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Korean Job Discussion Forums
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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 Posted: Sat Feb 03, 2007 6:27 pm Post subject: Bank Charge for sending money part deux |
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I posted a while ago on how much does your bank charge to send money home; I am going to try it again, with a different request.
Could you please post your bank, location of bank (name of city and where in city), and the charge for sending money home, including if it changes depending on how much you send.
For me: Woori Bank, Daejeon, Dunsan-Dong, 25,000 won (an amount)
KB STAR bank, Daejeon, Dunsan-Dong, 18,000 won (not sure if amount changes)
I would like to see as many people post on this as possible, so we can get an accurate comparison; seems like some banks are really milking the foreigners in Korea when it comes to this.
[b] |
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Wrench
Joined: 07 Apr 2005
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| Posted: Sat Feb 03, 2007 6:32 pm Post subject: |
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Pusan Bank (Gupo) 2 mil 18k won
Nonghyup 1.5 mil (Changwon Homeplus location) 9k Won. |
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regicide
Joined: 01 Sep 2006
Location: United States
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| Posted: Sat Feb 03, 2007 6:41 pm Post subject: |
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| Wrench wrote: |
Pusan Bank (Gupo) 2 mil 18k won
Nonghyup 1.5 mil (Changwon Homeplus location) 9k Won. |
Hana 1.5 mil ( all branches that I have used, the commission I think is the minimum) 2 fees of W7,500 for a total of man o chanan.
Of course the Federal Reserve Bank in New York takes $18 and my personal bank takes $10 |
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pecan
Joined: 01 Jul 2004
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| Posted: Sat Feb 03, 2007 7:57 pm Post subject: FRB? |
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| The Federal Reserve Bank takes out $18? Does that happen for all transfers into the US? I noticed that my account in America showed deposits less than what they were supposed to be when I transfered in Korea, but when I called my bank in America, they just said, "Yes, you're right. It appears that your deposits are $18 less than an even number, but we're not taking out a fee, and no- there is no other intermediary between your Korean bank and us." |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Sat Feb 03, 2007 9:24 pm Post subject: |
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| Someone posted that it was 7500 at KB star on the first thread. Was this by any chance an Internet transfer? Who knows if this can be done by foreigners? |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Sun Feb 04, 2007 7:22 am Post subject: |
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| So 15,000 is the cheapest? I'm hoping someone can do better. |
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ESeufert
Joined: 27 Dec 2006
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| Posted: Sun Feb 04, 2007 12:36 pm Post subject: |
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| with the Won appreciating against the dollar, do you guys keep any money in your Korean accounts? I'm considering only sending back the money I want to use against debt and keeping the rest in Won. |
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regicide
Joined: 01 Sep 2006
Location: United States
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| Posted: Sun Feb 04, 2007 2:28 pm Post subject: Re: FRB? |
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| pecan wrote: |
| The Federal Reserve Bank takes out $18? Does that happen for all transfers into the US? I noticed that my account in America showed deposits less than what they were supposed to be when I transfered in Korea, but when I called my bank in America, they just said, "Yes, you're right. It appears that your deposits are $18 less than an even number, but we're not taking out a fee, and no- there is no other intermediary between your Korean bank and us." |
Your bank may indeed, not have a fee. Mine did not until last year. It started at $5 and went up to $10. But the FRB charge has been there since I can remember, in fact, it used to be $20. The banks here used to give me an option of "pre-paying" the FRB fee, but have not recently. They may have been confused as to exactly how much it was, since it went down from $20 to $18. But , anyway, the money is routed through the system via the Federal Reserve, and they do take an $18 fee for doing it.
Wire Transfers�The Federal Reserve Banks and about 7,800 depository institutions are linked electronically through the Federal Reserve Communications System, a network through which depository institutions can transfer funds and securities nationwide in a matter of minutes.
http://www.federalreserve.gov/pubs/frseries/frseri3.htm
Last edited by regicide on Sun Feb 04, 2007 7:42 pm; edited 1 time in total |
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saybanana
Joined: 28 Mar 2006
Location: LA
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| Posted: Sun Feb 04, 2007 4:49 pm Post subject: |
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My bank is KB Bank, Gyeonngi Do Ansna city.
My Korean bank charges me between 15-25,ooo won.
It depends on how much I remit.
I usually send home money about once every 2-3 months when the exchange rate is the lowest.
My bank back home charges me about 10,000 won standard.
For example, I sent home last month about 1.5 million won and was charged 18,OOOwon (KB) and 10,000 at home.
The one before that I sent home about 3.1 million
Total for Korean bank and my bank is about 35,000 won.
I sent home about 4mill before that and the total was 35,000.
So I think my bank at KB charges a maximun 25,000 won.
I dont know what the minimum is. |
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