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Korean Job Discussion Forums
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david
Joined: 31 Oct 2003
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 Posted: Wed Aug 02, 2006 8:52 am Post subject: Banking/Money Orders |
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I'm legally employed here but have yet to open a bank account. Is this difficult to do? Have you experienced problems wiring money between accounts?
Additionally: Can I walk into a bank off the street, request a money order, and be served? Can I purchase a money order at a convenience store? How about a final paycheck from my last job at home? Is it possible to cash it at a bank here?
I'm sure this sounds ridiculous to some but I work in a small city where I'm the only foreign teacher. Communication is difficult at times to say the least.
Please help me out here!! |
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Imbroglio
Joined: 23 Jan 2003
Location: Behind the wheel of a large automobile
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Aug 02, 2006 4:41 pm Post subject: Re: Banking/Money Orders |
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| david wrote: |
I'm legally employed here but have yet to open a bank account. Is this difficult to do? Have you experienced problems wiring money between accounts?
Additionally: Can I walk into a bank off the street, request a money order, and be served? Can I purchase a money order at a convenience store? How about a final paycheck from my last job at home? Is it possible to cash it at a bank here?
I'm sure this sounds ridiculous to some but I work in a small city where I'm the only foreign teacher. Communication is difficult at times to say the least.
Please help me out here!! |
Done to death. Read the FAQs.
Opening a bank account is easy. Ask your boss which bank he wants you to use (cause they do direct deposits for your pay).
Walk into the bank, go up to a teller and open the account. You will need your passport (or ARC), your address and your employer's name/address. Fill in the forms and you get your bank account. Easy. You may need a translator however because NOT all banks have English speaking staff.
For a money order to send OUT of the country, go to the foreign exchange desk in any bank. They will be able to help you get an INTERNATIONAL money order (do not get just a money order cause it may be for domestic use only). They can give it to you in whatever international currency you desire. Mail it home. This is the cheapest way to send money. You will need your PASSPORT (not your ARC) to do this.
For a bank wire to send money home you will need your country name, bank name, branch, swift code, bank account number and name on the account. To send the money you will need your passport. There are fees (from banks at both ends) that run between 20k and 50k won to do this. Quick and efficient but NOT the most cost effective.
Your final paycheck will have to be mailed home to get cashed. Banks here typically will not touch it. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Thu Aug 03, 2006 3:15 am Post subject: |
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| Thanks for the info. on the money order. I am going to have to get one tomorrow. I am sure I could have figured it out, but it is good to know something before I go. I did a wire transfer, but I didn't know the swift code. I tried to look it up on the net, and I couldn't find it, but they processed it since I had the address of the bank, their telephone number, and my account number. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Mon Aug 28, 2006 9:55 am Post subject: Re: Banking/Money Orders |
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| ttompatz wrote: |
| david wrote: |
I'm legally employed here but have yet to open a bank account. Is this difficult to do? Have you experienced problems wiring money between accounts?
Additionally: Can I walk into a bank off the street, request a money order, and be served? Can I purchase a money order at a convenience store? How about a final paycheck from my last job at home? Is it possible to cash it at a bank here?
I'm sure this sounds ridiculous to some but I work in a small city where I'm the only foreign teacher. Communication is difficult at times to say the least.
Please help me out here!! |
Done to death. Read the FAQs.
Opening a bank account is easy. Ask your boss which bank he wants you to use (cause they do direct deposits for your pay).
Walk into the bank, go up to a teller and open the account. You will need your passport (or ARC), your address and your employer's name/address. Fill in the forms and you get your bank account. Easy. You may need a translator however because NOT all banks have English speaking staff.
For a money order to send OUT of the country, go to the foreign exchange desk in any bank. They will be able to help you get an INTERNATIONAL money order (do not get just a money order cause it may be for domestic use only). They can give it to you in whatever international currency you desire. Mail it home. This is the cheapest way to send money. You will need your PASSPORT (not your ARC) to do this.
For a bank wire to send money home you will need your country name, bank name, branch, swift code, bank account number and name on the account. To send the money you will need your passport. There are fees (from banks at both ends) that run between 20k and 50k won to do this. Quick and efficient but NOT the most cost effective.
Your final paycheck will have to be mailed home to get cashed. Banks here typically will not touch it. |
If I use an international money order how long will it take to get to my bank and then clear? Is a traveler's check better? -Jeff |
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