Korean Job Discussion Forums

[IncognitoHFX]

I need to send a lot of money back home to pay off student loans and various other things I owe. My current bank wants me to mail all my money back to them in envelopes and then they'll hold it for 3-6 months (not to mention a $50 service charge).

What is a good bank in Canada that I can transfer funds from X bank in Korea to, for a low price (preferrably electronically)? Is this even possible?

Any help would be appreciated.

[Return Jones]

For cryin' out loud! What bank are you talking about!? BMO, CIBC, TD, Royal, Scotiabank, etc, etc etc....... they all accept electronic wire transfers. Probably been so for 50 years!

For your Korean bank you need to give them your Canadian bank's name and address, their SWIFT Code, and your personal account details. That's it. It'll cost you a few bucks to send from here and then the banks back home may or may not take out another service charge upon receiving the funds. Good luck!

Envelopes of cash sent overseas to be held for months?!!! Someone was smoking something good when this info was relayed!

[Missile Command Kid]

[Snowmeow]

If you need a new bank, I'd recommend President's Choice Financial. You can apply online. You will need to sign some forms during the process but you can have them mailed. http://www.pcfinancial.ca/

[IncognitoHFX]

[chevro1et]

[Snowmeow]

All the major national banks are fine, PC Financial doesn't charge any banking fees and offers a slightly higher interest rate, that's all.

[freethought]

PC is fine, but for certain things, especially in the environment that you'll experience in Asia, a bank account at one of Canada's major banks may be a better bet. PC is controlled by CIBC, but going with the majors is probably wise.

Someone who has banked with PC over here might be better equiped to answer about PC, but unless you get a direct answer from an actual user (not the bank), then I would go with a major. You'll want to be able to send the bank money but also take money out over seas.

RBC, Mbanks, and CIBC are all fine for that, I'm not sure about scotia, though, and they tend to have the highest fees.

[SeoulShakin]

I send mine to my BMO account with no problem. I go to my bank here, and tell them how much to send. Fill out a form, show them identification (ARC card and or passport), and you're on your way. Within one to two business days, the money is in my BMO account in Canadian dollars. I can then do online banking to pay off my bills/student line of credit. It is easy enough, and pretty convenient, cause you won't have to wait for mailing times, etc. You get an online confirmation number for each payment you make. Pretty simple. Hope this helped.

[Return Jones]

Silly me! I forgot to mention PC Financial even though I've been with them for years! I've never had a problem dealing with them or occasionally sending money home. There's no need to have another account with a "real" bank since PC does pretty much everything. I've had an account with them, including RRSPs, since the late 90s. Go with them.

[Big Mac]

I know someone who had an account with PC and she had a lot of trouble withdrawing money from the global ATMs here in Korea. I think if you went with one of the major banks, you'd be better off.

I deal with the Royal Bank and have never had a problem sending money or accessing my account from here.

I rarely wire money though. It's cheaper to go to Korea Exchange Bank (KEB), where you can get a money order in Canadian dollars. I send the cheque to my parents and they deposit it into my account. They don't even put a hold on it, since it has a Canadian bank listed on the cheque and is treated like a domestic cheque.

KEB only charges 10 bucks for a money order and it only takes a week or less to get there in the mail. Wire transfers may cost you more, depending on the bank.

[Snowmeow]

[pest2]

Obvious guy joke: "they read in Canada?"