on the internet dont know or use it doesn't mean people aren't listening or reading. I've been doing this method since the mid 90's |
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sesyeux
Joined: 20 Jul 2009
Location: king 'arrys
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| Posted: Thu Apr 15, 2010 10:54 am Post subject: |
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step 1: deposit money
step 2: ?
step 3: profit! |
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Colorado
Joined: 18 Jan 2006
Location: Public School with too much time on my hands.
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| Posted: Thu Apr 15, 2010 3:53 pm Post subject: |
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| Question. Do most Korean banks sell USD Travelers Checks? I hadn't heard this before. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Thu Apr 15, 2010 4:12 pm Post subject: |
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| There is an intermediary that takes around $20 (strange you are only missing $19) it happens with most international transfers. |
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shostahoosier
Joined: 14 Apr 2009
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| Posted: Thu Apr 15, 2010 4:13 pm Post subject: |
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the nearest KEB branch is 2 1/2 hours from me...so its not possible to physically walk into the branch and buy Traveler's Checks.
I'll keep that in mind though...can you just mail these directly to the bank and they'll deposit it?
This still doesnt answer the mystery of where my money is mysteriously going to... |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Thu Apr 15, 2010 5:15 pm Post subject: |
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| shostahoosier wrote: |
the nearest KEB branch is 2 1/2 hours from me...so its not possible to physically walk into the branch and buy Traveler's Checks.
I'll keep that in mind though...can you just mail these directly to the bank and they'll deposit it?
This still doesnt answer the mystery of where my money is mysteriously going to... |
I just told you. There is an intermediary on international transfers that takes $20. It is whoever handles it between the two banks. No one knows exactly who they are but the missing $20 is an often discussed topic here. A few people have gotten info out of their banks that there is some kind of 3rd party who facilitates the transfer between two international banks. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Thu Apr 15, 2010 5:38 pm Post subject: |
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| Just transfer your money in larger amounts in the range of $5000-$9000, once or twice a year. Money is usually in your bank account within 2 business days and it beats worrying about someone stealing, or you losing, your money when you mail or fly home. |
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Colorado
Joined: 18 Jan 2006
Location: Public School with too much time on my hands.
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| Posted: Thu Apr 15, 2010 5:46 pm Post subject: |
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| I've heard that if you transfer USD 10,000 or more, the bank is required to notify the IRS. |
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shostahoosier
Joined: 14 Apr 2009
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| Posted: Thu Apr 15, 2010 7:47 pm Post subject: |
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| crossmr wrote: |
| There is an intermediary that takes around $20 (strange you are only missing $19) it happens with most international transfers. |
First off...we posted at the same time so I missed your post 
Second...in my original post I said that I've called both banks and they both said that neither use a middle bank...thats the whole point of my post. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Fri Apr 16, 2010 12:58 am Post subject: |
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| shostahoosier wrote: |
| crossmr wrote: |
| There is an intermediary that takes around $20 (strange you are only missing $19) it happens with most international transfers. |
First off...we posted at the same time so I missed your post
Second...in my original post I said that I've called both banks and they both said that neither use a middle bank...thats the whole point of my post. |
Whoever you talked to may not know. Do a search of the forums this is a topic brought up at least monthly. The discussion of the $20 fee always results in the same conclusion. Unless you expect a boogeyman between the two banks there is an intermediary there taking the $20 fee just as it is doing to everyone else. |
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pkang0202
Joined: 09 Mar 2007
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| Posted: Fri Apr 16, 2010 1:51 am Post subject: |
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Some banks go through an intermediary. They take $20. Other people mentioned it.
I know KEB Bank uses JP Morgan. KEB -> JP Morgan -> BoA. I have free incoming international wire transfers with BoA.
HOWEVER, since the money is now coming in from JP Morgan, and NOT KEB, BoA hits me with an Incoming DOMESTIC wire fee.
Last time I sent money via Woori Bank and it went from Woori -> BoA. No Intermediary. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Fri Apr 16, 2010 2:03 am Post subject: |
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| And I've found it to be inconsistant as well. Perhaps they switch transfer routes on occasion. |
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sarbonn
Joined: 14 Oct 2008
Location: Michigan
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| Posted: Fri Apr 16, 2010 5:00 am Post subject: |
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Okay, I realize that too many people are asking questions, so I'm going to have to come clean. I am the person taking the $20 from everyone's transfer. I've been doing it for years, and I'm extremely wealthy now.
Now that I've been discovered, I will stop. I think I've earned enough money that I can retire comfortably forever.
Sorry for the inconvenience I may have caused. |
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