Korean Job Discussion Forums

[dominic]

hey guys does anyone know if one gets a better exchage rate buying checks than wiring or sending cash home? what about the money exchange places like in Itaewon, do they give better rates than a bank?

[desultude]

A third option is to get a bank check and mail it back. It is cheaper than a wire transfer. I haven't sent travelers checks. It may also be a good option.

[peppermint]

I got an international ATM card for my Korean account a while back. I'm going to send it home and see if my folks can simply withdraw the cash from my Korean account there. The service charge for using it is around 5000 W, whereas I get hit with service charges on both sides when I do a wire transfer. I know that it will work in Canada, just hoping that one card being used in Canada and one in Korea won't cause trouble.

I'll report back on this in a few weeks.

[ajuma]

Wire transfers are ridiculously expensive (you pay at both ends!!!!). Anything else had GOT to be better!

[dominic]

i dont pay at both ends anymore...13,000 won total i yelled at my bank for charging me so i told them to stop or i was leaving

[ajuma]

Wow! You must have a lot of pull at your bank! Every bank I've heard of charges for incoming transfers! What bank do you use?????

[dominic]

i was being charged and i called them and told them off that it was rediculous that i was being charged a few by both banks, i wasnt happy. I use scotiabank in nova scotia

[rudyflyer]

for the past 2 years in Gwangju I wired money back, just easier. Charge was 10,000 won here and $23 on the US side including my banks $3 fee. It gets there the same day as I wire it.

I'll pay the $30 to have it there the same day. A small price to pay for convience and safety

[cankassel]

When using an international ATM card, watch out for the exchange rates being used by your bank back home. A few months ago I obtained an int'l card from Kookmin Bank (for a charge of 1500 won), sent it home to Canada and got my mom to withdraw money from my Kookmin bank account to pay my bills there. She used a Royal bank machine to do the transaction. At first it appeared a lot easier (and cheaper) than doing wire-transfers, however when I looked at the exchange rates Royal bank was using, I calculated that they were scamming me about $70 on the whole transaction, compared to $20 on a wire transfer. It will be different rates using a different Canadian bank, but watch our for Royal!!

[ulsanchris]

YOu can send home a money order that can be deposited in your account. I think its around 10,000 won. cheaper than travellers checks.

[sadsac]

I use a telegraphic transfer, 14,000won and the money is in my account in Australia within 24 hours, 3 years never been a problem.

[Homer]

Ajuma,

No, it doesn't take a lot of "pull".

All it takes is negociation skills and a bit of leverage. You are a client of the bank, they like your money...use that.

I pay around 10 000 Won per wire here and nothing back home.
This works out to 120 000 Won per year (about 150 canadian) for sending home about 3000 cdn per month....I call that cheap.

[peppermint]

Okay gang. The International ATM card is now in Canada, in the hands of my Mom. I tell her how much to withdraw from my Korean account, and then she deposits it into my Canadian one- at the same ATM. There are no transfer fees, just a $5.00 fee for international transactions from KEB.

This may be the best way- if you 've got someone that you trust on the other side of the pond.

[Kristsoy]

what exchange rate are you getting when she takes the money out?

[Corvid]

I still use traveller's checks. The only fee is the exchange rate at Nonghyup bank. Last time it was 1190 to $1 ,back in February. So, wire transfers are quick and secure, and traveller's checks are cheap, like me. The only danger is if they get lost in the mail it'll take forever to get a refund.