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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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 Posted: Sun Jan 02, 2011 11:12 pm Post subject: 90,000 Won bank remittance xfer fee - R U Serious? |
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I was trying to remit money home today, but decided not to after finding it's not just the normal 20,000 won bank fee, it also involves an additional fee of 70,000 for JP Morgan as the middle man. Why a middle man? Isn't it a bank-to-bank transfer?
Also the young branch manager helping the agent who can speak some English kept going on and on about a special event going until March 31st where it's 50% off. In that case, he agreed that the normal rate is 180,000 won when I asked. I told him no, something is wrong here, because that's impossibly high. I really felt they were trying to play me when I kept hearing about the event and seen how much more they added to send $3000. I canceled the transaction that had already taken all of 1 hour due to them not knowing anything about international financial services. Daft. They are good at selling Yuan and Yen, but fail with remittances. We have around 100 English teachers in Seosan and surely most bank at NH as we don't have KEB with Shinhan being the only other popular bank which I found is no good for us with their new accounts rule banning ATM card use the first 3 months. This NH branch location is the only currency exchange in Seosan city not counting anything Shinhan does.
I understand 20,000 won is the normal going rate for the wire fee?
What are you paying to wire money home?
Last edited by AsiaESLbound on Sun Jan 02, 2011 11:19 pm; edited 1 time in total |
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Kurtz
Joined: 05 Jan 2007
Location: ples bilong me
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| Posted: Sun Jan 02, 2011 11:17 pm Post subject: |
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AUS$ 16. That's the hit from my home bank, I pay no fees with KEB, they don't make me pay the fee their end for some reason. They take their pound of flesh though making a profit from their exchange rate compared to the official rate.
KEB online banking, cheap and painless. |
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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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| Posted: Sun Jan 02, 2011 11:26 pm Post subject: |
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| Kurtz wrote: |
AUS$ 16. That's the hit from my home bank, I pay no fees with KEB, they don't make me pay the fee their end for some reason. They take their pound of flesh though making a profit from their exchange rate compared to the official rate.
KEB online banking, cheap and painless. |
Exactly, the money banks make in these transactions is they buy $ at a lower rate than the higher rate they sell at. The rates were sell $1 for 1106 to the bank and buy $1 from the bank for 1129. You should never be asked to pay $70 to wire $3000 home by trying to slip it in the total amount out saying anything. Around $15 to $20 service fee plus the different between buy/sell rate is what you pay. I knew they dead wrong and I told them so. I told them since there are around 300 foreign employees in Seosan of which 100 are English teachers, they need to do employee training on international financial services and systems for it is the main branch location who are supposed to offer those services yet can't do it as of today. He agreed and told me sorry. Sorry doesn't fix the problem, sorry only means you are a sorry butt who can't deliver. Instead of wasting time with them, I'd just went elsewhere if there was, "elsewhere," to go as it's the only branch locally doing currency exchange. The banker also told me I should only use this location, because of special event they got going on. Come on. That's too silly. Young man wanted a cut for himself. I'll tell my work the situation and take a day to go to Seoul if need be. |
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the ireland
Joined: 11 May 2008
Location: korea
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| Posted: Mon Jan 03, 2011 4:54 am Post subject: |
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I bank with NH.
They take about 16,000 won or so from me and some bank in Germany takes �20 from whatever I send home to Ireland.
What I do is save it and send home in bulk. My g.f also sends the same amount of money home at the same time so we just send it to one of our bank accounts thus cutting the fee in half.
I then transfer her half of the money to her irish account for free using our online bank or vice versa if it's her account we send it to. |
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cragesmure
Joined: 23 Oct 2010
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| Posted: Mon Jan 03, 2011 5:00 am Post subject: |
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| I send it through the post office bank. 10 000won fee, no middle man fee, no fee from CBA in Australia. The rates are a little low, and there's a US$1000 limit. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Mon Jan 03, 2011 4:08 pm Post subject: Re: 90,000 Won bank remittance xfer fee - R U Serious? |
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| AsiaESLbound wrote: |
I. We have around 100 English teachers in Seosan and surely most bank at NH as we don't have KEB with Shinhan being the only other popular bank which I found is no good for us with their new accounts rule banning ATM card use the first 3 months. This NH branch location is the only currency exchange in Seosan city not counting anything Shinhan does.
I understand 20,000 won is the normal going rate for the wire fee?
What are you paying to wire money home? |
That's the one a block or so down from the bus station yes? |
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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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| Posted: Mon Jan 03, 2011 5:30 pm Post subject: Re: 90,000 Won bank remittance xfer fee - R U Serious? |
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| TheUrbanMyth wrote: |
| AsiaESLbound wrote: |
I. We have around 100 English teachers in Seosan and surely most bank at NH as we don't have KEB with Shinhan being the only other popular bank which I found is no good for us with their new accounts rule banning ATM card use the first 3 months. This NH branch location is the only currency exchange in Seosan city not counting anything Shinhan does.
I understand 20,000 won is the normal going rate for the wire fee?
What are you paying to wire money home? |
That's the one a block or so down from the bus station yes? |
Yep. That's the bank. I knew 90,000 won was too much, because I had previously read about it being roughly around 20,000 like everyone posted in this thread. The bankers added it with no explanation nor itemization. When I used the calculator and showed them they were wrong, they wouldn't budge saying it was middle bank JP Morgan charges, but reminded me of the special event going on until March 31st and that I should only bank at this location. That right there is a dead giveaway the young man talking about this event with nothing to show for it and telling me I should only bank with him was clearly trying to take advantage of me. I could see his embarassment when I just canceled it and took the paper. I honestly don't see it a very foreigner friendly bank, but it's been better than how horrible Shinhan treated me by lying that I could use my ATM card only to find to my surprise (and frustration) it had a 3 month ATM use restriction. And so I paid 5,000 to buy cash dollars instead. Again, it's things like this why small town people haven't caught up with the times and aren't suitable for expat living. If you have 100 foreign teachers and a few hundred non-teaching foreign employees locally present, then they need adequate places to bank, work out, play, socialize, and eat, but Seosan lacks in all areas of amenities for our living. |
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toonchoon
Joined: 06 Feb 2009
Location: Gangnam
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| Posted: Tue Jan 04, 2011 6:22 pm Post subject: |
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they were trying to play you.
20K or 30K at most.
I'm leaving my KEB Check card with dad in the States. he'll withdraw, and deposit into my account while he's at the bank anyways, so i'll end up saving about $50 in fees each time. I'd rather buy my dad a bottle of Jager with the money saved, which I do anyways...
in Korea, I'm opening up a Shinhan account and using that from now on... better services than KEB. |
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SCAshley
Joined: 15 Nov 2010
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| Posted: Tue Jan 11, 2011 10:09 pm Post subject: Re: 90,000 Won bank remittance xfer fee - R U Serious? |
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<quote>We have around 100 English teachers in Seosan and surely most bank at NH as we don't have KEB with Shinhan being the only other popular bank which I found is no good for us with their new accounts rule banning ATM card use the first 3 months.
What 3 month atm rule? I just opened an account with them and they handed me my international Visa ATM/checkcard on the spot...You mean they give you one and it won't work until 3 months have passed or they wouldn't issue you one until after 3 months? |
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shostahoosier
Joined: 14 Apr 2009
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| Posted: Tue Jan 11, 2011 10:29 pm Post subject: |
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| cragesmure wrote: |
| I send it through the post office bank. 10 000won fee, no middle man fee, no fee from CBA in Australia. The rates are a little low, and there's a US$1000 limit. |
Are you just mailing it home or are you wiring it through the post office?
KEB doesnt charge a lot of money to wire (well, if you dont consider their relatively poor exchange rates) and my bank in the US (Charles Schwab Bank) doesnt charge money for incoming wires.
However, as usual, some middle bank that no one knows about takes out about $20 each time. I would love to not have to deal with this but I dont know how I feel about mailing a money order to the US. |
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pkang0202
Joined: 09 Mar 2007
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| Posted: Wed Jan 12, 2011 12:39 am Post subject: |
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| shostahoosier wrote: |
| cragesmure wrote: |
| I send it through the post office bank. 10 000won fee, no middle man fee, no fee from CBA in Australia. The rates are a little low, and there's a US$1000 limit. |
Are you just mailing it home or are you wiring it through the post office?
KEB doesnt charge a lot of money to wire (well, if you dont consider their relatively poor exchange rates) and my bank in the US (Charles Schwab Bank) doesnt charge money for incoming wires.
However, as usual, some middle bank that no one knows about takes out about $20 each time. I would love to not have to deal with this but I dont know how I feel about mailing a money order to the US. |
I've noticed KEB does this. I got hit with a middle man (JP Morgan) once when I sent through KEB. I switched to Woori Bank to transfer and it went directly to my home bank, no middle man. |
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kiknkorea
Joined: 16 May 2008
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| Posted: Wed Jan 12, 2011 5:17 am Post subject: Re: 90,000 Won bank remittance xfer fee - R U Serious? |
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| SCAshley wrote: |
<quote>We have around 100 English teachers in Seosan and surely most bank at NH as we don't have KEB with Shinhan being the only other popular bank which I found is no good for us with their new accounts rule banning ATM card use the first 3 months.
What 3 month atm rule? I just opened an account with them and they handed me my international Visa ATM/checkcard on the spot...You mean they give you one and it won't work until 3 months have passed or they wouldn't issue you one until after 3 months? |
Same here. I got a BC checkcard on the spot when I opened an account there, should have asked for the Visa.
Never heard of the 3 month rule (or the 90,000 transfer fee for that matter).
I'm starting to wonder what the OP did to deserve the luck he has here.  |
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davai!
Joined: 04 Dec 2005
Location: Kuwait
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| Posted: Thu Jan 13, 2011 12:53 am Post subject: |
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clowns.
those who buy Amex travelers checks and airmail them to their home bank pay no fees at all. |
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akcrono
Joined: 11 Mar 2010
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| Posted: Thu Jan 13, 2011 2:13 am Post subject: |
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| davai! wrote: |
clowns.
those who buy Amex travelers checks and airmail them to their home bank pay no fees at all. |
Dont they get a worse exchange rate? |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Sun Jan 30, 2011 7:28 pm Post subject: Re: 90,000 Won bank remittance xfer fee - R U Serious? |
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| SCAshley wrote: |
<quote>We have around 100 English teachers in Seosan and surely most bank at NH as we don't have KEB with Shinhan being the only other popular bank which I found is no good for us with their new accounts rule banning ATM card use the first 3 months.
What 3 month atm rule? I just opened an account with them and they handed me my international Visa ATM/checkcard on the spot...You mean they give you one and it won't work until 3 months have passed or they wouldn't issue you one until after 3 months? |
Shinhan gave you an international VISA checkcard on the spot?? WTF? They made me wait 3 months for a VISA check card and I could only use it in Korea. |
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