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jondepoer
Joined: 02 May 2010
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 Posted: Thu Jun 28, 2012 8:58 pm Post subject: KEB foreign currency accounts |
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Hey folks,
I noticed that the exchange rate between CAD and KRW is a little less depressing than usual and I've been thinking about sending some cash home to Canada. But then I remembered that KEB has foreign currency accounts where I could stash away some Canadian dollars, and still lock it into a time deposit with favorable Korean rates.
Does anybody have one of these foreign currency accounts? How does it work when you want to send CAD to Canada - any extra fees involved?
My first instinct is to just get my money out of the country, but the foreign currency accounts seem attractive. Any thoughts? |
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tardisrider
Joined: 13 Mar 2003
Location: Seoul
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| Posted: Fri Jun 29, 2012 9:58 am Post subject: |
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| I'm not sure if you have to pay extra fees or anything with a foreign currency account, but you may also wish to look into KEB's foreign remittance accounts--I can't remember exactly what they're called, but they are linked to your overseas account so that when you "deposit" into your remittance account, the money is automatically transferred to your overseas account. It may not be of interest to you, but you might at least want to look into it. |
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tideout
Joined: 12 Dec 2010
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| Posted: Sat Jun 30, 2012 4:51 pm Post subject: Re: KEB foreign currency accounts |
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| jondepoer wrote: |
Hey folks,
I noticed that the exchange rate between CAD and KRW is a little less depressing than usual and I've been thinking about sending some cash home to Canada. But then I remembered that KEB has foreign currency accounts where I could stash away some Canadian dollars, and still lock it into a time deposit with favorable Korean rates.
Does anybody have one of these foreign currency accounts? How does it work when you want to send CAD to Canada - any extra fees involved?
My first instinct is to just get my money out of the country, but the foreign currency accounts seem attractive. Any thoughts? |
I've got essentially three accounts with KEB. I might add that you'll have a different passbook for each of your accounts with KEB. One account is the standard foreigner savings/checking account - you probably have a visa atm card with it.
Another account I have had is a foreign remittance account. This is an account that you set up with your home (US/Canada etc..) account linked to it. You will need the international routing number to send money to it from abroad. Sorry I can't recall the bank term for the international routing number at the moment!
When you deposit money (typically Won) into the KEB remittance account it's all set up to automatically be sent to your home bank (with a minor charge and a slight profit on the exchange rate at KEB). It's easy to set up and you can transfer money from your regular savings/ck'ing account into the remittance account online. Overall it's a very nice way of transferring money and it usually takes about 3 days for the whole transaction to be completed.
The above two accounts can be used online.
The third account I have and the one you're referring to is a foreign currency account. This cannont be handled online and you must walk into a bank branch to transfer money. Apparently they don't want us waygooks to just sit at home playing with the exchange rates!
I have an account for US currency with KEB. About 6 months ago when some economic stuff was looking shaky I opened that account and then transferred/exhanged Korean Won for US dollars which was a way of putting into a then "safer" currency while keeping the money in an account I can access locally. When I leave Korea I'll just take the US cash out of my KEB account - it's already "converted" if you will. If you want to play around with different currencies you'll need a separate account/bankbook for each currency. Keep in mind, you'll lose a little money off the top doing this just like you would at any of the money exchange places. Again, you cannot transfer money into this last account from online.
Hope that helps! |
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