Korean Job Discussion Forums

[joesp]

I have had an account with moneybookers.com for the last 4 years or so. Because, I used to wire the money to their German account and put my moneybooker's account # in the "reference" field, and then a few days later would transfer it for 2.5 EURO to my US bank account. This cut out the international wire reception fee on the US side.

Now, I can simply transfer their money to a Korean (foreign) exchange bank (I can never remember what is 외환은행 in English), it's KEB not the KB bank ...

this means

500 won -> send to their KEB bank
3,000 won-> send to the US
-------------
3,500 won for a wire transfer!!!!!

I am in the process of doing this for the second time. At that cost, I can manage my money so much better ....

I don't know why they didn't set this up before, but it works great now.

PS sorry I can't make this post not sound like spam^^

[Pablo]

Hi, I don't follow the post. Also, the US doesn't appear on their list of countries where transfers can be made:

https://www.moneybookers.com/send-money/country-list/

[shostahoosier]

I'm with the poster above. I'd love to learn more about this but I'm a little confused by the OP.

How does moneybookers work exactly?

[joesp]

Yes, I don't know why the USA is not in the list. I've been sending money there to my US bank account since I first opened my moneybookers account.

The registration process is like this:

1) complete the online form
2) email them a scanned copy of your passport and your ARC card. You have to prove that you are a resident of the country where you say you are from. This is very important. You may have a USA passport, like I do, but when you open the account, you use your South Korean address and register with your Korean bank account first.
3) You probably scan and send them the passbook for the bank account as well.

They say that your name has to be an exact match. However, mine wasn't and my Korean bank account still got accepted.
4) Once they have verified all the scanned stuff you have sent them, you can then add the bank account from your home country.

Moneybookers is like paypal. They have a wikipedia page,

http://en.wikipedia.org/wiki/Moneybookers

the rest works like I said in the original post: I transfer money (계좌이체) to their KEB bank account, get an email from moneybookers a few days later that money has been uploaded into my account, and then I withdraw it to the US bank account. Moneybookers subtracts about 2.5 euros to make the withdrawal to the US bank account, but there are no fees from the US bank.

The wikipedia page says