Korean Job Discussion Forums

[Peter258]

Should I worry about which US bank to choose for wiring home to minimize transfer costs, or do they all pretty much work the same?

I use wells fargo right now, and I'm leaving for korea in a few weeks.

I searched for and read through previous threads on this topic, but I got a lot of mixed messages from them.

[DeMayonnaise]

Most people seem to think that KEB is the best.

[Peter258]

US banks, not Korean banks.

I use Wells Fargo, and I found out that Wells Fargo has extra charges for wire transfer. People end up losing an extra $20 or so when wiring to a wells fargo account.

[climber159]

I think most, if not all, US banks charge for incoming international wire transfers. Especially now that the US government has clamped down on banks they are looking for new ways to make money.

[RobertGR]

I use Schwab bank High Yield Investor Checking. No charge for incoming wire transfers international or otherwise. Also no ATM charges, even using Korean ATMs.

Strictly online (actually they have a branch in Reno Nevada).

Comes with a brokerage account but you don't have to use it. Uses Citibank for international transfers to the brokerage account (slightly funky setup). I have found that KEB and Daegu Bank can actually send directly to the checking account (no SWIFT code required).

International transfers from Korea incur a mysterious $20 charge with both Daegu Bank and KEB (many people have seen this).

[Linda868]

If you can get a credit union bank account (I have a Chevron account but there are loads of other credit unions that I think are similar), they are great. They charge me nothing for having money transferred into my American account. If I transfer money today, it will show up when I wake up the next morning (unless it is a weekend).

[Lee Myung Bak]

Bank of America incoming wire fee is $17, so a tad less than WellsFar. However, the wire credits to your BOA account at 5:15AM EST the next business day without fail. This is quicker than other American banks.

[Jake_Kim]

Setting up a US account with fee exemption on the receiving end is one thing, but the account/scheme you set up in Korea will dominate overall cost of international money transfer.

KEB is the most recommended for daily banking service for foreigners, but they charge full fee which varies between KRW 13000-33000 depending on the amount being wired. If you do it on-line, then the fee per transaction does not exceed KRW 10000. And then there should be another fee for SWIFT clearance between different banks, somewhere around KRW 24000-30000.

While Citibank Korea isn't much popular partly due to their limited retail presence, it is Citi after all and they offer 'Global Transfer Service' which they distinguish from regular money wire or overseas remittance. You need a Citibank US account to set up a link, and you don't pay the SWIFT clearance fee while other portions are pretty much the same with KEB. (Technically, customers in higher tiers are exempted from all fees, but I doubt you'd be eligible)

Then the last determinant other than frequency would be the rates - KEB often offers better rates than Citi, but during times of high volatility, I found Citi rates somewhat less volatile (hence advantageous for KRW-USD conversion) than KEB's.

[Space Cowboy]

I'm also with Wells Fargo (well, currently Wachovia), and have been shopping around. I checked with Capital One's checking services: They do not have an incoming wire transfer fee. I will be moving my money over there shortly.

BTW, at the risk of sounding like an advertisement, Capital One also has great credit cards for expats with US accounts, with no foreign transaction fees and 1.5-2 frequent flier miles per dollar of purchases. Highly recommended.

[iselynjenniep]

i use hana bank in korea and wachovia at home. hana bank charges me (35,000 won to transfer 1.5 million) but wachovia doesn't...

[laguna]

[vortexy]

I also use a credit union in the states (Teachers First Federal Credit Union in California) and there is NO charge to wire money into my account in the States. You would be eligible for a credit union account for teachers, and most, like mine, don't charge monthly fee and there fees are very low for other things, too.

[kiteflyer]

Please search my posts for this info.

Fee for money order is about 8.000 won per $1000 USD.

Fee tops off at 15.000 won for higher dollar amounts.

Never had a problem. Been doing this for years.

Keep all receipts until deposits are registered at your home bank.

[Lee Myung Bak]

[kiteflyer]

Money orders have their own discounted exchange rate at the bank. It is not considered a "cash" conversion. Still saves money. I believe it's converted at the TC ("traveler's check" rate at KEB). Also, when you bring in your debit card at the time of money order purchase, they will give you another discount PLUS there is some new "cash back" number they've instituted (and you can point this out when you buy a money order). You'll get about 5000-10.000 won back after a couple of months, depending on how much you transfer/purchase in money orders.