How do I set it up?First call your Korean bank to find out which branch in your area deals with overseas remittance. (Google their number--the option for English service usually comes when you wait long enough. If not, just ask the Korean rep for English service.) You'll definitely need to bring your passport and ARC to the branch. Bring a copy of your contract to be completely safe.
How much does it cost?It varies. It's GENERALLY cheaper to send money via internet banking vs at the branch, however. If you want to do online overseas remittance, you must register at the branch.
Your home bank will almost certainly charge a reception fee, and there may be additional fees charged if there are intermediaries involved (i.e., when other banks have to get involved because a direct-to-direct transfer is not possible).
What info. do I need to bring?Besides your passport, ARC, and possibly your contract, you'll need your home bank's info. Bank info. varies country to country, so call your HOME bank to see what info. overseas banks require for international transfers. Look at the bottom of this post for the info required to send money to the US or Canada.
For Brits:
http://waygook.org/index.php/topic,19500.0.htmlFor South Africans:
http://waygook.org/index.php/topic,19408.0.htmlCan I send money home with multiple banks?No. You can only assign ONE bank to do overseas remittance. For example, if you have an NH and KEB account, you can only do overseas remitance with KEB or vice versa.
Is it easy?Online banking in Korea in general is less convenient than it is back home, primarily because you have to download a bunch of security software on your computer.
After setting it up, however, it's pretty easy.
Incidentally, the reason why you have to enter different numbers every time you make a transfer (overseas or not) is actually for your benefit--it prevents keyloggers from compromising your bank account.
What's the best bank for overseas remittance?-The general consensus is that KEB (Korean Exchange Bank) is the best for expats (best English service and most convenient online banking system). In addition, it has Mac support.
-Don't confuse KEB with KB (Kookmin Bank).
-Sending money via internet banking with KEB is 8,000 KRW
if under 5000 USD.. Otherwise, it's 10,000 KRW. The minimum remittance amount is ABOVE 100,000 KRW (yes, 100,000.
01 KRW is acceptable).
-
South Africans: KEB converts WON to RAND directly, while other banks such as NH can't.
-The problem with KEB is that they're not as prevalent as other certain banks (e.g., NH and KB).
KEB's contact info:
http://www.keb.co.kr/IBS/ncontact/en/index.jsp?vcode=21000000000000What about other banks?NHWhen I was with NH, I always sent money via internet banking. Can't comment on how much the fees are if you go through the branch, but as I mentioned, it's GENERALLY a lot cheaper online.. HOWEVER, some people have said it's cheaper by going to the branch, especially if you get friendly with the teller (e.g., bring an Americano now and then, etc.). I'd do a comparison; call 1588-2100 [ext 730] to inquire about the online fee structure. Regardless,
there's always a 5,000 KRW wire fee for online overseas remittance.Here is how to do online overseas remittance with NH:
http://waygook.org/index.php/topic,19349.0.htmlNote that NH is the most prevalent bank in Korea.
KBMy friend uses KB and gets charged only 5,000 KRW for overseas remittance through the ATM, but this fee may be higher for larger amounts. Again, call KB to confirm.
Online remittance is NOT possible with KB.>Citibank
-FREE Citi (Korea) to Citi (US) transfers up to 10 times a month!
-it is possible to make an American Citi account from Korea (online or go to a Korean branch)
- CitiBank USA also has free transfer to ANY USA institution (bank) such as Bank of America or USBank.
-4,000 KRW for this route: NHBank --> CitiKorea ---> CitiUSA --->Bank of America.
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Here's the info required for the Americans and Canadians:
US
Account number
Account numbers Name
Account numbers Address
Bank name
Routing/Transit #
To expedite the process:
Swift code
Bank address (headquarters)
Canada
Account number
Account numbers Name
Account numbers Address
Bank name
Institution Number
Transit Number
To expedite the process:
Swift code
Bank address (headquarters)
Q: Is there a bank that will wire money back home without an ARC? Is my passport sufficient?
From member Fanwarrior:
"Go to a KEB - you don't need an ARC to get a bank account there, their service is in English, get your bank account information and transfer the money right away."
From member sunrise:
"You can try Western Union. You can find locations and the procedures here: http://www.westernunion.co.kr/en/how_to_send.php
You should call the customer service number to check if a passport will be sufficient, because the website is ambiguous about it. Also, most banks are closed on the weekends, so Western Union (located in the banks) might be closed, too. Another concern is that you'll have to wire the money to a trusted person who will pick up the money and pay your bills for you or who will deposit the cash to your home account. Western Union charges $40 USD service fee."
