Korean Job Discussion Forums

[Wildwater]

When I recieve my paycheck from my employer in Korea...how can I go about getting it back to the US? The most cost effective way is what I am looking for.... I have some good ole student loans needed taken care of..

[Ya-ta Boy]

Go to your local bank at home and get the information from them about wiring money to your account from Korea.

When you arrive here, choose a bank (branch) that is large enough to wire money out of the country (your school can help you with this).

On payday your school will deposit your pay in your Korean account (or give you a wad of cash). You can then go to your bank with the appropriate papers each month and wire money to your home bank.

[jinks]

When you go to the bank - make sure it is the one that your paycheck is deposited into - take along your passport, ARC (alien registration card) bank book and bank card. you will also need to know the account number in the US where you will be depositing the money, as well as your home bank's street address and phone number (I didn't know the phone number so I just filled in my bro's!). On subsequent months it really helps if you take your banking file down to the bank with you so if you get a new teller, s/he can see how it is done - indeed, that it CAN be done!

[Bukowski]

Austin,

First off, they do not issue "checks" in Korea like they do in the U.S. (some people do use bank drafts). As previously noted for salary, they typically do a bank transfer or hand you an envelope of cash every month. As for getting your money out of the country in the "most" cost effective way, that will depend on three main factors: the bank you use in the U.S., the bank you use in Korea, and how often you are going to be sending money home.

Back in the day, when I had to send money home, I simply purchased USD denominated traveler's checks from the Korea bank that offered the best exchange rate and the lowest commission fee at that time. I signed and countersigned the checks and addressed them as deposit only with my account number, bank name in the U.S., etc. I wrapped them up and mailed them off. After 4-10 days the money would be deposited into my account.

That method just cost me the price of postage (you need to factor in the exchange rate for T/Cs compared to wiring rates, the wiring fees for sending and receiving, and the commission rates, which most people never ask about).

These days, I don't bother, as I have no urgent need to exchange money.

You won't find a more "cost" effective method, but if you are looking for convenience. You might want to consider opening an account in Korea where you can get an international ATM card issued to you. Mail the card back to a trusted family member or friend and email them your four digit password. You can then deposit money into that account in Korea and have them withdraw the funds on their end in the U.S (using this method, you will be at the mercy of ATM deposit and withdrawl fees and the interbank exchange rate at the time of the transaction).

Again, keep in mind that the rates vary from bank to bank, as do the commission rates. More importantly, you can end up wasting a lot of money in sending and receiving fees if you opt for electronic transfers. Every bank is different in Korea and the U.S., so you will have to do your homework on that one yourself.

You earned it, so there is no sense in just giving it away to banks.

Best of luck,
AC

[Wildwater]

Thanks so much for the info.. Greatly appreciated..

[Oreovictim]

From what I've heard, the first time that you wire money home, it takes about two hours at the bank. After that, it's a breeze.

I recommend going to XE.com and check out the exchange rate as often as possible.

[huffdaddy]