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Author Topic: Sending/Transferring Money Home (FAQ)  (Read 126026 times)

Offline sbbaas

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Sending/Transferring Money Home (FAQ)
« on: September 04, 2010, 12:29:34 AM »
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.html

For South Africans:

http://waygook.org/index.php/topic,19408.0.html

Can 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).

In terms of costs, there may be various intermediaries involved in the remittance. This can greatly increase the cost of wiring, so call BOTH your home bank and Korean bank to accurately determine the total fees.

-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=21000000000000

What about other banks?

NH

When 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.html

Note that NH is the most prevalent bank in Korea.

KB

My 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.


_____________________

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."
« Last Edit: April 17, 2013, 03:08:47 PM by Davey »

Offline atarigangster

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Re: Sending/Transferring Money Home (FAQ)
« Reply #1 on: September 16, 2011, 11:37:43 AM »
Accessing KEB's Online Banking When Using A Mac...

I was able to download a Mac-compatible program for KEB internet banking (as they require a separate banking program separate from the regular website access) from this link.

In the normal registration instructions when using a PC it requires you to register at the bank, be issued a Security Card (with a slew of numbers on the back that makes one feel like a spy with a ton of security codes), and also choose a user id. Then, once returning home, one is to log-in, download a program (PC only) and set-up a password. From here you can get what's called a digital certificate, yaddah yaddah... Doesn't work on a Mac.

Apparently one needs a "OTP Card" when using a Mac to make a password. (OTP stands for One Time Password.) But from what I've read on another forum, it is actually a small electronic dongle/usb device with several codes on it that are constantly changing. Normally this is used for big accounts (apparently) but it must also be used with a Mac as well (again: apparently). I cannot yet verify this as I haven't gotten it - I'll have to do that on Monday.

I just wanted to let anyone know who is banking with KEB and is a Mac user that if you are setting up your internet banking with them that there are extra steps and you must let them know that you are a Mac user.

I will update this as soon as I have more information/results from my experience of setting up online banking with KEB.

If anyone has anything to add, please feel free... I find it hard to believe with all the westerners that are accustomed to the Mac brand that there aren't more people out there exploring/resolving these Mac incompatibility issues. :(

Offline j3ss88

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Re: Sending/Transferring Money Home (FAQ)
« Reply #2 on: September 18, 2011, 09:27:00 PM »
if you have more than 1 bank account, can you transfer money from one korean bank to another korean bank then transfer the money home from one bank account?

Offline Davey

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Re: Sending/Transferring Money Home (FAQ)
« Reply #3 on: September 19, 2011, 02:55:39 AM »
if you have more than 1 bank account, can you transfer money from one korean bank to another korean bank then transfer the money home from one bank account?

Yes.
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Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html

Offline littlefish

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Re: Sending/Transferring Money Home (FAQ)
« Reply #4 on: September 23, 2011, 11:39:01 AM »
Has anyone tried transfering money home via paypal? You can deposit money into your account if it's verified and then withdraw it into a bank account. It looks like it could all be done for free. I know there is a limit on the number of transfers you can make in a month and the amount of money of each but I still think you may be able to make some free transfers.

Offline Davey

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Re: Sending/Transferring Money Home (FAQ)
« Reply #5 on: September 23, 2011, 05:18:56 PM »
Has anyone tried transfering money home via paypal? You can deposit money into your account if it's verified and then withdraw it into a bank account. It looks like it could all be done for free. I know there is a limit on the number of transfers you can make in a month and the amount of money of each but I still think you may be able to make some free transfers.

It's possible (but note that you can't tie your bank account to Korean Paypal), but there are fees. It's only worth it if you plan to deposit a relatively small amount (less than $500). But for larger amounts, don't do it.
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html

Offline teacher1066

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Re: Sending/Transferring Money Home (FAQ)
« Reply #6 on: October 07, 2011, 03:56:25 PM »
I tried to transfer money to my home bank account via ATM. This would have been the first time I've transferred any funds to my American bank account. The bank teller at KEB told me it could be done using the easy-one Foreign Currency Remittance Service account--just wire money as you would to any other Korean account. I wanted to transfer a small amount first to see if the transfer went through. Instead of a successful transfer, a message reading "The amount you enter must be greater than the minimium trust limit" appeared on the screen and the receipt. I was wondering if anyone has encountered this and/or knows what it means. Thanks for any help.

Contact KEB. I provided the URL to KEB's contact info.
 

I use KEB easy-one Foreign currency also and had no problems untill i wanted to transfer 100,000 won home and found i couldnt. I spoke to the cahsie and it turns out you have to send a minuimum of 100,000.01. It seems pretty strange to me but i just added an extra 500 won and it was sent no problem!!

Offline Wisconsin33

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Re: Sending/Transferring Money Home (FAQ)
« Reply #7 on: October 30, 2011, 10:35:56 PM »
I personally find it most convenient to do overseas rem. through an ATM with KB. I think it's the cheapest too.

Offline supermanisdead

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Re: Sending/Transferring Money Home (FAQ)
« Reply #8 on: November 07, 2011, 02:19:26 PM »
I personally find it most convenient to do overseas rem. through an ATM with KB. I think it's the cheapest too.

is there anything you need clear with the bank before you can transfer money through the ATM? I'm also with KB and I'm still looking to try and get some money home for my student loans. My CT (a big failure) forced me to go in and setup online banking/transfering which was useless since I can only transfer money to a bank that is on KB's list. Anyways, I was wondering if I could get some details regarding the ATM rem. I'm assuming I still need my bank's info from back home. Thanks

Offline kaoticrequiem

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Re: Sending/Transferring Money Home (FAQ)
« Reply #9 on: November 07, 2011, 06:37:13 PM »
I'm trying to transfer some money back home to Bank of America from my KB account. I've got the right account number, but KB keeps telling me it's wrong anyways. Any suggestions?

(I know I've got the right account number because I've got BofA's website open and just copy/pasted the account number to the field on KB's website.)

Offline larcobaleno

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Re: Sending/Transferring Money Home (FAQ)
« Reply #10 on: November 08, 2011, 11:59:52 AM »
Sorry if this has been asked to death, but how long is a KEB money transfer supposed to take? I deposited money into my easy-one Foreign Currency account last Wednesday, and I still haven't seen any sign of my money. I'm giving until Thursday before I contact the bank...

Offline ChicagoBrian

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Wiring money to Bank of America.
« Reply #11 on: November 21, 2011, 02:31:18 PM »
I am wondering if anyone has wired money from Korea to Bank of America.

If so, how long does the wire generally take?

Offline Jeff619

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Re: Wiring money to Bank of America.
« Reply #12 on: November 21, 2011, 02:47:00 PM »
I do it every month.  It usually takes 2 days.

Offline ChicagoBrian

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Re: Wiring money to Bank of America.
« Reply #13 on: November 21, 2011, 03:09:33 PM »
What Korean bank do you use?

What BoA information did you need when you set up the transfers?  Can you do it online?

Offline popeye2u

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Re: Wiring money to Bank of America.
« Reply #14 on: November 21, 2011, 03:42:44 PM »
Make sure you do one big lump sum.  The thiefs at BOA will charge you $12 per transfer.  Make sure you have a balance of $1500 otherwise they will also charge you $12 per month. 
Illegally Screwed By Employers in Korea:  https://www.facebook.com/groups/1628928127347749/

Offline Jeff619

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Re: Wiring money to Bank of America.
« Reply #15 on: November 21, 2011, 04:25:02 PM »
What Korean bank do you use?

What BoA information did you need when you set up the transfers?  Can you do it online?
I use Nonghyup and yes I can do my transfers online.  To do the transfer, all you need is your B of A account number, address of your local B of A branch and address for the beneficiary (you).  I just use my parents address because that's the address I gave them when I left for Korea.  Popeye is right, though.  If you can avoid doing it every month you should, because there is a pretty large transfer fee.  I think its actually $18 unless they lowered which I highly doubt.

Offline DeanMarie

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Re: Wiring money to Bank of America.
« Reply #16 on: November 21, 2011, 04:42:23 PM »
It generally takes 24 hours for the transfer to show up in your account.  I made the mistake of making a transfer Friday night (Korean time) and didn't see it in my U.S. account until Tuesday (Monday U.S. time).

Offline dsun1226

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Re: Wiring money to Bank of America.
« Reply #17 on: November 21, 2011, 05:04:35 PM »
Maybe I'm lucky but I use Bank of America (Prima checking) and a KB account. I got charged at B of A once (initial transfer) and every time since then I only get charged 5,000 won from KB for each transfer.

Offline ChicagoBrian

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Re: Wiring money to Bank of America.
« Reply #18 on: November 21, 2011, 05:18:52 PM »
You guys are great.  Thanks for all the info.

I'm going to NH tomorrow to set up an account. 

Offline Jeff619

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Re: Wiring money to Bank of America.
« Reply #19 on: November 21, 2011, 05:27:28 PM »
Maybe I'm lucky but I use Bank of America (Prima checking) and a KB account. I got charged at B of A once (initial transfer) and every time since then I only get charged 5,000 won from KB for each transfer.
Thanks for the info.  I'll have to look into that.  I get charged $18 per transfer from B of A.  Does Prima require a minimum balance?  I'm married here so I just keep all of my savings in a fund here in Korea and just send enough to B of A to pay my bills back in the US.

 

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