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Author Topic: Sending/Transferring Money Home (FAQ)  (Read 191310 times)

Offline danitravels

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Re: Wiring / Transferring Large Sums of Money From Korea To Home
« Reply #40 on: February 27, 2012, 10:25:34 AM »
The US account is for receiving transfers, not sending. So check "no" for that option.

Also, if you're sending between 2 citi accounts, it's a citi global transfer, not a wire transfer. That's if it is between two international banks.

Try again!

Offline GregSandford

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Re: Sending/Transferring Money Home (FAQ)
« Reply #41 on: March 01, 2012, 01:01:37 PM »
What are my options in this situation?

I'm leaving Korea tomorrow, maybe for 8 months, but my paycheck arrived late yesterday and I want that money.

I can't do an Overseas Remittance through NH like I usually do because today is a National Holiday.

What should I do?


Offline hildydoo

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Re: Sending/Transferring Money Home (FAQ)
« Reply #42 on: March 01, 2012, 01:13:53 PM »
I have Hana Bank and I recently signed up for the "Waygook guan." (I guess it's a foreign-exchange thing) I signed up for it so that A.) I could use my debit card abroad (which didn't work when I was recently in Thailand), and B.) so I could send money home through the ATM. I got all that set up, but I don't know how to do it!

What I mean is, how do you transfer money home through the atm?? Is it a direct transfer? I just want to know the process of doing it, because I would REALLY like to send money home this way, as it will be easier than walking in to the branch itself. I have online banking set up, but I have three different passwords and I don't know which one goes where. ^^;;

If you guys could help me, that would be great!

Offline Reghardt

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Re: Sending/Transferring Money Home (FAQ)
« Reply #43 on: March 01, 2012, 04:03:33 PM »
I've heard that the best way to transfer money back home is to post an ATM card to someone that you trust back home. Then that person draws money for you and transfers it into your account back home. By doing this, you don't have to pay any transfer costs! Cheapest way to go :)

Offline GregSandford

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Re: Sending/Transferring Money Home (FAQ)
« Reply #44 on: March 01, 2012, 05:04:42 PM »
That could work if my NH card worked overseas. It's a Good idea for next contract is to get the international card.

Offline livingkorean

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Re: Sending/Transferring Money Home (FAQ)
« Reply #45 on: March 05, 2012, 10:19:47 PM »
This is wonderful! It looks like the only bank close to me is NH, so my co-teacher is probably going to take me there to get an account set up. Good to know there's a way to transfer money. But I have a question. Is there anyway for me to transfer money FROM and American bank to a Korean one? Otherwise, I'm going to be going around trying to find an ATM my card will work at.

Offline wijooseon101

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Re: Sending/Transferring Money Home (FAQ)
« Reply #46 on: March 06, 2012, 04:31:39 AM »
I set up a bank account with NH because it the most accessible and since there is an KEB in my own I will set up another bank account there the will be remittance, strictly for the purpose of sending money home.

Offline s2alford

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Re: Sending/Transferring Money Home (FAQ)
« Reply #47 on: March 07, 2012, 07:01:12 PM »
Otherwise, I'm going to be going around trying to find an ATM my card will work at.

Just look for a 7-11 or a Family Mart. They seem to always have ATMs that accept foreign cards.

I set up a special account at KEB that automatically transfers money to my home account when any funds are deposited into it. It works a treat!

Offline livingkorean

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Re: Sending/Transferring Money Home (FAQ)
« Reply #48 on: March 07, 2012, 08:18:27 PM »
Otherwise, I'm going to be going around trying to find an ATM my card will work at.

Just look for a 7-11 or a Family Mart. They seem to always have ATMs that accept foreign cards.

I set up a special account at KEB that automatically transfers money to my home account when any funds are deposited into it. It works a treat!

Hmmm, I don't think there is a 7-11 in my town, but maybe a Family mart. My co-teacher took me to set up a bank account today, and the lady at the desk told her there isn't an International ATM in my town. I'm probably gonna have to travel to Changwon which is about 30 or 40 minutes from me. I assume they will have International ATMs.

But I'll keep a look out for a 7-11 or Family Mart just in case.

Offline gOldenboy

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Re: Sending/Transferring Money Home (FAQ)
« Reply #49 on: March 08, 2012, 02:38:23 PM »
is using western union a viable option?

Offline gangwon

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Re: Sending/Transferring Money Home (FAQ)
« Reply #50 on: March 08, 2012, 03:17:32 PM »
Otherwise, I'm going to be going around trying to find an ATM my card will work at.

Just look for a 7-11 or a Family Mart. They seem to always have ATMs that accept foreign cards.

I set up a special account at KEB that automatically transfers money to my home account when any funds are deposited into it. It works a treat!

Hmmm, I don't think there is a 7-11 in my town, but maybe a Family mart. My co-teacher took me to set up a bank account today, and the lady at the desk told her there isn't an International ATM in my town. I'm probably gonna have to travel to Changwon which is about 30 or 40 minutes from me. I assume they will have International ATMs.

But I'll keep a look out for a 7-11 or Family Mart just in case.

You can use this to find international ATMS...

http://www.mastercard.us/cardholder-services/atm-locator.html

Charlie

Offline livingkorean

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Re: Sending/Transferring Money Home (FAQ)
« Reply #51 on: March 09, 2012, 07:38:56 AM »
Otherwise, I'm going to be going around trying to find an ATM my card will work at.

Just look for a 7-11 or a Family Mart. They seem to always have ATMs that accept foreign cards.

I set up a special account at KEB that automatically transfers money to my home account when any funds are deposited into it. It works a treat!

Hmmm, I don't think there is a 7-11 in my town, but maybe a Family mart. My co-teacher took me to set up a bank account today, and the lady at the desk told her there isn't an International ATM in my town. I'm probably gonna have to travel to Changwon which is about 30 or 40 minutes from me. I assume they will have International ATMs.

But I'll keep a look out for a 7-11 or Family Mart just in case.

You can use this to find international ATMS...

http://www.mastercard.us/cardholder-services/atm-locator.html

Charlie
I have a Visa actually, but someone posted on another topic Visa's website for finding International ATM's. There are multiple in Changwon and at least one in Masan, so I think I'm pretty much covered now. But thanks for this!

Offline yutakalamia

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Re: Wiring / Transferring Large Sums of Money From Korea To Home
« Reply #52 on: March 12, 2012, 10:55:29 AM »
Any advice of an Australian sending money back home - cheapest options? (It for Aussie employed in ROK right now as the aussie dollar is so high so the exchange rate is pitiful when converting KRW to AUD *sigh*)

Hey! I'm Australian too, and I'm just going to open a Citibank account over here, to transfer back to my Citibank at home. It costs us like $15 to receive the funds too, so I really don't want to pay that. Apparently Citibank to Citibank is free, as mentioned previously.

You can open an account online, too, so you should look into it :P

Offline _Omiak_

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Re: Sending/Transferring Money Home (FAQ)
« Reply #53 on: March 12, 2012, 03:17:35 PM »
I set up a special account at KEB that automatically transfers money to my home account when any funds are deposited into it. It works a treat!
Could you go into detail about how exactly you did this? Sounds like a good idea to me.

Offline JL1229

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Re: Sending/Transferring Money Home (FAQ)
« Reply #54 on: March 12, 2012, 08:01:40 PM »
thank you for all the information, esp. KEB and Citi fee transfers. I've been trying to figure out the cheapest way to send money back to the U.S.

Offline _Omiak_

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Re: Sending/Transferring Money Home (FAQ)
« Reply #55 on: March 13, 2012, 07:44:53 AM »
This is wonderful! It looks like the only bank close to me is NH, so my co-teacher is probably going to take me there to get an account set up. Good to know there's a way to transfer money. But I have a question. Is there anyway for me to transfer money FROM and American bank to a Korean one? Otherwise, I'm going to be going around trying to find an ATM my card will work at.
When you find an ATM that works with your US card you can just withdraw a lot of cash and then deposit it using the same ATM into your Korean account. This worked for me at KB anyway.

Offline livingkorean

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Re: Sending/Transferring Money Home (FAQ)
« Reply #56 on: March 13, 2012, 08:02:39 AM »
This is wonderful! It looks like the only bank close to me is NH, so my co-teacher is probably going to take me there to get an account set up. Good to know there's a way to transfer money. But I have a question. Is there anyway for me to transfer money FROM and American bank to a Korean one? Otherwise, I'm going to be going around trying to find an ATM my card will work at.
When you find an ATM that works with your US card you can just withdraw a lot of cash and then deposit it using the same ATM into your Korean account. This worked for me at KB anyway.

Wouldn't I need to get it echanged for won first? I'm at NH, so maybe I have to do it differently.

Offline _Omiak_

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Re: Sending/Transferring Money Home (FAQ)
« Reply #57 on: March 13, 2012, 08:50:04 AM »
This is wonderful! It looks like the only bank close to me is NH, so my co-teacher is probably going to take me there to get an account set up. Good to know there's a way to transfer money. But I have a question. Is there anyway for me to transfer money FROM and American bank to a Korean one? Otherwise, I'm going to be going around trying to find an ATM my card will work at.
When you find an ATM that works with your US card you can just withdraw a lot of cash and then deposit it using the same ATM into your Korean account. This worked for me at KB anyway.


Wouldn't I need to get it echanged for won first? I'm at NH, so maybe I have to do it differently.

With my bank I'm able to withdraw Korean Won. They just charge me a 1% conversion fee anytime I'm withdrawing anything that's not USD. I know that when I lived in England some other people from the US got a 10-15$ conversion fee each time they withdrew anything in GBP so they took out large sums of cash each time. It can differ depending on your bank I guess but I'm pretty sure most banks will let you withdraw in other currencies (provided of course that the ATM here works internationally).

Another thing I've noticed is that a few ATMs labeled "Global ATM" don't work with my US card. So far I've found that KEB and KB both work. KEB charges me a 3000 won fee whereas KB does not (or at least the ATM doesn't notify me of it).

Offline livingkorean

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Re: Sending/Transferring Money Home (FAQ)
« Reply #58 on: March 13, 2012, 09:09:41 AM »
This is wonderful! It looks like the only bank close to me is NH, so my co-teacher is probably going to take me there to get an account set up. Good to know there's a way to transfer money. But I have a question. Is there anyway for me to transfer money FROM and American bank to a Korean one? Otherwise, I'm going to be going around trying to find an ATM my card will work at.
When you find an ATM that works with your US card you can just withdraw a lot of cash and then deposit it using the same ATM into your Korean account. This worked for me at KB anyway.


Wouldn't I need to get it echanged for won first? I'm at NH, so maybe I have to do it differently.

With my bank I'm able to withdraw Korean Won. They just charge me a 1% conversion fee anytime I'm withdrawing anything that's not USD. I know that when I lived in England some other people from the US got a 10-15$ conversion fee each time they withdrew anything in GBP so they took out large sums of cash each time. It can differ depending on your bank I guess but I'm pretty sure most banks will let you withdraw in other currencies (provided of course that the ATM here works internationally).

Another thing I've noticed is that a few ATMs labeled "Global ATM" don't work with my US card. So far I've found that KEB and KB both work. KEB charges me a 3000 won fee whereas KB does not (or at least the ATM doesn't notify me of it).

I actually meant once I withdraw from my American bank, do I not need to exchange my money for won before turning around and putting it into my Korean bank account? Or does it automatically take care of that for you at the ATM?

Offline _Omiak_

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Re: Sending/Transferring Money Home (FAQ)
« Reply #59 on: March 13, 2012, 02:07:26 PM »
It should automatically convert your money to won when you withdraw money from your US account at a Korean ATM.