Korean Job Discussion Forums

[Gorf]

I am trying to receive a wire from my family back home for some money I need for a housing deposit. Supposedly this will be processed at around 9:30 Pacific Standard Time, or early Saturday morning here. When should I expect the money to appear in my account? Saturday? Sunday? Monday? I'm worried about my new landlord having a fit when he can't get the key money for me living here for a few days.

[Guiness on Tap]

Wire transfers usually take 2 ~ 3 working days
Since it's a Saturday when you sent the money, you should expect to see it in your account sometime on Wednesday or Thursday at the latest
It all depends on where you are sending it from, which bank you are sending it from, and whether other agent banking institutions are involved
Be sure that you included the SWIFT code for your Korean bank to speed things up

[Gorf]

Yikes. I know the swift code was used. It's going from a credit union to Kookmin. Beyond that, I don't know. I believe those are the only two institutions involved. I'm only worried because I gave the landlord a nice chunk of my money and my boss told him that I would have the money by today - only to find out that my parent's bank screwed the pooch and the transfer didn't get done yesterday morning lime it was supposed to, for reasons unknown.

A second question, do bank transfers from one bank account to another bank account at the same bank go through on weekends?

[nathanrutledge]

Depends on the banks. I use wells fargo, and it usually takes a couple days for bill payments and such to be posted. That's same country wire transfers.

I find when I send money from Korea to the US, it usually appears a day later. Because of the time difference, even sending it on a Friday, it's Thursday night/Friday early morning in the US, so it's sometimes there on Friday, sometimes Saturday, and always Monday. Of course, I use wells fargo, a very large bank. If you're using a credit union, could be different. I'd say it'll be here on Tuesday.

[Guiness on Tap]

If you mean bank transfers within Korea, it's immediate
From overseas, it takes about 6 ~ 8 hours
Since your transfer is from the US, it should go through JP Morgan, I believe, in Hong Kong before arriving in Korea
I think you should receive it around the late afternoon hours on Tuesday or Wednesday
Get your parents to send you the transfer application by email
Print it out and show it to the landlord if he flips out on you
That should buy you enough time to get the entire payment done by next week

[giraffe]

I have a bunch of clients in the USA. They wire me money from their bank to my KEB account here in Daejeon. I receive about 2-3 wires a month from the USA. Every single time it takes exactly 2 weeks ( 14 days or 10 business days) from the day they process it in the USA. Sounds like a long time to wait for money but I've never received any wire transfers faster or slower than 14 days.. its pretty standard for me.... I wish i could receive my wires as fast of the other guys are saying in this thread but its not happening for me. Perhaps Personal wire transfers are faster than big business wires.. who knows.. I'm waiting on 2 wire transfers from LA and Newyork to be deposited in my account both were sent out Nov 21st which means I'm due to receive them monday!.

Let us know how long it ends up taking!