dogshed
Joined: 28 Apr 2006
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 Posted: Sat Nov 25, 2006 9:01 pm Post subject: SWIFT wire transfer or Money Order |
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Money Order or bank check in US funds acceptable to a bank in the US: Take a day off of work and take a bus to Wonju to KEB (Korean Exchange Bank). Get a crappy exchange rate (called the cash rate) and mail the check or money order to Ark City.
Swift Transfer: Take a day off work and go to Pyeongchang and set something up so I can transfer online using SWIFT. You get the exchange rate called T/T (telegraphic transfer) which is better than the cash rate but then you pay fees here, fees to the intermediary bank or banks and fees to the receiving bank. No one can tell you what the total fees will be. They'll give you number to make you happy but in the end your missing an extra $10 or $20 when it gets to the other side.
Will I loose more money with the cash exchange rate or the unpredictable SWIFT fees?
I was going to use SWIFT to avoid getting on the bus and missing a day of work but then I found out I need to miss a day of work and ride the bus to set it up.
-Jeff |
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