Korean Job Discussion Forums

[Latina714]

I just got my ARC and I'm looking to open a bank account. I will be transferring money every month back home. I am looking for a bank that charges the lowest fee and gives an easy transfer method.

Also once I get my ATM card from my bank, will I be able to use it in ATMs of other banks without getting charged a fee for cash withdrawals?

Thank you!

[mayorhaggar]

I'm pretty sure if you have a Korean Citibank account, you can transfer money for free to an American Citibank account. I really want to do this but I live in a rural town far from any Citibank, and banks here have stupid hours. Maybe during a vacation I'll get the chance. You can apply for a US Citibank account online.

It's possible your school will insist you use whatever local bank everyone else uses, but I guess you could keep a Korean Citibank account and transfer money to that then to the US.

As for ATM fees, they do get charged but they're usually pretty minimal, like 500 to 1700 won. Also my bank (Nonghyup) charges a small fee if you use an ATM after 6pm, "outside of banking hours." (wtf?) Get used to banks here being really illogical and not properly set up to interact with the global banking system. If you just get an account they put all kinds of blocks on it to prevent it from being used abroad or on certain websites (I can't buy stuff on G-Market with my card and have to do an account transfer) and you have to harangue the bank workers to take those blocks off, but they usually don't know how to do it because it gets asked so rarely.

[augustine]

I think I'm about to do the Citibank thing, but it's not free. $10 charge from the US account and a "we'll see" charge from the Korean one. Seems to be the best option, as far as wiring money is concerned, though most people often prefer the ease of KEB. I have 5 different bank accounts here and explored the options and Citibank appears to have the best deal. Note to self, augustine, you lazy bitch, deposit the $15,000 check you've been walking around with that you took out of one of those accounts because you didn't want to pay your last cable, Internet and phone bills.

[GoldMember]

Banks are in the business of losing money, so if you use your atm card in another bank's machine not only will they not charge you a fee, they will be so grateful that you are using their expensive machine that when you make a withdrawal you'll get your money plus a bonus bar of chocolate.

[Latina714]

Thanks so much Mayorhaggar!! I don't have a CITI bank back home so I guess I have to apply for one online. I have seen lots of CITI banks around here but have yet to see a KEB one.

I have heard of Shinhan and KB, which one do you guys think is better from these two?

thanks for the input Agustine. I will def. keep that in mind.

I appreciate the help and suggestions.

[El Bandito]

They all run about 15,000-25,000 won depending on the amount you remit.

I wouldn't be too worried about saving 5,000 won and having to go out of your way to do it. Just go to KEB, they seem to be the most foreigner-friendly from my experience.

[Latina714]

Okay thanks for your input Will go to KEB tomorrow.

[sundizz]

[optik404]

I wire using KB and only through their ATMs. The fee is 5,000won + a middle man fee of 13,000WON. But I suspect that the middle man fee is not being charged. Also, your home bank will also probably charge you.

[jackson7]

I opened an automatic remittance account at KEB years ago (I think it's called "E-Z-One," or something like that). Anything over 100,000 that gets transferred into it is automatically remitted to my American account, and I get a discount on the fee. I haven't had to stop in a branch to send money in years...

J7

[KimchiNinja]

Regarding KB fees. My woman yelled at them and negotiated some sort of deal where our wires are basically free now (I think 5K won). It's Korea, rules aren't carved into stone.

[Latina714]

thanks everyone!! I am going to try transferring/wiring money home today. Is the online method pretty easy? I hope it works.

[big_fella1]

Citibank Korea to Citibank Australia transfers via Internet CGT are almost free and instant. I say almost free because there is no fee but they add a margin of 20-40 won to the transfer rate. I've been told that it works for Citibank Korea to other Citibanks worldwide, but I've only used it to Citibank Australia.