Korean Job Discussion Forums

[openning]

So I'm heading back to Korea, and I'm just wondering if things have changed in regards to sending money back home. Last time I was there I had to go into the bank once a month with my passport to send money home. Is that still the case, or can you do it online now?

And is there an advantage to using a Canadian Branch of a Korean bank? I've seen a few locations of KEB in Toronto, and thought it might be easier to send money home if I used KEB in Korea and had a Canadian account at their bank as well. I've called and spoken to them, and the people at the Toronto locations don't seem to know the answer so... thought I'd come here.

Thanks~!

[viciousdinosaur]

Fees went up. I get dinged for nearly $45 every time I send cash home. They take $18 at the bank, then $15 disappears on the way to Canada, then my bank takes another $15. Not to mention the commission they get on the exchange rate. Luckily I no longer need to send cash home monthly. People who have big loans back really must be feeling the hurt these days. The fees, the exchange rate, it's like a 15% tax on everything you make.

[jonpurdy]

I transferred from my KEB account in Korea to my PC Financial account in Canada. It was $8 from KEB online and PC didn't charge any fees. Do this.

[Jake_Kim]

If you open an account with KEB Canada (http://www.kebcanada.com/eng_index.asp) and another with KEB in Korea, you can link them through 'Global Direct Account Transfer' (http://www.keb.co.kr/main/en/ - 'Foreign Exchange' icon - 'Global Center' tab - 'Global Service' menu - 'Global Direct Account Transfer' for service description)

[openning]

So... just to be clear, if I open a KEB bank account in Canada, can I do transfers between accounts using internet banking? Or do you still have to go in and bring your passport with you every time?

And I'm actually curious if you still need to go into a bank each time with any of the Korean banks... it seems silly to me, internet banking is so much easier, faster, and they can still syphon whatever money they want off the top.

[deizio]

You can set up a nominated online transfer from your KEB account to another account at any bank, anywhere. You go in to the bank here once to set it up, then it appears on your online banking interface.

[openning]

Okay, good to know... does that work with any bank? I actually had an account with Woori bank last time (I actually never closed my account, I thought I was coming back in a few months, left a few hundred in the account over 6 years ago... wonder if it's still there).