Korean Job Discussion Forums

[Mosley]

The last time I sent money home was a couple years ago. After the first time, it was a snap: give bank clerk money, write down the amount in CAD $ and pay a fee that covered both ends(I think it was W12,000 then). Last week I sent $500 CAD home, paid a W15,000 fee at the bank & presto! Or so I thought. Someone back home checked my account & said only $485 had been deposited. WTF? Anyone else have this happen to them or have any insight as to what the *$#@is going on?

[Milwaukiedave]

Well from what I understand (again someone correct me if I'm wrong) there is a fee for the bank which is between your Korean bank and home bank. They take a cut (I figured it out once and I can't remember how much). Also your bank may charge you for an incoming wire transfer fee (anywhere from $5-20 depending on your bank). You might want to go back to your bank and have them explain it to you.

[Mosley]

Yeah, that's what I was thinking-that it's on the home end. What I can't figure out is this: When I was in ROK the first time around I can't remember ever being dinged w/an extra fee after I paid the fee at the Korean bank. Certainly, 15 bucks for a lousy $500 seems awfully steep....

[Novernae]

Some banks charge an incoming fee, some don't. Some banks in Korea, sometimes, have agreements with banks at home and charge this fee initially along with their own transfer fee. It's not something that is very consistent. Next time you transfer, if you want to avoid paying the fee later, ask the bank if they can charge you upfront. They might be able to, or they might not, but at least you would be clear on whether they have or not.