Korean Job Discussion Forums

dogshed · Joined: 28 Apr 2006

I thought I had this all figured out before I left but I suppose not.

I was told my local branch of Nonghyup cannot do a money order nor a check in US dollars. I would have to go to a larger city.

I tried to get a money order from the post office but they just kept pointing at an pamphlet in English that said to do an online remittance with a SWIFT code. My local bank in the US will charge between $15 and $25 to receive it. (They weren't sure what the exact fee would be.) The nearest big city is Wonju and I would have to take a day off and pay for the bus.

I don't really want to spend $25 to send $500.

Any ideas would be appreciated. Thank-you. -Jeff

dogshed · Joined: 28 Apr 2006

My bank just answered my email. They will charge $40 to receive a "foreign wire". -Jeff

midian3x · Joined: 18 Sep 2006

Hmm mine charges 12 bucks.

Have you been with your bank for long? If so explain the situation to them and maybye they will cut you some slack.

If not- you could
A. Send money once every 2 or 3 months to cut down on the fees
B. Send travelers checks through the mail directly to your bank for deposit- no fee- have to wait though

JZer · Joined: 13 Jan 2005 Location: South Korea

I pay 12 USD as well!!!

dogshed · Joined: 28 Apr 2006

midian3x · Joined: 18 Sep 2006

The no fee comment meant that if you go the route of travelers checks- your bank will not charge you 40 bucks. Razz

amberflannery · Joined: 25 Oct 2006

so which is the best way to get money in my account back home then and most efficient. i'll be living in seoul so i guess a bank shouldnt be a problem but which does the community recommend?

wiring money in large sums like $1000

or however the traveler check idea works... still not sure about that... do i send it home and then have it deposited? wont that take ages?

Victoria1947 · Joined: 07 Dec 2006 Location: Anseong

Good luck with sending money home!

I bought an American Express check for $1,000 American and sent it out air mail. That was in late September. It still hasn't been delivered! I called American Express and gave them all the information they wanted. Then they told me they would get back to me in a month!

I've also had problems sending American Express check to the Philippines. My son couldn't get it cashed at his bank. They ended up being worthless and I ended up wiring the money to him from a bank via Western Union.

Actually, that might be your best bet. Wire the money! Send it to someone you trust and let them deposit it into your account.

My bank doesn't do Western Union, but they told me the bank next door did. It was easy.

It took me a month to get the money out of American Express that I had sent to my son. AND you MUST go to the American Express office in Seoul. If you live outside Seoul, that can be a real problem.

My advice.....stay away from American EXpress!

Good Luck

MANDRL · Joined: 13 Oct 2006 Location: South Korea

I just checked with my bank, Bank of America, and they charge $15 for incoming international wire transfer.

frankly speaking · Joined: 23 Oct 2005

I have never had a problem transfering money from my account in Korea. I normally don't send anything less than 2,000,000 won at a time. The KB bank charges me something like 8,000 won. My bank in the states would charge about 12-20 dollars. My bank in Thailand doesn't charge anything to receive the money. I just use the swift code, account number and name. I have never had a problem.

Western Union charges way too much. I think it is 14%. Direct bank transfer is the best. You might spend 20-30 dollars but you can send large sums at one time.

I have some friends that use Net Bank. They get their paychecks deposited into that account and then can write checks or transfer money from there.

Curious George · Joined: 06 Apr 2004 Location: Seoul, Korea

Get a new bank. I personally think Nonghyup sucks! most of their branches do not do wire transfers, many of their atms dont have English menus and don't take foreign cards. Seriously, you can go into almost any KB and send money but the fee is 40k won I think.

Which bank is it that only charges 12k won? I would love know.

ilovebdt · Joined: 03 Jun 2005 Location: Nr Seoul

amberflannery · Joined: 25 Oct 2006

so whats kb bank? i'm assuming its a korean one? Embarassed

ilovebdt · Joined: 03 Jun 2005 Location: Nr Seoul

It's KB star, Kookmin Bank.

ilovebdt

Francis-Pax · Joined: 20 Nov 2005

I think that Korea Exchange Bank is the best bank for foreigners in Korea. They specialize in money exchange. You can get a Korean Won account and a USD (or any other currency) account. Fees are pretty low. Take advantage!

I use them exclusively after trying KB, Nonghyup, and WooriBank.