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nightrider_1981
Joined: 14 Jun 2006
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 Posted: Wed Jun 28, 2006 7:16 pm Post subject: Sending money, internet banking. |
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Hi,
I need to send money to an English bank account every month. I've read that one way is to send a cheque, another is to wire after exchanging into pounds. Surely in this modern day I would be able to transfer the money myself using internet banking, the bank would then perform the exchange atomatically at the current rate? I'm with KEB bank and Barclays bank. I've yet to set up internet banking at KEB, hence why I'm unsure.
Any advice? |
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laogaiguk
Joined: 06 Dec 2005
Location: somewhere in Korea
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| Posted: Wed Jun 28, 2006 7:21 pm Post subject: Re: Sending money, internet banking. |
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| nightrider_1981 wrote: |
Hi,
I need to send money to an English bank account every month. I've read that one way is to send a cheque, another is to wire after exchanging into pounds. Surely in this modern day I would be able to transfer the money myself using internet banking, the bank would then perform the exchange atomatically at the current rate? I'm with KEB bank and Barclays bank. I've yet to set up internet banking at KEB, hence why I'm unsure.
Any advice? |
I don't think you can, but I will wait for others to verify that.
It is not technology that is stopping what you want from happening, but currency restrictions and bureaucracy. |
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ChopChaeJoe
Joined: 05 Mar 2006
Location: Seoul
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| Posted: Thu Jun 29, 2006 2:53 am Post subject: |
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| You can get an international atm card and have a family member or trusted friend withdraw the money from your account back home. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Thu Jun 29, 2006 2:55 am Post subject: |
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May I suggest myself? I come with written guarantees of honesty. |
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Beej
Joined: 05 Mar 2005
Location: Eungam Loop
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| Posted: Thu Jun 29, 2006 3:57 am Post subject: |
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| ChopChaeJoe wrote: |
| You can get an international atm card and have a family member or trusted friend withdraw the money from your account back home. |
Foreigners with bank accounts in Korea are no longer allowed to get international ATM cards. We launder too much money supposedly. |
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ChopChaeJoe
Joined: 05 Mar 2006
Location: Seoul
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| Posted: Thu Jun 29, 2006 5:01 am Post subject: |
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| Beej wrote: |
| ChopChaeJoe wrote: |
| You can get an international atm card and have a family member or trusted friend withdraw the money from your account back home. |
Foreigners with bank accounts in Korea are no longer allowed to get international ATM cards. We launder too much money supposedly. |
What a gyp. Mine seems to still be working though. |
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NearlyKorean
Joined: 15 Mar 2003
Location: Phoenix, AZ
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| Posted: Thu Jun 29, 2006 5:05 am Post subject: |
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All true.... Foreigners are not allowed international cards because of banking regulations. Same goes for wiring money home via the internet.
It sucks. I would like to wire money home every month witout paying $50 or more dollars to do so. There has got to be a cheaper way. |
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Hyeon Een
Joined: 24 Jun 2005
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| Posted: Thu Jun 29, 2006 6:18 am Post subject: |
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I opened a bank account with KB* yesterday. I asked for an international ATM card and they said "OK!" and cheerfully gave me one.
...Today I got woken up at 9am by a phonecall tellig me I wasn't allowed the international ATM card =( I guess they have just disabled the international feature since they didn't ask for it back.. |
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Jeonnam Jinx
Joined: 06 Oct 2005
Location: Jeonnam
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| Posted: Thu Jun 29, 2006 8:40 am Post subject: |
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| Easy enough... just send money online using a Korean friend's account. I do it every month, no problem. |
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hogwonguy1979
Joined: 22 Dec 2003
Location: the racoon den
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| Posted: Thu Jun 29, 2006 6:56 pm Post subject: |
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| NearlyKorean wrote: |
All true.... Foreigners are not allowed international cards because of banking regulations. Same goes for wiring money home via the internet.
It sucks. I would like to wire money home every month witout paying $50 or more dollars to do so. There has got to be a cheaper way. |
I was told by woori bank that if you've been in Korea at least 5 years you can wire money back via the net so in Feb I'll be able to do it then |
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tiger fancini
Joined: 21 Mar 2006
Location: Testicles for Eyes
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| Posted: Thu Jun 29, 2006 7:02 pm Post subject: |
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| NearlyKorean wrote: |
All true.... Foreigners are not allowed international cards because of banking regulations. Same goes for wiring money home via the internet.
It sucks. I would like to wire money home every month witout paying $50 or more dollars to do so. There has got to be a cheaper way. |
I sent money (1millionW) back to my UK account yesterday and was charged 10,000. I also found out that my bank at home WON'T charge for recieving, which I actually thought they did  |
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ilovebdt
Joined: 03 Jun 2005
Location: Nr Seoul
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| Posted: Thu Jun 29, 2006 7:16 pm Post subject: |
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| tiger fancini wrote: |
| NearlyKorean wrote: |
All true.... Foreigners are not allowed international cards because of banking regulations. Same goes for wiring money home via the internet.
It sucks. I would like to wire money home every month witout paying $50 or more dollars to do so. There has got to be a cheaper way. |
I sent money (1millionW) back to my UK account yesterday and was charged 10,000. I also found out that my bank at home WON'T charge for recieving, which I actually thought they did |
Your own bank won't but the branch of your Korean bank in the UK might.
Whenever I send money home with KB, KB in the UK always takes 12 pounds off of the amount I transferred. So, I get double charges.
ilovebdt |
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NearlyKorean
Joined: 15 Mar 2003
Location: Phoenix, AZ
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| Posted: Sun Jul 02, 2006 12:36 am Post subject: |
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| ilovebdt wrote: |
| tiger fancini wrote: |
| NearlyKorean wrote: |
All true.... Foreigners are not allowed international cards because of banking regulations. Same goes for wiring money home via the internet.
It sucks. I would like to wire money home every month witout paying $50 or more dollars to do so. There has got to be a cheaper way. |
I sent money (1millionW) back to my UK account yesterday and was charged 10,000. I also found out that my bank at home WON'T charge for recieving, which I actually thought they did |
Your own bank won't but the branch of your Korean bank in the UK might.
Whenever I send money home with KB, KB in the UK always takes 12 pounds off of the amount I transferred. So, I get double charges.
ilovebdt |
In the USA, I have a small bank so it has go through a middle man, and everyone gets a piece of the rice cake.
This is what I usually pay.
The Bank in Korea charges for the outbound wire 13,000W plus Won to USD changes . Then the middle man, Nara Bank, charges $18~$25 USD for being the middle man then my bank in the USA charges $12~18 for an incoming domestic wire.
I have mailing them home but once check got lost and there is no way to trace without it going registered. This would cost about the same amount of money. |
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