Korean Job Discussion Forums

[furtakk]

Quickly I'll add...

I only need to bring over around $3,000, but what's the best/easiest way to do this? I was thinking just withdrawing from an international ATM and then depositing into my Korean account. The fees are less than $10 I believe. I just don't know if it'll look sketchy if I have a random 3million won cash deposit.

What about wiring the money? How long does it usually take? Anyone have experience?

Tried searching, but came up with nada. Forgive me as I'm sure this has come up before.

[TheUrbanMyth]

It should be fine. I transferred roughly double that amount from my Canadian bank to my Korean one back in June and never had any problems regarding the transfer itself or anything related to it.

I believe only transfers of $10,000 or over are red-flagged.

[Drew345]

I have wired money into Korea. Takes about 24-48 hours, and costs about 50$ depending on your USA bank wire charges.
If you can do it by ATM withdrawal and deposit, may be the way to go. I don't think a 3 million won cash deposit is going to make anyone even blink.
Check your home bank rules of foreign cash withdrawals. Sometimes there is up to a 3% foreign transaction fee (even if used in dollars). Sometimes there is a 1% exchange rate fee. This is on top of ATM usage fees.

[furtakk]

I was just worried because I'm on a student visa at the moment and I don't want immi to think I've been working under the table or anything when I go to update my visa (you need to show your bank book). If it's that quick, than I'll probably just wire it. When wiring the money, do you go through your bank back home (over the phone) or do you do it at your local branch here (bringing along your home account info)?

Sorry for the really newbie questions. Can't call my home bank for another couple of hours.

[Drew345]

You will probably have to do it with a form on the banks website, or by fax. You can probably not do a wire with a phone call, but you could call and ask. Also, if your bank has a branch in Korea, there is little chance they will process a wire transfer for you (B of A doesn't).
It's going to come down to a web form or a fax.

[furtakk]

Thanks for the info.
Just did it online. It was way simpler than I thought it would be.