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LL Moonmanhead
Joined: 21 Mar 2005
Location: yo momma
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 Posted: Fri Jul 01, 2011 4:34 am Post subject: Easiest way to transfer relatively large sum of money? |
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I want to bring 20,000 pounds from my uk account to Korea.
What is the best, most hassle-free way of doing that?
If i do a bank to bank transfer am i going to smashed with fees/taxes?
Any input appreciated. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Jul 01, 2011 4:55 am Post subject: Re: Easiest way to transfer relatively large sum of money? |
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| LL Moonmanhead wrote: |
I want to bring 20,000 pounds from my uk account to Korea.
What is the best, most hassle-free way of doing that?
If i do a bank to bank transfer am i going to smashed with fees/taxes?
Any input appreciated. |
Inbound funds, bank wire?
Minimum fuss, no taxes and the transfer fees should be about 40-50 quid depending on YOUR bank and whether or not they need to use an intermediary bank.
Your exchange rate should be about 1-1.5% different that what you see on the internet for the rate. (the bank that is actually doing the currency exchange will have their remittance rate posted on their website.
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isisaredead
Joined: 18 May 2010
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| Posted: Fri Jul 01, 2011 4:57 am Post subject: |
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i would hazard a guess at a straight-up bank transfer.
not sure why you'd be taxed? the fee for the transfer might actually be negotiable for a sum that large. if it isn't, it would not be a lot anyway. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Fri Jul 01, 2011 5:00 am Post subject: |
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| Hate to burst any bubbles, but that's not really all that large of a sum. I'd be surprised if you got discount rates strictly for that amount. |
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LL Moonmanhead
Joined: 21 Mar 2005
Location: yo momma
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| Posted: Fri Jul 01, 2011 6:02 am Post subject: |
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| Captain Corea wrote: |
| Hate to burst any bubbles, but that's not really all that large of a sum. I'd be surprised if you got discount rates strictly for that amount. |
Hey, Capt. You haven't burst any bubbles. I did say 'relatively'. So the general consensus is bank transfer paying 40-50 pounds plus not so good xchange rate?
Also, what is the general view in the regards to the way the xrate is moving GBP-KRW? 1,700 won to the pound isn't great at all. Can we expect it to head back to the 2,000-2,100 range anytime soon?
Thanks. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Jul 01, 2011 6:17 am Post subject: |
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| LL Moonmanhead wrote: |
| Captain Corea wrote: |
| Hate to burst any bubbles, but that's not really all that large of a sum. I'd be surprised if you got discount rates strictly for that amount. |
Hey, Capt. You haven't burst any bubbles. I did say 'relatively'. So the general consensus is bank transfer paying 40-50 pounds plus not so good xchange rate?
Also, what is the general view in the regards to the way the xrate is moving GBP-KRW? 1,700 won to the pound isn't great at all. Can we expect it to head back to the 2,000-2,100 range anytime soon?
Thanks. |
1-1.5% off the internet rate is NOT a bad rate. The CASH rate would be anywhere from 2-4% (buying and selling) off the internet rate (unless you are talking about sums in the quarter million pounds (or more) range (at which time you would get really close to the internet rate).
As to the exchange rates GBP - KRW...
you WANT to BUY pounds at 1700 rather than 2000 (great for people sending money home) and you want to sell pounds when you can buy won at 2000 (great for coming to Korea).
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tjinh200
Joined: 15 Mar 2011
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| Posted: Fri Jul 01, 2011 8:12 am Post subject: |
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| Keep in mind that you will likely face fees on both ends (home country bank and Korean bank). As for fx rates, it's difficult to take someone's opinion about fluctuations between any currencies (unless they are pegged in some way). For KRW, it's worthwhile to do a bit of research on your own because of the ways in which the currency is connected to the country. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Fri Jul 01, 2011 3:37 pm Post subject: |
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| It's always interesting to see fluctuations whenever certain announcements are made. Lots of times movement on the key interest rate will have an impact. |
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