Korean Job Discussion Forums

Julius · Joined: 27 Jul 2006

Any tips on the best way to do this?

I have a cheque for 15 pounds sterling.
First I went to Shinhan to cash it, after much pacing to and fro I was told that they couldn't and that the only way was to pay it into a bank account.
On to Nong Hyup, where I have an account, and they tell me they can't accept it and that I have to try at an exchange bank.

This is getting ridiculous because I have had the same run around with previous cheques from US and UK. Similarly small amounts, but in the end I just tore them up because I didn't have the time and couldn't be bothered with the hassle. The banks seem to regard foreign cheques with suspicion, and individual bank tellers will do anything to avoid foreign transactions.

kprrok · Joined: 06 Apr 2004 Location: KC

So you've experienced the same thing before but it surprises you still?

Here's what you do with a foreign check...

1.) Give it to the bank with your info
2.) Wait up to a month for it to clear
3.) Get the money in your account minus a fee

The thing you should already know by now but obviously don't is that the idea of checks in the sense that we use them is totally foreign to Korean banks. They don't do it that way. Thus, when you go to the average teller, they have no idea what that little piece of paper is.

Dr. Whom · Joined: 06 Mar 2010 Location: South Korea

Got to KEB with your ARC and passport. No problem. Although you may
need an account.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

15 pounds?

Send it back home and have them send you cash. The deposit and clearance fees will cost just about as much as the check is worth.

Postage home is about 600 won.

.

balzor · Joined: 14 Feb 2009

Steve_Rogers2008 · Joined: 22 Mar 2010

more importantly, who has them sent overseas, for a not terribly large amount?

but somewhere in the distance, a grandparernt is sweating when Timmy Jr. is cashing the Christmas gift... Sad

moosehead · Joined: 05 May 2007

don't you have a bank acc back home you can just have it deposited in there?

maybe not I suppose - surely you can have it sent to a friend or family member, let them deposit it and at some point in the future give you the money?

and why on earth should you be surprised any bank would not want to cash a foreign check - ??? Shocked

jvalmer · Joined: 06 Jun 2003