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davemon
Joined: 16 Jan 2011
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 Posted: Tue Aug 19, 2014 9:04 pm Post subject: Private pension to overseas account? |
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Looking at getting my private pension but when I called, I was informed they only deposit in a Korean bank account. Has anyone had a different experience, ie had the funds deposited to your home account? I have no idea how to get my funds transferred from my Korean bank to my home bank. Thoughts on how to remedy this?
Maybe set up automatic forwarding? Can I do automatically fwd all the funds to get my balance to zero?
Thanks for the help! |
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chuckycheese
Joined: 12 Aug 2010
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| Posted: Thu Aug 28, 2014 5:21 pm Post subject: |
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| Keb had a special type of remittance account where any money deposited locally will be automatically transfered to your US, or I'm assuming any foreign country's, bank account. |
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beentheredonethat777
Joined: 27 Jul 2013
Location: AsiaHaven
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| Posted: Thu Aug 28, 2014 7:03 pm Post subject: Re: Private pension to overseas account? |
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| davemon wrote: |
Looking at getting my private pension but when I called, I was informed they only deposit in a Korean bank account. Has anyone had a different experience, ie had the funds deposited to your home account? I have no idea how to get my funds transferred from my Korean bank to my home bank. Thoughts on how to remedy this?
Maybe set up automatic forwarding? Can I do automatically fwd all the funds to get my balance to zero?
Thanks for the help! |
Yes. You can can do this. IT is automatic if you do the following:
Go to KEB. Open an easy one Foreign Currency remittance service.
Give them your home bank account number, the bank address, and the routing number.(ABA)
Have your pension deposited directly into this easy one account.
The next day it is automatically transferred to your home account.
This is a very simple process and works great.
The ENTIRE amount of any deposit to this account is AUTOMATICALLY transferred into your home bank account.
I'm speaking from personal experience. |
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trueblue
Joined: 15 Jun 2014
Location: In between the lines
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| Posted: Fri Aug 29, 2014 8:49 pm Post subject: |
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So. let me get this straight....
Are we talking about the same pension scheme that most of us have or an actual private alternative? What types of private pension are there? How does one sign up?
In addition, you can REALLY have this pension go straight to your account, ON PAY DAY, every time? |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Fri Aug 29, 2014 11:15 pm Post subject: |
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I dont think this is what the OP is getting at, but I initiated my national Korean pension just yesterday.
Actually, I qualified as of last march (turned 61) so I'll get almost 3 mil in back-payments in my account next month, then 400k a month for life. In about two & a half years from now its all free money over & above what I personally contributed over 13 years. Good deal!
Doesnt matter if I'm working or where in the world I live. But NPS will only deposit into a Korean bank, so I'll need to keep a minimal balance in my Nonghyup account & set up automatic transfers to my home country account. That should be straightforward.
As I left the pension office, the staff congratulated me & gave me a gift bag containing an umbrella & a towel with an NPS inscription wishing me a happy life.
Ah, Korea. |
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Feebie
Joined: 16 Nov 2013
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| Posted: Mon Sep 01, 2014 6:10 am Post subject: |
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| trueblue wrote: |
So. let me get this straight....
Are we talking about the same pension scheme that most of us have or an actual private alternative? What types of private pension are there? How does one sign up?
In addition, you can REALLY have this pension go straight to your account, ON PAY DAY, every time? |
I am going to guess that the private pension referred to here is the type (private) uni teachers are enrolled in. |
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davemon
Joined: 16 Jan 2011
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| Posted: Fri Sep 12, 2014 9:03 pm Post subject: |
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| Ah yeah... sorry for slow follow up. This is a private pension i.e. one that unis use. This may be moot as my uni isnt responding to my inquiries and ignoring me anyway. Ha. Typical Korea. |
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Feebie
Joined: 16 Nov 2013
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| Posted: Sat Sep 13, 2014 1:20 am Post subject: |
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| davemon wrote: |
| Ah yeah... sorry for slow follow up. This is a private pension i.e. one that unis use. This may be moot as my uni isnt responding to my inquiries and ignoring me anyway. Ha. Typical Korea. |
Are you still in Korea? I find it incredibly hard to get responses to emails in general, so it is the same with work. Try cc-ing some top end people into the messages, or go in person if you can. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Sep 15, 2014 12:11 am Post subject: |
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| schwa wrote: |
I dont think this is what the OP is getting at, but I initiated my national Korean pension just yesterday.
Actually, I qualified as of last march (turned 61) so I'll get almost 3 mil in back-payments in my account next month, then 400k a month for life. In about two & a half years from now its all free money over & above what I personally contributed over 13 years. Good deal!
Doesnt matter if I'm working or where in the world I live. But NPS will only deposit into a Korean bank, so I'll need to keep a minimal balance in my Nonghyup account & set up automatic transfers to my home country account. That should be straightforward.
As I left the pension office, the staff congratulated me & gave me a gift bag containing an umbrella & a towel with an NPS inscription wishing me a happy life.
Ah, Korea. |
So, if you retire and pay into the pension, they won't transfer it to your account in Canada or where ever you're from? |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Sep 15, 2014 12:20 am Post subject: |
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Wait I called the Canadian pension plan a while back, they have a treaty between both countries. You submit the form to the CPP office and they send it off to the Korean government. Further down on the form, there is a spot for direct deposit to a non Korean bank account or to receive a check instead. I think maybe the local NPS people were just lazy and didn't want to investigate. They can send to your account overseas.
http://www.servicecanada.gc.ca/cgi-bin/search/eforms/index.cgi?app=prfl&frm=cankor1%28oa%29&ln=eng
Load the PDF form and scroll down. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Mon Sep 15, 2014 1:01 am Post subject: |
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| Weigookin, thats great info. Thanks a lot! |
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davemon
Joined: 16 Jan 2011
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| Posted: Tue Oct 14, 2014 10:47 pm Post subject: |
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| Feebie wrote: |
| davemon wrote: |
| Ah yeah... sorry for slow follow up. This is a private pension i.e. one that unis use. This may be moot as my uni isnt responding to my inquiries and ignoring me anyway. Ha. Typical Korea. |
Are you still in Korea? I find it incredibly hard to get responses to emails in general, so it is the same with work. Try cc-ing some top end people into the messages, or go in person if you can. |
No, not currently present. I have gotten a form from the priv pension folks, so I'm going to mail it to them. Hopefully this gets some kind of response from them as mailing a document overseas is expensive.
Also, to others, I'm not referring to the NPS, National Pension, or Pension you get through EPIK or Hagwons. I had a private pension through a private university. There is very little information out there regarding how to actually get the money out except for hoping that your university takes some initiative and does it for you. This, not being the case for me. They have ignored emails and communication while I did work for them, no surprise they do the same now when I can't offer them anything.
Next step is to have my lawyer send them a wake-up letter. Maybe this will get their butt into gear. Maybe they will ignore that too. Who knows.
Also, general FYI, I have confirmed a few times from the priv pension admins that the money has to be deposited into a Korean bank account. |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Sun Oct 19, 2014 11:35 pm Post subject: |
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| davemon wrote: |
| Feebie wrote: |
| davemon wrote: |
| Ah yeah... sorry for slow follow up. This is a private pension i.e. one that unis use. This may be moot as my uni isnt responding to my inquiries and ignoring me anyway. Ha. Typical Korea. |
Are you still in Korea? I find it incredibly hard to get responses to emails in general, so it is the same with work. Try cc-ing some top end people into the messages, or go in person if you can. |
No, not currently present. I have gotten a form from the priv pension folks, so I'm going to mail it to them. Hopefully this gets some kind of response from them as mailing a document overseas is expensive.
Also, to others, I'm not referring to the NPS, National Pension, or Pension you get through EPIK or Hagwons. I had a private pension through a private university. There is very little information out there regarding how to actually get the money out except for hoping that your university takes some initiative and does it for you. This, not being the case for me. They have ignored emails and communication while I did work for them, no surprise they do the same now when I can't offer them anything.
Next step is to have my lawyer send them a wake-up letter. Maybe this will get their butt into gear. Maybe they will ignore that too. Who knows.
Also, general FYI, I have confirmed a few times from the priv pension admins that the money has to be deposited into a Korean bank account. |
People I know have given their bank book an codes to a friend and then got that friend to send it when it came in. |
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