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english puppet
Joined: 04 Nov 2011
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 Posted: Tue Jan 31, 2012 5:02 am Post subject: Cash withdrawals from Korean banks |
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Just curious how much you can reasonably expect to withdraw from your Korean bank on a given day? I've been thinking of withdrawing some $, maybe 5 mil Won to convert. This is actually a general question though, not just related to converting $. Can you always get $4-5K on a withdraw w/o issues?
On a related note. I have a friend who's had no problems with the money changers on or near Nigeria street. It does look like their rates are better than my bank. Anything I need to be careful with in using them to covert $? |
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CrikeyKorea
Joined: 01 Jun 2007
Location: Heogi, Seoul
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| Posted: Tue Jan 31, 2012 5:29 am Post subject: |
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| It would all depend on how much you have your account set for. You can choose how much per day as a total and per given transaction. |
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thegadfly
Joined: 01 Feb 2003
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| Posted: Tue Jan 31, 2012 5:51 am Post subject: |
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The ATMs have their own limits -- in my area, it is 700k per transaction, 2 million won limit per account. I was told I couldn't set that any higher, and so I haven't. When I set up my accounts, I was also told to set my withdrawal limits, and I didn't want any limits, but was told that the maximum was 10 million won for a single transaction, 50 million won limit per day (though honestly, those may have been my online transfer limits, from one account to another).
I've never tried to physically go to the bank and withdraw more than 10 million cash, nor have I purchased more than $10k USD in traveler's cheques in a single day -- again, I was told there there was a daily limit on purchases, so I just went in on different days when I was transporting amounts greater than $10k USD.
I have, however, transfered more than 10 million in a single day -- just had to do separate transactions.... |
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english puppet
Joined: 04 Nov 2011
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| Posted: Tue Jan 31, 2012 5:56 am Post subject: |
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| thegadfly wrote: |
The ATMs have their own limits -- in my area, it is 700k per transaction, 2 million won limit per account. I was told I couldn't set that any higher, and so I haven't. When I set up my accounts, I was also told to set my withdrawal limits, and I didn't want any limits, but was told that the maximum was 10 million won for a single transaction, 50 million won limit per day (though honestly, those may have been my online transfer limits, from one account to another).
I've never tried to physically go to the bank and withdraw more than 10 million cash, nor have I purchased more than $10k USD in traveler's cheques in a single day -- again, I was told there there was a daily limit on purchases, so I just went in on different days when I was transporting amounts greater than $10k USD.
I have, however, transfered more than 10 million in a single day -- just had to do separate transactions.... |
Thanks. I could have mentioned I bank at KEB. I vaguely remember getting blocked a couple of years ago when I wanted to transfer (online) over 10mil Won one time. But it sounds like up to 10mil won is likely not an issue (at least at your bank!) so that's good to know.
Thanks also CK. |
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thegadfly
Joined: 01 Feb 2003
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| Posted: Tue Jan 31, 2012 6:00 am Post subject: |
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puppet,
I have accounts at KB and KEB -- my school likes KB, so I have a payroll direct deposit account, but I prefer KEB, so I just transfer from KB to KEB on payday, then from KEB to the US via a second KEB account (the foreign remittance one) when the exchange looks decent (waiting for 1100, hoping for 1050). None of the transfers in-country have any fees, so I don't sweat the multiple transactions. |
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english puppet
Joined: 04 Nov 2011
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| Posted: Tue Jan 31, 2012 6:10 am Post subject: |
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| thegadfly wrote: |
puppet,
I have accounts at KB and KEB -- my school likes KB, so I have a payroll direct deposit account, but I prefer KEB, so I just transfer from KB to KEB on payday, then from KEB to the US via a second KEB account (the foreign remittance one) when the exchange looks decent (waiting for 1100, hoping for 1050). None of the transfers in-country have any fees, so I don't sweat the multiple transactions. |
Yeah, I have the foreign remittance at KEB also. I've been holding out a bit for 1100 but w/ the Euro thing looming in the background I was thinking of pulling the trigger. There are some positive signals about a settlement on the Greece so we may see an uptick yet!!! |
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