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tideout
Joined: 12 Dec 2010
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 Posted: Thu Oct 06, 2011 7:19 pm Post subject: KEB foreign currency account |
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Sorry guys, it seems this topic has come up - maybe in other related posts, but I can't find
Last edited by tideout on Thu Nov 03, 2011 1:27 am; edited 1 time in total |
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ThingsComeAround
Joined: 07 Nov 2008
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| Posted: Thu Oct 06, 2011 10:31 pm Post subject: |
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| I recall reading another thread here that foreigners could do that- is KEB your only bank? Do you transfer money home with them already? |
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swinewho
Joined: 17 Aug 2009
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| Posted: Thu Oct 06, 2011 11:31 pm Post subject: |
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No you can do it from a KEB cash machine or a postoffice cash machine - for that matter i'm fairly sure you can do it from almost any cash machine!
I have sent money home before using both of these.
You just put your card (the bank card with your money in it) into the machine, put in your pin and then select 'transfer'
Then the bank you want to transfer it to (KEB) , then the 'account number' and then the amount.
You can see the account is is going to before you hit 'ok' (just in case you are paranoid) - Hit ok and then off it goes!
I didn't realize for ages that I could transfer money from my local post office 
opening times for ther cash machines are normally 7am - maybe 10 or 11pm
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tideout
Joined: 12 Dec 2010
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| Posted: Fri Oct 07, 2011 12:10 am Post subject: |
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Thanks for trying to respond to the post.
Last edited by tideout on Thu Nov 03, 2011 1:27 am; edited 1 time in total |
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jamesd
Joined: 15 Aug 2011
Location: Korea
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| Posted: Fri Oct 07, 2011 6:02 am Post subject: |
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I asked the same question to my KEB branch. Ironically, what they explained to me is following:
Expat Account: I can transfer the fund (in Korean won) from KEB account to my home (U.S.) account. Korean won is exchanged at the appropriate rate in USD and transfer is made.
Foreign Currency Account: I can't transfer the fund (in USD) in this account to my home (U.S.) account directly. First I have to convert it back to Korean won and make the transfer via Expat Account as explained above. Basically, it's not ideal to use the funds in the FCA to make a transfer, since you'd have to exchange the currency from USD to KRW to USD. |
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tideout
Joined: 12 Dec 2010
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| Posted: Fri Oct 07, 2011 6:26 am Post subject: |
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| jamesd wrote: |
I asked the same question to my KEB branch. Ironically, what they explained to me is following:
Expat Account: I can transfer the fund (in Korean won) from KEB account to my home (U.S.) account. Korean won is exchanged at the appropriate rate in USD and transfer is made.
Foreign Currency Account: I can't transfer the fund (in USD) in this account to my home (U.S.) account directly. First I have to convert it back to Korean won and make the transfer via Expat Account as explained above. Basically, it's not ideal to use the funds in the FCA to make a transfer, since you'd have to exchange the currency from USD to KRW to USD. |
hi jamesd,
Yeah, I hadn't even gotten far enough to think about transferring directly from the foreign currency account.
My understanding of the expat account is the same as yours - it's worked fine in the past doing that and it can all be done online.
Tonight I went to a KEB branch and tried to transfer some money from my ExPat account to my foreign currency account. Basically the ATM machine just stared at me. Nothing. So my assumption now is this can only be done in person at a branch. How have you transferred money into your Foreign currency account then?
I agree with your point on multi-steps in transferring at the same point in time as you'd probably be giving up the currency advantage you just gained on. Still, let's say the Won takes a wierd jump up next week, I'd like to put that Won into dollars so preserve as much as possible. Even if you later re-transfer back to Won, you'd be getting more Won back. Hopefully that makes sense - it all starts to get a bit wordy doesn't it? 
So, yeah, just curious how you've put money into the foreign exchange account?
thanks again,
tideout |
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JSC
Joined: 07 Dec 2010
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| Posted: Fri Oct 07, 2011 8:06 am Post subject: |
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| jamesd wrote: |
I asked the same question to my KEB branch. Ironically, what they explained to me is following:
Expat Account: I can transfer the fund (in Korean won) from KEB account to my home (U.S.) account. Korean won is exchanged at the appropriate rate in USD and transfer is made.
Foreign Currency Account: I can't transfer the fund (in USD) in this account to my home (U.S.) account directly. First I have to convert it back to Korean won and make the transfer via Expat Account as explained above. Basically, it's not ideal to use the funds in the FCA to make a transfer, since you'd have to exchange the currency from USD to KRW to USD. |
You were told wrong.
I have both an Expat Account (KRW) and a Foreign Currency Account (USD) with KEB as well. I had USD sitting in the FC Account and wired it directly to my US based bank last month. Only thing to note is that I did it at the branch and filled out some paperwork. It was my first time making a transfer outside Korea, so I'm not sure if I'll need to fill out the same paperwork next time (or as many pieces of paper), but it went pretty smoothly.
KEB charged me between 5,000 to 10,000 KRW (I forgot the exact amount, but note that my fee was discounted since I'm a "prime" customer) and my receiving US bank took out $10. There was no other charge or "loss" of money due to currency exchange fees. |
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tideout
Joined: 12 Dec 2010
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| Posted: Fri Oct 07, 2011 1:29 pm Post subject: |
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| JSC wrote: |
| jamesd wrote: |
I asked the same question to my KEB branch. Ironically, what they explained to me is following:
Expat Account: I can transfer the fund (in Korean won) from KEB account to my home (U.S.) account. Korean won is exchanged at the appropriate rate in USD and transfer is made.
Foreign Currency Account: I can't transfer the fund (in USD) in this account to my home (U.S.) account directly. First I have to convert it back to Korean won and make the transfer via Expat Account as explained above. Basically, it's not ideal to use the funds in the FCA to make a transfer, since you'd have to exchange the currency from USD to KRW to USD. |
You were told wrong.
I have both an Expat Account (KRW) and a Foreign Currency Account (USD) with KEB as well. I had USD sitting in the FC Account and wired it directly to my US based bank last month. Only thing to note is that I did it at the branch and filled out some paperwork. It was my first time making a transfer outside Korea, so I'm not sure if I'll need to fill out the same paperwork next time (or as many pieces of paper), but it went pretty smoothly.
KEB charged me between 5,000 to 10,000 KRW (I forgot the exact amount, but note that my fee was discounted since I'm a "prime" customer) and my receiving US bank took out $10. There was no other charge or "loss" of money due to currency exchange fees. |
Thanks JSC, nice to know it's possible w/o jockeying it back over to the Expat account. Fees are reasonable too.
Question though - are you only making changes to the Foreign currency account by walking into a branch? Eg. I couldn't transfer money from my Expat account to the Foreign currency account at the ATM or online (or so it seems).
Thanks |
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jamesd
Joined: 15 Aug 2011
Location: Korea
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| Posted: Fri Oct 07, 2011 2:29 pm Post subject: |
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| JSC wrote: |
| jamesd wrote: |
I asked the same question to my KEB branch. Ironically, what they explained to me is following:
Expat Account: I can transfer the fund (in Korean won) from KEB account to my home (U.S.) account. Korean won is exchanged at the appropriate rate in USD and transfer is made.
Foreign Currency Account: I can't transfer the fund (in USD) in this account to my home (U.S.) account directly. First I have to convert it back to Korean won and make the transfer via Expat Account as explained above. Basically, it's not ideal to use the funds in the FCA to make a transfer, since you'd have to exchange the currency from USD to KRW to USD. |
You were told wrong.
I have both an Expat Account (KRW) and a Foreign Currency Account (USD) with KEB as well. I had USD sitting in the FC Account and wired it directly to my US based bank last month. Only thing to note is that I did it at the branch and filled out some paperwork. It was my first time making a transfer outside Korea, so I'm not sure if I'll need to fill out the same paperwork next time (or as many pieces of paper), but it went pretty smoothly.
KEB charged me between 5,000 to 10,000 KRW (I forgot the exact amount, but note that my fee was discounted since I'm a "prime" customer) and my receiving US bank took out $10. There was no other charge or "loss" of money due to currency exchange fees. |
Wow! Thanks for that. I will ask a different person about this at my branch. I'm afraid that they might say that only the "prime" customers can do that though. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Sun Oct 09, 2011 6:59 pm Post subject: |
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Does anyone mind filling me on KEB services. What does one need to open up these accounts? I have a regular KEB account. I don't know much about either of these accounts. I am going to the bank tomorrow to educate myself more. I would like to open up a foreign account. And can I transfer that US currency easily later on when I want to leave?
I am not sure what other currencies I'd bank on. The European Union is in a mess with Spain, Greece, and Portugal. The Swiss currency is doing fine, but I don't want to get into speculation. The Canadian dollar just lost some of its value recently. |
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JSC
Joined: 07 Dec 2010
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| Posted: Sun Oct 09, 2011 10:07 pm Post subject: |
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| tideout wrote: |
| JSC wrote: |
| jamesd wrote: |
I asked the same question to my KEB branch. Ironically, what they explained to me is following:
Expat Account: I can transfer the fund (in Korean won) from KEB account to my home (U.S.) account. Korean won is exchanged at the appropriate rate in USD and transfer is made.
Foreign Currency Account: I can't transfer the fund (in USD) in this account to my home (U.S.) account directly. First I have to convert it back to Korean won and make the transfer via Expat Account as explained above. Basically, it's not ideal to use the funds in the FCA to make a transfer, since you'd have to exchange the currency from USD to KRW to USD. |
You were told wrong.
I have both an Expat Account (KRW) and a Foreign Currency Account (USD) with KEB as well. I had USD sitting in the FC Account and wired it directly to my US based bank last month. Only thing to note is that I did it at the branch and filled out some paperwork. It was my first time making a transfer outside Korea, so I'm not sure if I'll need to fill out the same paperwork next time (or as many pieces of paper), but it went pretty smoothly.
KEB charged me between 5,000 to 10,000 KRW (I forgot the exact amount, but note that my fee was discounted since I'm a "prime" customer) and my receiving US bank took out $10. There was no other charge or "loss" of money due to currency exchange fees. |
Thanks JSC, nice to know it's possible w/o jockeying it back over to the Expat account. Fees are reasonable too.
Question though - are you only making changes to the Foreign currency account by walking into a branch? Eg. I couldn't transfer money from my Expat account to the Foreign currency account at the ATM or online (or so it seems).
Thanks |
Unfortunately, I can't answer your question. I originally had USD wired into my Foreign Currency account and haven't tried to transfer KRW from my Expat account.
I was told that if and when I make a transfer from my Expat account to my FC account, it would automatically convert to USD. But again, I haven't tried it yet, and don't know if it can be done online or via an ATM.
You might want to call KEB's Expat Line at 1544-3000. Although I would still take their advice with a grain of salt, generally speaking, the service reps on the Expat Line are more accurate with information than the "ordinary" reps at the branch offices. |
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