Korean Job Discussion Forums

[Paddycakes]

Hello,

An individual in the US will be sending me a significant sum of money from the US, to my account in Korea.

What's the best way to go about doing this (getting the best rates, etc).

I know very little about international banking, and don't want to get a bad deal.

Should I set up a US dollar account in Korea?

That kind of thing.

Thanks.

[canuckistan]

Just have them wire it to your bank account in Korea.
You'll need to give them the name, address, etc of your bank in Korea including the SWIFT code of the branch (for international wire transfers) + your name and account number. Ask your Korean bank to give you their international wire transfer details.
Check to see if your bank offers foreign currency accounts ie: US $ accounts, otherwise you may have to exchange it into Won.

You could shop around different banks to see who offers foreign currency accounts, or, who gives the best US $ exchange rate, but you'd have to open an account to receive an international wire transfer.
The exchange rate variation between banks isn't that great, but if you're receiving many thousands of $, it would be worth the hassle to find the bank with the best rate.

The cost of transferring money is usually a standard fee. I pay 13,000W to send home $2000. The bank in Canada then charges $20.00 on their end too, extortionists!

Wiring money internationally usually takes 3-4 business days to arrive at it's destination.

Good luck!

[Grotto]

Another cheaper way is to have them send you an international money order which you can cash at almost any bank.

Cost is usually between 5-10$ and the cost of postage. Usually takes between 6-10 days.

[jajdude]

Can you get it done online? And do they charge anything for that service?

I had some $$ sent to me recently online but it took a few days, maybe as it was my first time receiving money that way, and they say you need an "activation number" for the account online, but also say it takes up to 10 working days (2 weeks) to receive that number. BUT actually I just had to answer some private question the sender put on the site. Still it did take several days to actually have that question shown to me, so I could get the money. But now it should be easy I guess. The account is in Canada though.

[Ihavenolips]

I usually have money wired directly between US/Korean bank accounts. It is a relatively quick and safe way to transfer money. You can also use a wire service company such as Western Union. The two things you want to look into are the service fees and the exchange rate. Right now the dollar is low so you probably won't lose a lot of money by during the exchange (generally speaking, most banks will exchange currencies, so it might not do you much good to get a new bank account in U.S. dollars). Transaction by wire service is almost instant.

There is a second option that is also worth looking into. Simply have the money placed in your bank account at home. You can use your bank card to make a withdrawl while still in Korea (if it has a Visa or Mastercard logo on it). This technique will often provide the best exchange rate. Either way, it doesn't hurt to ask around at several banks to get the best rate.