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Toast and Kimchee
Joined: 12 Feb 2007
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 Posted: Tue Feb 13, 2007 8:36 pm Post subject: Paying Bills Back Home... |
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I'm going to be taking a position near Seoul very soon and I was wondering how difficult it is to pay off some monthly bills back home. In other words, how easily can I have my Korean won exchanged and wired into my American bank account (from SK)?
Any advice with regards to this topic appreciated.  |
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gsxr750r
Joined: 29 Jan 2007
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| Posted: Tue Feb 13, 2007 8:48 pm Post subject: |
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Not easily, any more.
They now have this theoretical limit of 10,000,000 won per year, which is sometimes enforced and sometimes not. More often than not.
They don't want you sending money out of the country easily. |
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gypsychestnut
Joined: 04 Dec 2006
Location: in the bowels of korea
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| Posted: Tue Feb 13, 2007 10:27 pm Post subject: Re: Paying Bills Back Home... |
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| bauerke wrote: |
I'm going to be taking a position near Seoul very soon and I was wondering how difficult it is to pay off some monthly bills back home. In other words, how easily can I have my Korean won exchanged and wired into my American bank account (from SK)?
Any advice with regards to this topic appreciated. |
it's really not that bad. just open up a bank account (i've got mine with woori bank, and i haven't had any problems as of yet - fingers cross) when you get here, and whenever you need to transfer money, go in their with your passport (not just your ARC) and your payslip from your school, and specify how much you want to wire home.
the first time you send money back, you're going to have to fill out a form, and it'll take around 30-45 minutes when it's all said and done. after that first visit, they'll give you a piece of paper that you bring with you every time you want to send money home, and that's what'll cut your wait time in half.
it's really not hard at all. that $10.000 limit is only applicable if you don't bring in your payslip. if you don't bring in your payslip, they will theoretically write in the notes section of your passport how much money you transferred and when. but again, bring your payslip and there's no problem.
and i'm also quite sure there are plenty of posts on here dealing with this topic. try a search. |
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MANDRL
Joined: 13 Oct 2006
Location: South Korea
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| Posted: Tue Feb 13, 2007 10:59 pm Post subject: |
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| This was also one of my main concerns. However, it has proved to be quite painless and easy. I bank with Shinhan Bank and wire transfer my money home to BofA. Once in that account I just pay my bills online, just like at home. Don't sweat it. |
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stumptown
Joined: 11 Apr 2005
Location: Paju: Wife beating capital of Korea
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| Posted: Tue Feb 13, 2007 11:03 pm Post subject: |
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| In four years of living here, I've never had to bring a payslip nor have I had to bring the passport and that's at many many different banks all over Seoul, Incheon and Bucheon. |
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