December 17, 2017, 02:47:45 AM

Author Topic: Sending/Transferring Money Home (FAQ)  (Read 148663 times)

Offline jnicol

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Re: Sending/Transferring Money Home (FAQ)
« Reply #300 on: October 12, 2017, 10:47:06 AM »
I'm leaving Korea soon and my bank back home doesn't have a BIC or swift code. After reading this thread, I looked into cashier's checks, but my bank only accepts them in person and I am not headed home (America) anytime in the foreseeable future.

I'm interested in Citibank, since it sounds like my best option, but worried about closing the accounts when I'm done. I will only need the account for a month so I can get my money home. After that, I don't want to pay the fee you have to pay for having but not using the account.

Has anyone tried to close their Citibank account (American, Korean, or both)? How easy or hard is it? Can it be done after only one month? The information I've found using google is a bit sketchy....

Also, if anyone has any other suggestions, that would be great. I'm getting a bit worried about my money.

Offline poetryfoot@icloud.com

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Re: Sending/Transferring Money Home (FAQ)
« Reply #301 on: October 12, 2017, 01:00:20 PM »
I'm leaving Korea soon and my bank back home doesn't have a BIC or swift code.  I will only need the account for a month so I can get my money home. After that, I don't want to pay the fee you have to pay for having but not using the account.


Also, if anyone has any other suggestions, that would be great. I'm getting a bit worried about my money.

Hello! Just a suggestion...you definitely don't have to do this...just another option, especially since you only need it for a month.  I have a credit union back home that doesnt have a BIC or swift code, either. I would suggest sodatransfer. You can get a free transfer coupon by clicking on this link (up to 3,000,000 won) and then if you need to transfer more...you can write a review on facebook (for another transfer coupon) and invite friends (for more coupons). The way it works is....you link your US account info to the sodatransfer account, transfer money from your Korean bank account to sodatransfer's account, then sodatransfer transfer your money to your US account. It's all very fast and easy and has saved me a lot of money. If you have any questions, please ask. Good luck finding the best option for you!
https://sodatransfer.com/ref/kx5rmd

Offline Pecan

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Re: Sending/Transferring Money Home (FAQ)
« Reply #302 on: October 12, 2017, 01:09:21 PM »
soda is a joke...but it is your money.

Offline Pecan

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Re: Sending/Transferring Money Home (FAQ)
« Reply #303 on: October 12, 2017, 01:14:11 PM »
As for your bank, you most certainly can direct deposit the cashier's check to your account (it sounds like someone might have misunderstood you or was misinformed).

The only caveat is that the account must be in your name and the check must be made out to you (matching names).  As a direct deposit, it will take time for the cashier's check to clear your bank before the funds become available.

You don't need to physically be present at your bank.

WTH.

Offline jnicol

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Re: Sending/Transferring Money Home (FAQ)
« Reply #304 on: October 12, 2017, 11:07:30 PM »
I'm leaving Korea soon and my bank back home doesn't have a BIC or swift code.  I will only need the account for a month so I can get my money home. After that, I don't want to pay the fee you have to pay for having but not using the account.


Also, if anyone has any other suggestions, that would be great. I'm getting a bit worried about my money.

Hello! Just a suggestion...you definitely don't have to do this...just another option, especially since you only need it for a month.  I have a credit union back home that doesnt have a BIC or swift code, either. I would suggest sodatransfer. You can get a free transfer coupon by clicking on this link (up to 3,000,000 won) and then if you need to transfer more...you can write a review on facebook (for another transfer coupon) and invite friends (for more coupons). The way it works is....you link your US account info to the sodatransfer account, transfer money from your Korean bank account to sodatransfer's account, then sodatransfer transfer your money to your US account. It's all very fast and easy and has saved me a lot of money. If you have any questions, please ask. Good luck finding the best option for you!
https://sodatransfer.com/ref/kx5rmd


I looked into sodatransfer and they won't connect to KB bank. Even if I wanted to pay the fee, it isn't an option for me.

As for your bank, you most certainly can direct deposit the cashier's check to your account (it sounds like someone might have misunderstood you or was misinformed).

The only caveat is that the account must be in your name and the check must be made out to you (matching names).  As a direct deposit, it will take time for the cashier's check to clear your bank before the funds become available.

You don't need to physically be present at your bank.

WTH.

The information came directly from my bank's website, unfortunately. They are a small credit union and say you must be present and have an ID on you to cash a cashier's check from another bank. I'm really regretting banking with them about now....

Offline slycordinator

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Re: Sending/Transferring Money Home (FAQ)
« Reply #305 on: October 13, 2017, 01:04:11 AM »
As for your bank, you most certainly can direct deposit the cashier's check to your account (it sounds like someone might have misunderstood you or was misinformed).

The only caveat is that the account must be in your name and the check must be made out to you (matching names).  As a direct deposit, it will take time for the cashier's check to clear your bank before the funds become available.

You don't need to physically be present at your bank.

WTH.
They easily could. There are lots of people in the States who do scams using fake cashier's checks and so it wouldn't be surprising for a bank to not accept checks deposited electronically. And even if he sent the check in the mail, it could take a long time for the check to clear.

Offline Pecan

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Re: Sending/Transferring Money Home (FAQ)
« Reply #306 on: October 13, 2017, 05:32:24 AM »
you must be present and have an ID on you to cash a cashier's check from another bank.
Right, which is why I said,
Quote
As a direct deposit, it will take time for the cashier's check to clear your bank before the funds become available.

Do you understand the difference between direct deposit and cashing a check?

They are NOT the same thing.

Again, your CU will most definitely will accept the direct deposit, so long as you meet the name requirements, as mentioned before.

Offline Pecan

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Re: Sending/Transferring Money Home (FAQ)
« Reply #307 on: October 13, 2017, 05:36:09 AM »
As for your bank, you most certainly can direct deposit the cashier's check to your account (it sounds like someone might have misunderstood you or was misinformed).

The only caveat is that the account must be in your name and the check must be made out to you (matching names).  As a direct deposit, it will take time for the cashier's check to clear your bank before the funds become available.

You don't need to physically be present at your bank.

WTH.
They easily could. There are lots of people in the States who do scams using fake cashier's checks and so it wouldn't be surprising for a bank to not accept checks deposited electronically. And even if he sent the check in the mail, it could take a long time for the check to clear.
I said nothing of "electronically" deposited checks.  I said "direct deposit", as in physically mailing the check.

Yes, it will take longer to clear, but it is better than OPs other options.

Offline poetryfoot@icloud.com

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Re: Sending/Transferring Money Home (FAQ)
« Reply #308 on: October 13, 2017, 07:32:46 AM »


[/quote]

I looked into sodatransfer and they won't connect to KB bank. Even if I wanted to pay the fee, it isn't an option for me.

[/quote]

jnicol....I'm confused by this. Did you put in your US bank account info? That's the info you enter...because that's the bank that you want sodatransfer to send your money to. You enter your US account info, then select the Korean bank (sodatransfer has like four options) from sodatransfer...and you send money from your Korean bank account (I don't think it matters what Korean bank account you have) to sodatransfer's Korean bank account, then they send the money to your US account. If you have any questions you can pm me. I don't know if this is what you are referring to. Anyways, best of luck.

Offline jnicol

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Re: Sending/Transferring Money Home (FAQ)
« Reply #309 on: October 13, 2017, 11:00:00 AM »
As for your bank, you most certainly can direct deposit the cashier's check to your account (it sounds like someone might have misunderstood you or was misinformed).

The only caveat is that the account must be in your name and the check must be made out to you (matching names).  As a direct deposit, it will take time for the cashier's check to clear your bank before the funds become available.

You don't need to physically be present at your bank.

WTH.
They easily could. There are lots of people in the States who do scams using fake cashier's checks and so it wouldn't be surprising for a bank to not accept checks deposited electronically. And even if he sent the check in the mail, it could take a long time for the check to clear.
I said nothing of "electronically" deposited checks.  I said "direct deposit", as in physically mailing the check.

Yes, it will take longer to clear, but it is better than OPs other options.

I'm sorry for the confusion. However, my bank requires me to be there in person with a physical cashier's check in order to deposit it. A cashier' check simply isn't an option for me.




I looked into sodatransfer and they won't connect to KB bank. Even if I wanted to pay the fee, it isn't an option for me.

[/quote]

jnicol....I'm confused by this. Did you put in your US bank account info? That's the info you enter...because that's the bank that you want sodatransfer to send your money to. You enter your US account info, then select the Korean bank (sodatransfer has like four options) from sodatransfer...and you send money from your Korean bank account (I don't think it matters what Korean bank account you have) to sodatransfer's Korean bank account, then they send the money to your US account. If you have any questions you can pm me. I don't know if this is what you are referring to. Anyways, best of luck.
[/quote]

Thank you for clearing that up! I thought the four banks were supposed to be my bank, not virtual accounts. I'll still double check for better options, but I'm relieved to know sodatransfer is an back up! Thanks!

Does anyone know the answer to how a person closes a Citibank account? I'm still interested in Citibank so long as I can close the account when I'm done.

Offline Pecan

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Re: Sending/Transferring Money Home (FAQ)
« Reply #310 on: October 13, 2017, 12:16:42 PM »
jnicol,

Would you mind sharing the name of the CU claiming they will not accept direct deposits?

That flies in the face of fundamental banking regulations and requirements, so if you could provide the name, that would be much appreciated.

Thanks.

Offline slycordinator

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Re: Sending/Transferring Money Home (FAQ)
« Reply #311 on: October 17, 2017, 01:08:45 AM »
As for your bank, you most certainly can direct deposit the cashier's check to your account (it sounds like someone might have misunderstood you or was misinformed).

The only caveat is that the account must be in your name and the check must be made out to you (matching names).  As a direct deposit, it will take time for the cashier's check to clear your bank before the funds become available.

You don't need to physically be present at your bank.

WTH.
They easily could. There are lots of people in the States who do scams using fake cashier's checks and so it wouldn't be surprising for a bank to not accept checks deposited electronically. And even if he sent the check in the mail, it could take a long time for the check to clear.
I said nothing of "electronically" deposited checks.  I said "direct deposit", as in physically mailing the check.

Yes, it will take longer to clear, but it is better than OPs other options.
Direct deposit means electronically sending money directly from a payer's bank account to a payee's account.
« Last Edit: October 17, 2017, 01:11:52 AM by slycordinator »

Offline Pecan

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Re: Sending/Transferring Money Home (FAQ)
« Reply #312 on: October 17, 2017, 05:50:14 AM »
Sorry for the confusion.

I am not talking about mobile deposit via an app, but directly depositing the check in your account (all financial institutions should do this), not trying to cash the check.

The OPs CU is linked to any/all other CUz, so again, this shouldn't be an issue for deposit only.

Offline hellobby

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Re: Sending/Transferring Money Home (FAQ)
« Reply #313 on: October 17, 2017, 08:55:06 AM »
Are we allowed to have more than one remittance account connected to our ARC?

I have one with Nonghyup that deposits to my Canadian bank account and just made another remittance account with KEB Hana that deposits into my dad's Canadian bank account.

Thanks!

Online JNM

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Re: Sending/Transferring Money Home (FAQ)
« Reply #314 on: October 17, 2017, 12:42:47 PM »
Are we allowed to have more than one remittance account connected to our ARC?

I have one with Nonghyup that deposits to my Canadian bank account and just made another remittance account with KEB Hana that deposits into my dad's Canadian bank account.

Thanks!

From what I understand (based on a conversation 3 years ago) you need to designate a bank as your ForEx bank.

This is to comply with exports of capital laws.

Things may have changed, or opening the second account might have cancelled the authorization for the first.

Offline hellobby

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Re: Sending/Transferring Money Home (FAQ)
« Reply #315 on: October 17, 2017, 01:27:04 PM »
From what I understand (based on a conversation 3 years ago) you need to designate a bank as your ForEx bank.

This is to comply with exports of capital laws.

Things may have changed, or opening the second account might have cancelled the authorization for the first.

Ohh, I see. Thanks! Hopefully opening the second account has cancelled NH's authorization then lol.

Is there a way to check what could've happened? Contacting immigration hotline or asking the bank directly?

Offline #basedcowboyshirt

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Re: Sending/Transferring Money Home (FAQ)
« Reply #316 on: October 17, 2017, 02:29:05 PM »
From what I understand (based on a conversation 3 years ago) you need to designate a bank as your ForEx bank.

This is to comply with exports of capital laws.

Things may have changed, or opening the second account might have cancelled the authorization for the first.

Ohh, I see. Thanks! Hopefully opening the second account has cancelled NH's authorization then lol.

Is there a way to check what could've happened? Contacting immigration hotline or asking the bank directly?

The immigration hotline doesn't have access to your banking details.

You can call the bank, or you could just test your old remittance account and see if it still works.

Offline hellobby

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Re: Sending/Transferring Money Home (FAQ)
« Reply #317 on: October 23, 2017, 07:40:38 AM »
From what I understand (based on a conversation 3 years ago) you need to designate a bank as your ForEx bank.

This is to comply with exports of capital laws.

Things may have changed, or opening the second account might have cancelled the authorization for the first.

Ohh, I see. Thanks! Hopefully opening the second account has cancelled NH's authorization then lol.

Is there a way to check what could've happened? Contacting immigration hotline or asking the bank directly?

The immigration hotline doesn't have access to your banking details.

You can call the bank, or you could just test your old remittance account and see if it still works.

I see, thanks! :D