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Author Topic: Sending/Transferring Money Home (FAQ)  (Read 191378 times)

Offline LaChaca

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Re: Sending/Transferring Money Home (FAQ)
« Reply #160 on: January 09, 2016, 05:49:32 PM »
When you wire money home, do you get a better exchange rate? What is the exchange rate for KRW to USD IN Korea?

Offline tamjen

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Re: Sending/Transferring Money Home (FAQ)
« Reply #161 on: January 09, 2016, 06:26:18 PM »
Check www.xe.com for exchange rates between every currency that could possibly matter.

Personally, I got an account at KEB Bank that is directly linked to a bank account in Canada. It was very easy to set up, KEB are great for this type of thing and dealing with foreigners.

Any money transferred or deposited into that account automatically gets transferred to a recipient account wherever you want. I use the ATM at NH Bank and transfer money to KEB bank and zip, off it goes to Canada for a very very low fee.
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Offline SteveP

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Re: Sending/Transferring Money Home (FAQ)
« Reply #162 on: January 25, 2016, 10:36:47 AM »
The exchange rate is not great now. I'm leaving Korea in a few months and want to get a better rate for when I send all my savings home. I'm getting creative.

I was thinking about parking my won deposits in a Korean Citibank account until the exchange rate improves, then transfer it all into a linked American account where it becomes USD from an American branch. But I have a crucial question...

Looking for advice from CitiBank linked-account users on this--

Can you keep your Korean CitiBank account open and accessible after you have left Korea and submitted your ARC?

Nuanced question, I know, but it'll be a few weeks until I can visit a branch and ask such a question directly.


nespeaker

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Re: Sending/Transferring Money Home (FAQ)
« Reply #163 on: January 25, 2016, 11:34:04 AM »
The exchange rate is not great now. I'm leaving Korea in a few months and want to get a better rate for when I send all my savings home. I'm getting creative.

I was thinking about parking my won deposits in a Korean Citibank account until the exchange rate improves, then transfer it all into a linked American account where it becomes USD from an American branch. But I have a crucial question...

Looking for advice from CitiBank linked-account users on this--

Can you keep your Korean CitiBank account open and accessible after you have left Korea and submitted your ARC?

Nuanced question, I know, but it'll be a few weeks until I can visit a branch and ask such a question directly.

I went and visited a Korean CitiBank as I thought I would do the same thing. However, there was a 35,000 won fee they wanted upfront to get a Visa debit card for usage in America. They said something else that made me tear up the entire application in front of them. I didn't like something about their terms, I can't remember what it was.

So, I'm going to keep my NH account and take money out of that while in America as my Visa with NH already works in America.

Offline Horsey

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Re: Sending/Transferring Money Home (FAQ)
« Reply #164 on: March 08, 2016, 09:16:59 PM »
Does anyone from the UK use KB (Kookmin) to send money home?

Tried it last week for exactly 1000 pound on that day's exchange rate. My KB receipt promised only 985 pound. Then I received only 973 pound.

Has something similar happened to anyone else? Just wondering because 2.7% is a big loss if you send all your savings when you leave Korea!

KB only charges 5000W per transaction. My UK bank doesn't charge to receive CHAPS (or SWIFT) payments.





Offline AngryTypingGuy

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Re: Sending/Transferring Money Home (FAQ)
« Reply #165 on: March 15, 2016, 02:57:15 PM »
I tried getting assistance from Woori Bank's help line but some new guy was taking phone calls this time and he was totally incompetent.

I'm trying to send money to my US bank account using my Woori's mobile banking app. I visited the branch yesterday and they said everything would be setup by today. I've sent money in the past by visiting the branch so they already had all my info (e.g. passport, account #, etc.).

As an F4, which of the following would I select?
  • Remittance that doesn't require supporting documents
  • Remittance for person staying abroad
  • Remittance for a foreigner/non-resident domestic income

Offline grey

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Re: Sending/Transferring Money Home (FAQ)
« Reply #166 on: March 25, 2016, 12:14:01 AM »
Does anyone know if there is a bank that operates like Citi (super cheap wire transfers) for Canadians? So, a bank whose international operations are connected.

I see HSBC (premier?) is a possibility.

I saw a TD sign somewhere, but I don't think it's applicable.
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Offline KimDuHan

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Re: Sending/Transferring Money Home (FAQ)
« Reply #167 on: March 25, 2016, 04:44:56 AM »
Does anyone know if there is a bank that operates like Citi (super cheap wire transfers) for Canadians? So, a bank whose international operations are connected.

I see HSBC (premier?) is a possibility.

I saw a TD sign somewhere, but I don't think it's applicable.

Actually if you have a TD bank in Canada the transfer fee is 10,000 won. I don't have a TD account in Canada so I transfer with woori. The transfer fee is about 20,000 won. So when your sending any amount over 1,000,000 won the transfer fee is negligible.

ChrisKorea

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Re: Sending/Transferring Money Home (FAQ)
« Reply #168 on: March 25, 2016, 05:46:59 AM »
Does anyone know if there is a bank that operates like Citi (super cheap wire transfers) for Canadians? So, a bank whose international operations are connected.

I see HSBC (premier?) is a possibility.

I saw a TD sign somewhere, but I don't think it's applicable.

Actually if you have a TD bank in Canada the transfer fee is 10,000 won. I don't have a TD account in Canada so I transfer with woori. The transfer fee is about 20,000 won. So when your sending any amount over 1,000,000 won the transfer fee is negligible.

I have BMO, and for some reason they do not charge me a transfer fee. I get a fee from NH on this end, but not from BMO.

Offline sandwich31

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Re: Sending/Transferring Money Home (FAQ)
« Reply #169 on: March 25, 2016, 09:01:57 AM »
Does anyone from the UK use KB (Kookmin) to send money home?

Tried it last week for exactly 1000 pound on that day's exchange rate. My KB receipt promised only 985 pound. Then I received only 973 pound.

Has something similar happened to anyone else? Just wondering because 2.7% is a big loss if you send all your savings when you leave Korea!

KB only charges 5000W per transaction. My UK bank doesn't charge to receive CHAPS (or SWIFT) payments.

My bank charges me 12 pounds to receive transfers from Korea. Are you sure that your UK bank doesn't charge to receive it?

Offline KimDuHan

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Re: Sending/Transferring Money Home (FAQ)
« Reply #170 on: March 25, 2016, 12:11:10 PM »
Does anyone know if there is a bank that operates like Citi (super cheap wire transfers) for Canadians? So, a bank whose international operations are connected.

I see HSBC (premier?) is a possibility.

I saw a TD sign somewhere, but I don't think it's applicable.

Actually if you have a TD bank in Canada the transfer fee is 10,000 won. I don't have a TD account in Canada so I transfer with woori. The transfer fee is about 20,000 won. So when your sending any amount over 1,000,000 won the transfer fee is negligible.

I have BMO, and for some reason they do not charge me a transfer fee. I get a fee from NH on this end, but not from BMO.

With Woori bank the lady explained to me I can either pay 20,000 won in Korea or the equivalent from my bank. I phoned my bank and they would charge 50$ Cad. So I opted for 20,000won. My bank in Canada just deposits the money no questions asked.

YoungMin

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Re: Sending/Transferring Money Home (FAQ)
« Reply #171 on: March 25, 2016, 12:45:41 PM »
Does anyone from the UK use KB (Kookmin) to send money home?

Tried it last week for exactly 1000 pound on that day's exchange rate. My KB receipt promised only 985 pound. Then I received only 973 pound.

Has something similar happened to anyone else? Just wondering because 2.7% is a big loss if you send all your savings when you leave Korea!

KB only charges 5000W per transaction. My UK bank doesn't charge to receive CHAPS (or SWIFT) payments.

My bank charges me 12 pounds to receive transfers from Korea. Are you sure that your UK bank doesn't charge to receive it?

What bank are you with? I have Natwest and Barclays and they both charge 12 quid for international transfers over 100pound.

You either have to pay more than w5000 on the Korean side or w5000 + the UK side. And sometimes KB do silly things and send it through an intermediary bank that take a slice.

On a side note the exchange rate right now is immense. I wish I was cashing out.

Offline AngryTypingGuy

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Re: Sending/Transferring Money Home (FAQ)
« Reply #172 on: March 31, 2016, 12:36:19 AM »
Between KEB and Citibank, which one is cheaper?

Offline nomadicmadda

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Re: Sending/Transferring Money Home (FAQ)
« Reply #173 on: March 31, 2016, 08:11:46 AM »
Anyone bank with Nonghyup and use the NH1 remittance account?  I sent home 2mil KRW on March 17 (which I have done in the past without issue) and it has yet to show up.....it definitely came out of my regular NH account...

Anyone had previously super-delayed transfers with them before?  Usually it takes a week at the most.  I'm going to have my father contact my bank in the US and see if there's anything holding it up on their end, as I'm dreading having to battle through a problem on the Korean side... :rolleyes:

Offline khalavala

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Re: Sending/Transferring Money Home (FAQ)
« Reply #174 on: March 31, 2016, 08:17:37 AM »
Anyone bank with Nonghyup and use the NH1 remittance account?  I sent home 2mil KRW on March 17 (which I have done in the past without issue) and it has yet to show up.....it definitely came out of my regular NH account...

Anyone had previously super-delayed transfers with them before?  Usually it takes a week at the most.  I'm going to have my father contact my bank in the US and see if there's anything holding it up on their end, as I'm dreading having to battle through a problem on the Korean side... :rolleyes:

No problems on my end but generally I use the machine in the bank rather than doing it online. That and I have it automated to send money back.

Offline nomadicmadda

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Re: Sending/Transferring Money Home (FAQ)
« Reply #175 on: March 31, 2016, 11:38:15 AM »
Anyone bank with Nonghyup and use the NH1 remittance account?  I sent home 2mil KRW on March 17 (which I have done in the past without issue) and it has yet to show up.....it definitely came out of my regular NH account...

Anyone had previously super-delayed transfers with them before?  Usually it takes a week at the most.  I'm going to have my father contact my bank in the US and see if there's anything holding it up on their end, as I'm dreading having to battle through a problem on the Korean side... :rolleyes:

No problems on my end but generally I use the machine in the bank rather than doing it online. That and I have it automated to send money back.

I do it on my phone and have never had a problem :sad:  Not sure what's making it act up this time...  :cry:

ChrisKorea

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Re: Sending/Transferring Money Home (FAQ)
« Reply #176 on: March 31, 2016, 12:13:23 PM »
Because of Easter it has only been seven or eight business since the 17th, so there may be a delay.

Offline khalavala

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Re: Sending/Transferring Money Home (FAQ)
« Reply #177 on: March 31, 2016, 12:23:06 PM »
Because of Easter it has only been seven or eight business since the 17th, so there may be a delay.

It shouldn't even take that long, my money transfers within a day. I'll get a notification on my phone during the day time here in Korea that my money transfered, then when Canadian banks open at 9am or w/e time it is I check online and the money is there.

sarahsliz

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Re: Sending/Transferring Money Home (FAQ)
« Reply #178 on: March 31, 2016, 01:52:47 PM »
Nomadicmadda, did you get an email on the 17th telling you that a transfer was initiated?  (Just curious..)  Either way, I'd contact NH to see what's going on.  This doesn't seem normal.

I'm surprised that it usually takes up to a week to receive.  If I transfer (via ATM) before 2pm, I get an email that afternoon that says funds are being transferred.  The next business day, the deposit is processed by my bank in the US.  All in all, it takes less than 24 hours to transfer.



ChrisKorea

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Re: Sending/Transferring Money Home (FAQ)
« Reply #179 on: March 31, 2016, 01:55:58 PM »
When I transfer, I get a text the same day from NH telling me the transfer has occurred, but it doesn't get posted to my Canadian account until a few days later. The longest it has been was five business days.