February 17, 2019, 03:50:05 PM


Author Topic: Sending/Transferring Money Home (FAQ)  (Read 191373 times)

Offline mirokii

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Re: Sending/Transferring Money Home (FAQ)
« Reply #140 on: November 05, 2014, 08:26:46 AM »
Easy one account. I transfer 1,000,000 krw and the final amount received after all fees in my bank account in the US is 940 usd.  I believe wells fargo takes a 16 dollar fee and so does keb, but 60 dollar reduction, even considering the exchange rate and fees, seems heavy. unless my math is wrong or ive missed something. is everyone else using easy one receiving similar results?

This sounds about right.  I forgot that they take fees because I literally entered this topic to ask why when I sent 100,000 won back home it only gave me 67 dollars.   I wanted to "test the water" so I guess that was a stupid option.  I use wells fargo too.

I just raised the minimum i can sent home at one time. the krw is really weak right now. next time i send money home, i would advise, like most people who thought about it would, send large sums of money when the exchange rate is in your favor. sending 100,000krw at a time would not be advised. they will take the same fees for 100,000 krw as they would for the 5,000,000krw. exchange rate is key
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Offline kungfuninja

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Re: Sending/Transferring Money Home (FAQ)
« Reply #141 on: November 22, 2014, 11:16:56 AM »
Regarding the KRW to US rate, as it is falling to a 15 month low, I'm thinking that Black Friday sales of Samsung and Hyundai products might help ease the exchange rate and spike the exchange rate to a more favorable trend to send the KRW home following Black Friday. But, I'm not sure, the long term forecast is for the KRW and Yen to drop. Does anyone have any thoughts or insight on this?

Offline Djint

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Re: Sending/Transferring Money Home (FAQ)
« Reply #142 on: December 12, 2014, 01:51:58 PM »
Hi there!

I'm pretty sure some of you have experience with this sort of thing, so to make sure i decided to ask all of you guys about something that's been on my mind.

It's time for me to move home after quite a while in Korea, and just as alot of people i'll be getting back my apartment deposit. The problem here is, i do not any longer have a korean bank account... So my question is: Can i go into any bank and transfer a large amount of cash onto a foreign bank account without being a customer of the bank?

Thank you!

Offline draco888

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Re: Sending/Transferring Money Home (FAQ)
« Reply #143 on: June 30, 2015, 08:50:20 AM »
Regarding the KRW to US rate, as it is falling to a 15 month low, I'm thinking that Black Friday sales of Samsung and Hyundai products might help ease the exchange rate and spike the exchange rate to a more favorable trend to send the KRW home following Black Friday. But, I'm not sure, the long term forecast is for the KRW and Yen to drop. Does anyone have any thoughts or insight on this?

Not relevant at all. 1) insignificant in terms of capital flows 2) the products have already been paid for

Offline Jgrat

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Re: Sending/Transferring Money Home (FAQ)
« Reply #144 on: June 30, 2015, 08:56:13 AM »
My primary bank account is Shinhan. I went to a Shinhan branch and requested to have the ability to transfer money overseas online but the teller said I needed the account information of the person I'm sending it to. I'm actually moving to China but I don't have a bank account yet so I don't have that information. So he said he was unable to open the overseas internet banking system for me.

I called Shinhan and they told me I just need to give the teller the bank information of the overseas account when first opening up the overseas international money transfer system for online banking. I asked if I need to go to the bank in person to give that information if I wanted to transfer money to someone I've never transferred money to and she said no, I only have to do it once and if I ever transferred to anyone new I can just submit the new information online.

Is everything above true? I had so much trouble understanding the woman over the phone.

I was considering sending all my money to my Canadian bank account and then send it to China when I'm there but my bank in Canada doesn't do online wire transfers; I have to visit a branch in person.

They can't do overseas wires but they can do interact direct transfers (max $2500 a transfer) overseas. I'm with RBC and I think it costs me 12 bucks to do that. Also look at using a currency market like Currencyfair.

Offline bsweet

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Re: Sending/Transferring Money Home (FAQ)
« Reply #145 on: June 30, 2015, 11:54:42 AM »
I can't speak for other nationalities, but the best option from my perspective as an American is to use linked Citibank accounts. I just opened a Citibank acct in the US over the phone and then went to a Korean Citibank to open one here. Both have excellent online banking sites. Now I can send money home instantly for free online! Been doing that for almost 2 years now. I can even check balances and complete transfers just using the app on my phone. If it's possible, Citibank is always the best option for sending money back.

And if you live nowhere near a Citibank in Korea, just have an extra account with another bank and transfer money to your Citi acct. when you need to. All you need is One day to go set up your account initially. After that, you never have to go back again. The online banking is even in English. I feel like too many people just don't realize how convenient it is and how much time, money, and hassle can be saved.

Offline didibabez

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Re: Sending/Transferring Money Home (FAQ)
« Reply #146 on: July 22, 2015, 11:03:55 AM »
I just sent some money home and my confirmation email states 15,000 transfer fees .  I do internet banking so this fee doesn't make any sense.  I thought it was 8,000. 

Offline afheil89

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Re: Sending/Transferring Money Home (FAQ)
« Reply #147 on: July 22, 2015, 11:37:36 AM »
wow you can really open a citibank account in the US over the phone?  I have to get on that then. It would be really nice to save that 30,000 in transfer fees I get every month, since I have to transfer money back every month to pay student loans.
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Offline petehsiung

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Re: Sending/Transferring Money Home (FAQ)
« Reply #148 on: September 18, 2015, 03:47:32 PM »
Hey All,

Is it possible that I could have two bank accounts in korea for one purpose? Such as opening one account for the paycheck while the other one such as KEB for overseas remittance?

Peter

Offline KSJ27

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Re: Sending/Transferring Money Home (FAQ)
« Reply #149 on: September 18, 2015, 03:53:44 PM »
I'm sure that isn't a problem. You'd just have to transfer money between the accounts. I was thinking about doing the same so I opened up a CitiBank in the US but I have NH here because where I live there isn't a Citibank. Thinking about just trying to figure out how to send from my NH account to my CitiUS account.

Offline Kwai_Chang_Kain

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Re: Sending/Transferring Money Home (FAQ)
« Reply #150 on: September 18, 2015, 03:55:25 PM »
Hey All,

Is it possible that I could have two bank accounts in korea for one purpose? Such as opening one account for the paycheck while the other one such as KEB for overseas remittance?

Peter

Yes, I have 3 chequing accounts here (Hana, KEB & NH) as well as a KEB easy-one remittance account.
"Have you seen what the sith are wearing? It's like every fashion designer in the galaxy went over to the dark side."

Offline nermal

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Re: Sending/Transferring Money Home (FAQ)
« Reply #151 on: September 18, 2015, 03:55:50 PM »
Hey All,

Is it possible that I could have two bank accounts in korea for one purpose? Such as opening one account for the paycheck while the other one such as KEB for overseas remittance?

Peter

Sure. I think the only stipulation is that you have only one account set up for remittance. 

Offline daechan16

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Re: Sending/Transferring Money Home: Confused
« Reply #152 on: September 24, 2015, 11:36:21 AM »
So i went to Nonghyup bank and got set up with internet banking, but instead of getting a usb with the banking certificate the teller installed the banking app for me on my phone. On the app there is a button that says transfer,but when i try to find my bank from the drop menu for bank selection, my bank is not listed. how do you manually enter bank info on the app (not on the computer)? or is it possible? 

Offline KSJ27

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Re: Sending/Transferring Money Home (FAQ)
« Reply #153 on: September 24, 2015, 02:59:16 PM »
I don't believe it is possible on the app. I'm on NH too and they just set me up with the phone app. I'm trying to send money home to Citi but I only see an option for Citi Korea; however, the last time I was at an ATM there was a button that said, International Remittance... I'll have to go there and try it tonight. Please update us if you have any success with it! I would really like to know.

Offline amormistre

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Re: Sending/Transferring Money Home (FAQ)
« Reply #154 on: September 24, 2015, 03:06:07 PM »
I also have NH bank and I have the NH speed banking app. It's in english and pretty simple.. I did have to sent my bank account up for foreign remittance. There are four options on the main screen, info, transactions, frequently-used transfer and transfer with your balance and acct number in the middle. On the top right corner is a menu with more options including remittance. I've sent money home, to others in korea, and my online savings through the app without any issue. You do need your security certificate password and the security number card for transfers.

I downloaded my initial certificate from a form they gave me to my laptop. With trial and error I managed to transfer it to my phone by renewing to get the banking app.

Offline Greenteabingsu

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Re: Sending/Transferring Money Home (FAQ)
« Reply #155 on: September 24, 2015, 03:10:25 PM »
So i went to Nonghyup bank and got set up with internet banking, but instead of getting a usb with the banking certificate the teller installed the banking app for me on my phone. On the app there is a button that says transfer,but when i try to find my bank from the drop menu for bank selection, my bank is not listed. how do you manually enter bank info on the app (not on the computer)? or is it possible? 

I had the same situation and NH said you have to complete an overseas transfer at the branch first then it will appear in your banking app for future transfers. Apparently they have to verify your transfer information for your overseas bank before the money is wired.

Offline KSJ27

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Re: Sending/Transferring Money Home (FAQ)
« Reply #156 on: September 24, 2015, 03:12:43 PM »
I also have NH bank and I have the NH speed banking app. It's in english and pretty simple.. I did have to sent my bank account up for foreign remittance. There are four options on the main screen, info, transactions, frequently-used transfer and transfer with your balance and acct number in the middle. On the top right corner is a menu with more options including remittance. I've sent money home, to others in korea, and my online savings through the app without any issue. You do need your security certificate password and the security number card for transfers.

I downloaded my initial certificate from a form they gave me to my laptop. With trial and error I managed to transfer it to my phone by renewing to get the banking app.

Do you mind if I ask how you got your app to be in English? Thank you in advance!

Offline daechan16

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Re: Sending/Transferring Money Home (FAQ)
« Reply #157 on: September 25, 2015, 08:05:03 AM »
So i went to Nonghyup bank and got set up with internet banking, but instead of getting a usb with the banking certificate the teller installed the banking app for me on my phone. On the app there is a button that says transfer,but when i try to find my bank from the drop menu for bank selection, my bank is not listed. how do you manually enter bank info on the app (not on the computer)? or is it possible? 

I had the same situation and NH said you have to complete an overseas transfer at the branch first then it will appear in your banking app for future transfers. Apparently they have to verify your transfer information for your overseas bank before the money is wired.




this going to bank stuff is out of hand like everytime i needed to do something ive had to leave school early! now i'm afraid my principal is going to get pissed off lol

Offline samsam29

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Re: Sending/Transferring Money Home (FAQ)
« Reply #158 on: January 07, 2016, 10:44:58 PM »
Hey all!

I'm leaving Korea on March 1st and want to have my school admin send my housing deposit to my KB bank (which will be sent 2 weeks after i leave).

Since i already have KB remittance accessible on my iphone, can I still remitt/transfer the last bit of money to my Australian account while i'm back home in Australia? Will the bank let me transfer/remitt while overseas? Or will it decline because my ARC will deactivate once i fly out? Or will it decline because i'm not in Korea?

Offline Pecan

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Re: Sending/Transferring Money Home (FAQ)
« Reply #159 on: January 08, 2016, 03:29:54 AM »
If, indeed, you are referring to a housing deposit, don't leave until you have the money in hand (you hand over the keys/they hand over the money).  However, if what you are actually referring to is a damage deposit, that, too should be returned on the day you leave, so long as you can show proof that all of your outstanding utilities have been paid prior (it isn't difficult to do).

As for KB, no idea.

Good luck.