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nomanshaheer
Joined: 20 Mar 2012
Location: Seoul
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 Posted: Wed May 28, 2014 4:10 pm Post subject: Best way to Transfer Money to USA |
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HI
What is the cheapest way to transfer Dollars from Korea to USA? I know Western Union but their charges are pretty high. I am looking for cheapest method not necessarily the quickest one. Can anyone please help? |
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SeoulNate
Joined: 04 Jun 2010
Location: Hyehwa
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| Posted: Wed May 28, 2014 4:37 pm Post subject: |
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Online transfer from a bank is usually pretty good.
Outside of that, just taking out the cash and depositing it back home is good (for dollars) |
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nomanshaheer
Joined: 20 Mar 2012
Location: Seoul
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| Posted: Wed May 28, 2014 4:49 pm Post subject: |
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| SeoulNate wrote: |
Online transfer from a bank is usually pretty good.
Outside of that, just taking out the cash and depositing it back home is good (for dollars) |
Thanks for your kind help. But if I have a KRW account, It will be pretty expensive because banks give very low exchange rates.
If I take out cash and deposit back home, Can I use any bank? e.g. can I deposit into a USA Citibank account using Woori Bank? Please give me some idea. Thanks for your help. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed May 28, 2014 5:13 pm Post subject: |
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| nomanshaheer wrote: |
| Thanks for your kind help. But if I have a KRW account, It will be pretty expensive because banks give very low exchange rates. . |
For foreign remittances that is just not true.
Do be aware that the "internet rate" is not the real rate for currency exchange.
ALL money changers charge a spread (difference) of 1.5-2% up and down (selling and buying) from the "internet rate" as their profit margin.
KEB as an example gives remittance rates that are about 1% better than the cash rates (small spread between buy and sell) AND if you have a remittance account the service fee is LESS THAN 10k won.
Woori and the others are competitive.
The ONLY one I have had (annoyance) issues with was KB*.
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SeoulNate
Joined: 04 Jun 2010
Location: Hyehwa
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| Posted: Wed May 28, 2014 8:52 pm Post subject: |
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| nomanshaheer wrote: |
| SeoulNate wrote: |
Online transfer from a bank is usually pretty good.
Outside of that, just taking out the cash and depositing it back home is good (for dollars) |
Thanks for your kind help. But if I have a KRW account, It will be pretty expensive because banks give very low exchange rates.
If I take out cash and deposit back home, Can I use any bank? e.g. can I deposit into a USA Citibank account using Woori Bank? Please give me some idea. Thanks for your help. |
Have you never been to a bank before?
Cash is cash...
What Ttompatz is correct as well, the online rate is usually better, but if you are a preferred customer at a bank here in Korea (usually just by wiring money, using the bank for a few years and keeping money in the account will get you that status) drawing the money out in cash (ONLY US dollars) can work out in your benefit as they will often offer deals that are better than even the online bank transfer rate.
However, drawing the money out and going home with it isnt always an option. Bank transfer is always a good call. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu May 29, 2014 3:25 am Post subject: |
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I think when I send money home from Nonghyup to RBC Bank in Canada, I always get gyped about 7 or 8 bucks compared to what I'm told the rate should be on www.xe.com I get charged by Nonghyup 5,000 won and RBC charges me 15 bucks to accept the funds. As for Western Union, they can be pretty expensive to send large amounts of money.
But these fees are about the same whether I send home a couple of hundred or a couple of thousand bucks. |
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