cangel
Joined: 19 Jun 2003
Location: Jeonju, S. Korea
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 Posted: Tue May 15, 2007 2:41 pm Post subject: Sending Money Home - Again |
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I tried the search function but with no good results.
Anyway, what are the best options as far as exchange rate and cost, for sending money to America? Thanks |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue May 15, 2007 3:35 pm Post subject: Re: Sending Money Home - Again |
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| cangel wrote: |
I tried the search function but with no good results.
Anyway, what are the best options as far as exchange rate and cost, for sending money to America? Thanks |
The CHEAPEST way is go to your local bank's foreign exchange desk and get a money order payable to " your name" and mail it to your bank branch with the notation in place of the endorsement on the back-
"for deposit to the account of the payee, #xxx-xxx-xxxx".
typical cost is 5k-15k won for the money order / cashiers check and 600 won for the letter.
The 2nd FASTEST way is a bank to bank wire transfer. Costs will vary depending on which banks you are using. You will pay a fee here, you may pay a fee to an intermediary bank and then you may, depending on the banking service package you have at home, pay another fee there for receiving the wire.
Costs will vary between 25-50 k won total costs.
The fastest way would be Western Union but they are also the MOST expensive (with costs in the 20% range).
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