Korean Job Discussion Forums

[islanddave99]

I am sick of paying to transfer money back home. Who has a better idea? Thanks in advance!!!

[ajuma]

Travelers checks (cheques!) made out to whoever!

[Big Mac]

You must be paying more than I did, because for me it didn't seem like a big deal. At KB Bank they charged 12,000 Won and my bank in Canada didn't charge anything to receive it. Maybe you should change banks!

[Grotto]

Money orders....5,000won to get one, 580 won to mail home....time elapsed about 10 days.

[LarrytheGiraffee]

If you are sending money to America, you can get a back check for 5000 won. It's just like any old check. Make it out to you back and write for deposit only with you bank account number. Like the money order it takes 10 days to process once it arrives.

[LarrytheGiraffee]

sorry......make that a bank check

[justagirl]

Definitely send home traveller's cheques. You get a better exchange rate. Takes less than 2 weeks (usually faster) to send them home. Just put "for deposit only" on them and sign all the places on the front. Sign the back, too, and put your bank name and account number there. I did this for over 4 years. Never one lost (you'd get the $ back anyway), never one problem.

[Qinella]

Are y'all serious? Going through all that trouble to save 10,000 won?

You know, transferring internationally from a big bank in the US runs about $40. This measily 15,000 won is nothing.

[islanddave99]

Yes, I want to save the 12,000 or 15,000 won per month. I make regular investments with sharebuilder.com and 15,000 won per month is significant. If my investments return 10 percent per annum between now and my retirement in 25 years, that is just shy of $2,000 U.S. less that I will have at retirement.

Aren't some of you forgetting the amount charged for international wire fees by the clearing agent? Even if your bank here charges a modest fee, and your bank in the U.S. charges nothing, you still have the clearing agent fee of $15 U.S. Are some of you using international banking services like that provided by Citigroup to avoid this fee? I would be interested in hearing your tips!

Thanks to those who responded!!!

[islanddave99]

Is the exchange rate better on traveler's checks or money orders? I assume I can buy either of these at a bank or a post office. Is this correct? Naive as I was, I was surprised when my bank extracted a hidden fee from me by giving me less than the actual exchange rate. Of course, when I took my contract and ARC to a different bank the next month, the same thing happened. This is particularly disturbing if you live modestly and send a good share back every month.

[Peeping Tom]

[Homer]

I pay under 9 000 won here and nothing at my bank at home when I wire.

You just have to talk to your bank back home if they charge you, try and negociate (that is what I did a few years back) or...just change banks.

Ok..question:

Definitely send home traveller's cheques. You get a better exchange rate. Takes less than 2 weeks (usually faster) to send them home.

Are you sure you get a better rate? Do you have any proof to back that up or is it just an intuition. I would be interested in seeing the rate of T-cheque vs wire.

Observation:

Money orders....5,000won to get one, 580 won to mail home....time elapsed about 10 days.

Ok so thats 5580 won per use and it takes 4 days.

I wire for basically 8000 won it takes less than a day.

Over 12 months the T-Check method costs you 66 960 Won (roughly 79 CAD)

By wire: 80 000 won (roughly 94 CAD)

So a whopping 15 CAD difference per year!

Considering I send well over 2.5 million per month I will take the 15 bucks yearly bite for the convenience of wiring....

[TheUrbanMyth]

[Grotto]