Korean Job Discussion Forums

[heeheehee]

I'm sure this topic has been dealt with before but the search function isn't working for me so instead of getting frustrated, I thought I'd just take the easy way out and post a question.

I'm leaving for Korea in less than three weeks. I know that the school sets up a Korean bank account and deposits your pay into that account. The thing is, I have bills to pay here in Canada (damn student loans, mastercard, visa, etc). What's the easiest and cheapest way to transfer money to my Canadian (RBC) account so I can make my monthly payments? I've read that wiring money home is expensive and most people only do it once a year. Some people have mentioned sending cheques home but I don't know if the first couple of cheques will get there in time. And if I send cheques home, am I sending Korean cheques? Do I take out a Korean money order? Do I exchange won to Canadian dollars before I transfer the money? I know I need to bring lots of cash with me and I also know that my bank card should work in the international bank machines...it's just putting the money that I eventually earn into my Canadian account that is the problem.

Please help!

[kat2]

http://www.eslcafe.com/forums/korea/viewtopic.php?t=69167

[HamuHamu]

[heeheehee]

I contacted RBC and they said that I can send cheques directly to them but to write "For deposit only" on the back of the cheque.

I think they said wiring money will cost me $20 on their side and whatever it is on the Korean side. It seems like the safest way...guess I'll see how bad my financial situation gets the first little while that I'm there!

Thanks!

[wylies99]

Wiring money doesn't cost all that much here. I'm able to do it for about 18,000 wan, and my US bank charges $5 to receive the money. Not too bad.

[Wangja]

It is VERY cheap from here: it costs me 55 USD to wire money from my bank in CI.

[Big Mac]

There is a much cheaper option. You can take your money to the Korea Exchange Bank. Ask them to convert it to Canadian dollars and get it in a money order. It will cost you 10,000 Won. Mail it home to your parents or someone else you trust and get them to deposit it into your account. That's it. Royal Bank doesn't even put a hold on the money order as they say they do for international cheques. That's because KEB puts a Canadian bank's name on the cheque for them to charge it to.

It'll take about a week to get there...but most of the time I don't need the money there immediately anyway.

You don't need to worry about it getting lost in the mail. KEB will give you a carbon copy of your money order and you can get the money reimbursed if it doesn't arrive on the other side. But I've never had a problem.