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All about South Korea => Life in Korea => Topic started by: Lee Jal Seng on June 07, 2012, 12:41:28 pm

Title: citibank online transfer rules
Post by: Lee Jal Seng on June 07, 2012, 12:41:28 pm
I just sent money home using citibank and it was very effective.
must have Korean citi acct. and US citi acct. (which you can start by using family member's US address)
then start online banking for both and you are on your way.
FREE and INSTANT transfer.  NO middleman fee, and the money was in my acct within 1 minute.  Even I was surprised, as I figured there would be some problem arising from the Korean citi acct or something.  But nothing. Just free instant transfer and no speaking to a lame bank teller in konglish for 45 minutes.   
http://jefferyma.blogspot.kr/2012/02/how-to-get-free-transfer-from-south.html
Title: Re: citibank online transfer rules
Post by: confusedsafferinkorea on June 07, 2012, 01:18:08 pm
Thanks for the tip, I use KEB and they are great but of course you have to pay the other bank in my home country (South Africa). There are Citibanks in SA and I am wondering if it is free too to SA and the Philippines (or only to the US). I have a Citibank account here as well. If anyone knows please let me know.
Title: Re: citibank online transfer rules
Post by: Lee Jal Seng on June 07, 2012, 02:52:30 pm
Thanks for the tip, I use KEB and they are great but of course you have to pay the other bank in my home country (South Africa). There are Citibanks in SA and I am wondering if it is free too to SA and the Philippines (or only to the US). I have a Citibank account here as well. If anyone knows please let me know.
From what they told me, Citi------>Citi transfers are free anywhere around the world.  I've only tried Korea to USA, but it worked so I think it's pretty legit.
Title: Re: citibank online transfer rules
Post by: confusedsafferinkorea on June 07, 2012, 03:26:30 pm
Thanks, I will look into it, perhaps it works everywhere, that would be great.
Title: Re: citibank online transfer rules
Post by: ses1985 on June 27, 2012, 06:09:21 pm
Yup its awesome! My school pays into a KEB account and then I transfer to my korean citi bank account and then do a global transfer to my US cit bank account. The WHOLE process is free :-) After a while all the fees and stuff add up, especially the terrible transfer rates lately!
Title: Re: citibank online transfer rules
Post by: Lee Jal Seng on June 27, 2012, 08:53:33 pm
Yup its awesome! My school pays into a KEB account and then I transfer to my korean citi bank account and then do a global transfer to my US cit bank account. The WHOLE process is free :-) After a while all the fees and stuff add up, especially the terrible transfer rates lately!

Yeah, exchange rates already eat enough of my salary....I don't want to pay extra fees and citibank's global transfer is pretty damn sweet because it's FREE.  Also, it's in my US citi acct within minutes.  This is probably one of the best kept secrets among the waygooks.  Everyone uses KEB or NH and pays the fees and waits 48 hours.  There's really no need to do that these days.  CITI, people!
Title: Re: citibank online transfer rules
Post by: rach229 on June 28, 2012, 08:50:58 am
My friend told me about this and I signed up for a Korean citibank account. I have yet to sign up for a US account yet because I am having problems with the online banking. I went to try and figure out how to do an online transfer and it said web members cannot access that area. When I tried to called the English service they asked for my CIS number and and after 5 minutes of me continually hitting 0 (because usually when you hit 0 you are just transferred to a person) and then the automated service said they would connect me to someone but then hung up on me. I just tried last night but I am already frustrated! How did you set up online transfer? I talked to my friend and I have already had problems that he never had. I have terrible luck  :(
Title: Re: citibank online transfer rules
Post by: Engrish on June 28, 2012, 09:11:22 am
For those of you who have NH, how do you transfer money from NH to CitiKorea?
My work hours are 8-5 and I was only able to open the Citibank account on a red day.
Title: Re: citibank online transfer rules
Post by: rach229 on June 28, 2012, 09:14:36 am
For those of you who have NH, how do you transfer money from NH to CitiKorea?
My work hours are 8-5 and I was only able to open the Citibank account on a red day.

You can do it via ATM! All you need is your citibank account number and then just do a transfer at the ATM. It is super easy. I was just charged 900won to transfer between banks!
Title: Re: citibank online transfer rules
Post by: Engrish on June 28, 2012, 09:20:07 am
For those of you who have NH, how do you transfer money from NH to CitiKorea?
My work hours are 8-5 and I was only able to open the Citibank account on a red day.

You can do it via ATM! All you need is your citibank account number and then just do a transfer at the ATM. It is super easy. I was just charged 900won to transfer between banks!

D'oh! I literally just smacked my head for not thinking of something so obvious. I will do this today, thanks!!
Title: Re: citibank online transfer rules
Post by: rach229 on June 28, 2012, 10:37:12 am
For those of you who have NH, how do you transfer money from NH to CitiKorea?
My work hours are 8-5 and I was only able to open the Citibank account on a red day.

You can do it via ATM! All you need is your citibank account number and then just do a transfer at the ATM. It is super easy. I was just charged 900won to transfer between banks!

D'oh! I literally just smacked my head for not thinking of something so obvious. I will do this today, thanks!!

It is ok! I have had those moments too! My issue is trying to transfer money online from the CitiKorea to CitiUS! I haven't opened an account yet in the US because I wanted to figure out how to do an online transfer first. So far no luck, it just tells me I'm not allowed to access transfers. If you figure this out please let me know! It is probably some super easy fix and I will go "d'oh" and smack myself in the head!
Title: Re: citibank online transfer rules
Post by: Lee Jal Seng on June 28, 2012, 10:38:53 am
My friend told me about this and I signed up for a Korean citibank account. I have yet to sign up for a US account yet because I am having problems with the online banking. I went to try and figure out how to do an online transfer and it said web members cannot access that area. When I tried to called the English service they asked for my CIS number and and after 5 minutes of me continually hitting 0 (because usually when you hit 0 you are just transferred to a person) and then the automated service said they would connect me to someone but then hung up on me. I just tried last night but I am already frustrated! How did you set up online transfer? I talked to my friend and I have already had problems that he never had. I have terrible luck  :(

You absolutely can set up online banking with your korean Citi acct.   BUT, it is a little complicated.  You have to install a bunch of security features on your computer and use a little password card they gave you at the bank.  Take a Korean friend or co-worker there (just offer them luinch to help you or something) and they will get it straightened out.
Title: Re: citibank online transfer rules
Post by: rach229 on June 28, 2012, 11:48:01 am
My friend told me about this and I signed up for a Korean citibank account. I have yet to sign up for a US account yet because I am having problems with the online banking. I went to try and figure out how to do an online transfer and it said web members cannot access that area. When I tried to called the English service they asked for my CIS number and and after 5 minutes of me continually hitting 0 (because usually when you hit 0 you are just transferred to a person) and then the automated service said they would connect me to someone but then hung up on me. I just tried last night but I am already frustrated! How did you set up online transfer? I talked to my friend and I have already had problems that he never had. I have terrible luck  :(

You absolutely can set up online banking with your korean Citi acct.   BUT, it is a little complicated.  You have to install a bunch of security features on your computer and use a little password card they gave you at the bank.  Take a Korean friend or co-worker there (just offer them luinch to help you or something) and they will get it straightened out.

Oh I have all that done. I sign on to my online banking and can see my balance but when I click on a transfer or overseas remittance it says that web members are not allowed access. This is where I am frustrated and confused.
Title: Re: citibank online transfer rules
Post by: Lee Jal Seng on June 29, 2012, 12:30:54 am
hmm yeah that is very strange.  I click on remittance/transfers and go to "citibank global transfers" and it works fine.  Just enter my US acct # and home address, etc....Maybe go into the bank with a laptop or tablet and show them the problem?
Title: Re: citibank online transfer rules
Post by: alljokingaside on June 29, 2012, 03:17:08 pm
ERGH. SERIOUSLY>!?!?!?

I asked Citi Korea this when I first moved here and the teller told me it was like 50,000 W per transfer to a Citi account in the States.
Title: Re: citibank online transfer rules
Post by: Orson on July 10, 2012, 12:05:25 pm
Quote
I asked Citi Korea this when I first moved here and the teller told me it was like 50,000 W per transfer to a Citi account in the States.

I was told by Citibank US that they charge $10 to receive an incoming transfer, no matter if the sending bank is a Citibank or not.  Not that it means anything, since I don't trust the teenage customer service agents who undoubtedly work there to spend too much time finding the correct answer to such a relatively obscure question.

I'm going to open a Citibank account, since I'm tired of losing about $40 bucks a month on KEB's transfer to my home bank.  Can anyone recommend a Citibank branch in Seoul?  I have one in my town, but I'd rather open an account at one where I was confident in their English-speaking skills. 
Title: Re: citibank online transfer rules
Post by: Lee Jal Seng on July 10, 2012, 01:30:33 pm
This is absolutely not true.  I COMPLETED THE CITI TRANSFER LAST MONTH for 6 million won and it was absolutely free of any charges/transfer fees.  Exchange rate was up to the minute and there were ZERO fees.  Money was in my acct. within minutes.
Title: Re: citibank online transfer rules
Post by: rach229 on July 11, 2012, 01:00:11 pm
YAY! I finally figured it all out! There are two different ways to sign on to the online banking for the Korean site. There is a Web member sign on and then internet banking sign on. I didn't see the internet banking sign on at first. In order to send money overseas you have to sign on to the internet banking and not the web member log-on. In case anyone else was as confused and frustrated as I was... or maybe I'm just and idiot :(
Title: Re: citibank online transfer rules
Post by: chicagoaninkorea90 on February 06, 2013, 09:08:55 pm
WOW all I have to say is that this was SOOOOO WORTH the hassle of signing up for internet banking and EVERYTHING. Just sent money home and it was in my U.S. Citibank account instantaneously!! I am SOOO happy I signed up for U.S. Citibank before I came to Korea (especially when I found out my school only lets us teachers open up Korean Citibank Accounts!)
Title: Re: citibank online transfer rules
Post by: rphofer on August 28, 2013, 01:27:36 pm
What browser are you guys using to access online banking?  Mac Firefox doesn't seem to be working.  I have my USB key when I accessed the site at a PC Room, but at home I can't access my account.
Title: Re: citibank online transfer rules
Post by: MayorHaggar on August 28, 2013, 03:39:06 pm
If a Korean website is acting weird, try using it with Internet Explorer, preferably some antiquated version like IE6 or 8. Also be careful because it will try to install a bunch of borderline spyware "anti-virus" or "security" programs, so turn on your pop-up blocker. Yep, all the hokum about Korea's internet being cutting-edge is BS.

I need to look into this Citibank runaround thing, I guess making a US account online even while here should be easy. Probably much harder to walk into a Citibank here and bend them to your will so the account actually participates in the global banking network. NH sure doesn't, despite the Visa on their cards.
Title: Re: citibank online transfer rules
Post by: ryguyi87 on July 22, 2014, 01:08:34 pm
Does anyone know what the penalty/fine will be if I open and close a Korean Citi bank account all within one month?

I have just opened a U.S. one and plan on opening a Korean one next week. I just want it to get my money home, since I'm leaving Korea in a month. But, will it cost me much to close out the Korean account, anyone know?
Title: Re: citibank online transfer rules
Post by: gotngoidea on July 22, 2014, 02:51:55 pm
Transfers are 5,000원 (five thousand won) to Australian Citibanks.
You can choose if the fee comes out of your Korean account or your Australian account.
Super convenient and cheap when you know the exchange rate is really good.

The Citibank online remittance is a bit complicated. Apparently Korean Citibank is not part of the Global Citibank network.
I had to send my money as a 'remittance' and it worked pretty well. You need is the address and swift codes of your main bank back home and your residential address your Korean Citibank is registered under.
Title: Re: citibank online transfer rules
Post by: amya on July 22, 2014, 03:29:57 pm
Don't forget that you have to sign up to do the global remittance. That might be why you can't access that info.

And use Citibank Global remittance and it should work.
Title: Re: citibank online transfer rules
Post by: Artisis on July 22, 2014, 03:55:41 pm
With all this talk about free transfers (I am currently with US bank and NH), I am planning on opening a US citibank account when I visit home this summer. Is it possible to open a Korean citibank account while in the United States? A few said they have opened US accounts in Korea.
Title: Re: citibank online transfer rules
Post by: alexc2000 on July 30, 2014, 11:24:55 pm
Also beware of monthly fees:
http://www.consumerismcommentary.com/citibank-charge-20-checking-account/

For example, the savings plus account has a monthly fee of $20 if your balance is below $15,000.
Title: Re: citibank online transfer rules
Post by: iamrhart on July 31, 2014, 07:27:03 am
With all this talk about free transfers (I am currently with US bank and NH), I am planning on opening a US citibank account when I visit home this summer. Is it possible to open a Korean citibank account while in the United States? A few said they have opened US accounts in Korea.

no. to open a citibank for a Korea, you must go (in person) to citibank. it sucks, but thems the rules.  i had a hard time doing it, because there are no branches close to where i am. the nearest one is two hours away...grrrr.

as for the USA side, i ended up having a family member open the account, and transfer to them. turned out to be a headache, but yes, we didnt pay a 'middle bank' fee
Title: Re: citibank online transfer rules
Post by: raider576 on August 01, 2014, 10:21:22 am
I'm touching upon a few things that I didn't see anyone mention yet.

1) Citibank America and maybe others have fees.  Someone mentioned the 15,000 limit but the most basic checking account requires 1,500 dollars or a $10 fee to my recollection.  I use it but haven't been below the threshold in some time.  This is about what  most people will spend a month if they send money home anyway. 

2) there are at least two ways to send money.  Citibank global transfer which is free (up to 1000 dollars a day and 5000 or 10,000 a month). Also there are wire transfers which still impose fees.  You can't break the global transfer limit by paying, if you want to send more money at once or in a month you must use a wire transfer.
Title: Re: citibank online transfer rules
Post by: ricosuavez on August 05, 2014, 06:32:06 am
I'm trying to set up a citibank account, but there are no actual citibank offices in my state (Colorado). I tried to sign up online, but there's a check box that asks if I plan on making foreign transfers. When I check the box, the site says I must sign up in person, at an actual bank location.

Any one else having this issue? or know how to get around it?

Thanks!
Title: Re: citibank online transfer rules
Post by: vanzant on August 05, 2014, 07:47:15 am
I'm trying to set up a citibank account, but there are no actual citibank offices in my state (Colorado). I tried to sign up online, but there's a check box that asks if I plan on making foreign transfers. When I check the box, the site says I must sign up in person, at an actual bank location.

Any one else having this issue? or know how to get around it?

Thanks!

You should not check that box.   That account will not be sending money internationally.  You will only be receiving money so you do not need to check that box. :)
Title: Re: citibank online transfer rules
Post by: ricosuavez on August 10, 2014, 12:36:59 am
Thank you! problem solved
Title: Re: citibank online transfer rules
Post by: MissPham on March 03, 2015, 10:12:42 am
Can someone do a step by step process on global transfer reminttance thing? I came up to the part where it says intermediate fee charged: click applicant or beneficiary. I have no clue what this charge is for.
Title: Re: citibank online transfer rules
Post by: farzshmarz on March 03, 2015, 11:07:37 am
Can someone do a step by step process on global transfer reminttance thing? I came up to the part where it says intermediate fee charged: click applicant or beneficiary. I have no clue what this charge is for.

This site has the best explanation.
http://jefferyma.blogspot.kr/2012/02/how-to-get-free-transfer-from-south.html

Title: Re: citibank online transfer rules
Post by: nermal on March 03, 2015, 11:59:38 am
FYI US Citi slightly increased the monthly basic checking account fee from $10 to $12. So keep that balance above $1500. 
Title: Re: citibank online transfer rules
Post by: kjritchhart on March 03, 2015, 12:14:36 pm
Does anyone know Citibank Koreas hours?
Title: Re: citibank online transfer rules
Post by: slycordinator on March 03, 2015, 12:23:34 pm
FYI US Citi slightly increased the monthly basic checking account fee from $10 to $12. So keep that balance above $1500.
Though, I read that they also let you keep it free if you make one or two (depending on account) payments through their e-payment service if you don't have $1500 in the account.
Title: Re: citibank online transfer rules
Post by: nermal on March 03, 2015, 01:21:20 pm
FYI US Citi slightly increased the monthly basic checking account fee from $10 to $12. So keep that balance above $1500.
Though, I read that they also let you keep it free if you make one or two (depending on account) payments through their e-payment service if you don't have $1500 in the account.

Possibly. I only know the basic checking account. You can waive the fee with it as well with an e-payment but you also must have a direct deposit. I think I've read somewhere there's a savings account or another account that was easier to dodge fees with so you're probably right.
Title: Re: citibank online transfer rules
Post by: slycordinator on March 03, 2015, 01:46:06 pm
FYI US Citi slightly increased the monthly basic checking account fee from $10 to $12. So keep that balance above $1500.
Though, I read that they also let you keep it free if you make one or two (depending on account) payments through their e-payment service if you don't have $1500 in the account.

Possibly. I only know the basic checking account. You can waive the fee with it as well with an e-payment but you also must have a direct deposit. I think I've read somewhere there's a savings account or another account that was easier to dodge fees with so you're probably right.
They have an "access account" with a $10 monthly fee, but with needing only to perform direct deposit, a qualifying bill payment through their service, or have $1500+ in the account.
Title: Re: citibank online transfer rules
Post by: runnershigh17 on March 03, 2015, 02:44:41 pm
FYI a citibank savings account only has a $500 balance required to avoid fees.
Title: Re: citibank online transfer rules
Post by: afheil89 on September 11, 2015, 10:43:03 am
Just wanted to say thank you guys for this discussion! I opened a citibank account in america online and a citibank account here, and it's been a lifesaver. It's so much more convienent and cheaper. It was a hassle opening the citibank in korea of course, because they making opening bank accounts the hardest thing ever, but it was worth it.
Title: Re: citibank online transfer rules
Post by: 감자탕 on September 11, 2015, 01:50:43 pm
FYI a citibank savings account only has a $500 balance required to avoid fees.

I second this. I chatted with a representative last week and their basic savings account only requires you to hold $500. 

Has anyone had their account suspended after opening from Korea using a VPN.  I've heard of this happening, but haven't read it myself personally.  If anyone has some success stories please share your experience. 

I recently open a charles schwab account, and had it suspended until I could show up in person at a physical location and show ID
Title: Re: citibank online transfer rules
Post by: hiphopopotamus on September 27, 2016, 07:30:36 am
Hey everyone,
I recently set up my Citibank in both the US and Korea. I've funded both and already transferred money from Korea to the US account via ATMs in Korea. I'm in the states now looking to transfer online, but I keep getting a prompt on citibank.co.kr when trying to transfer which says "incorrect account number" in regards to my US account.

Has anyone else run across this? This is my first time doing an online transfer. I know the account number is fine because it's worked at ATMS already for transfers. Any advice?

Title: Re: citibank online transfer rules
Post by: hellokitty814 on October 06, 2016, 07:41:42 am
When I've had problems in the past with transferring from my Citibank Korea account to my Citibank USA account, I've just called the Citibank Korea English customer service center. They're super helpful and have always resolved my problems. Their phone number is: 02-3704-7711. I would assume that you could call from outside of Korea by adding the +82 country code.

In regards to your problem, I had a similar error when I tried to transfer online my first time. Did you install all of the security certificates? That was my problem the first time, and the customer service representative walked me through the installations and it works fine every time now! Also, be sure that you're using internet explorer and that you are transferring via the FX/Global tab. Hope this helps : )
Title: Re: citibank online transfer rules
Post by: DutchTeacher on October 06, 2016, 08:29:16 am
Just wanted to throw some info out there for anyone. I spent about 4 hours total dealing with CITI Korea in terms of either opening an account (2.5 hours), and trying to set up online banking (1.5 hours). It was a headache but in the end their staff were super helpful and patient. I had to have them do a remote access on my laptop to set up online banking. I also did everything with no Korean help, so maybe that was why it took longer.

Anyways, I found out some interesting info-  you cannot do an overseas remittance on the weekend via the ATM. Only from Monday- Friday from 9:10 am- 10pm. This was the info I was given from the rep when they helped me set up my online banking. Also, she mentioned you cannot link the USA account to he korean one. I read through some of the previous replies, that said you could back then. Unsure why not now. I also didn't see anything on the USA citi site for Korea.

Also, and I think this is true for all Korean banks; if you withdraw your money from your NH account or any other Korean bank, and deposit into your Citi account straight away, you must wait 30 minutes to an hour before doing an ATM transfer to your overseas account. This happened to me a few weeks ago and I kept getting an error message at the ATM. I was told to come back later to do my remittance.

Hope this info is helpful.
Title: Re: citibank online transfer rules
Post by: YoungMin on October 06, 2016, 11:48:42 am
Citibank are the best imho.
Title: Re: citibank online transfer rules
Post by: menarcmh on November 14, 2016, 01:15:57 pm
I'm considering going the Citi route for transferring money back to the USA.

Does anyone know if this entire process can be done online, not at an ATM, and not going to the bank?

NH -> CitiKorea -> Citi (in USA) -> my own USA bank

Does anyone know the complete amount of fees, exchange rate charges, percentages, etc. taken out to complete the process?

I've seen anywhere from 4,000KRW to 25,000 KRW.

Also, I live in a small town, does anyone know if it's possible to open a CitiKorea account online or over the phone?

Has anyone tried doing NH Online Overseas Remittance in comparison with this process? Has anyone compared the end costs/fees and amount of time until the transfer is received?

Has anyone compared the Citi process and the NH online overseas remittance process with using a middleman korean bank like KB or KEB to compare the fees and time it takes to complete?

Thank you for the help!
Title: Re: citibank online transfer rules
Post by: looking5ward on November 21, 2016, 09:53:23 am
NH -> CitiKorea -> Citi (in USA) -> my own USA bank

Has anyone compared the Citi process and the NH online overseas remittance process with using a middleman korean bank like KB or KEB to compare the fees and time it takes to complete?

Bumping because same question!
Title: Re: citibank online transfer rules
Post by: afheil89 on November 21, 2016, 11:13:56 am
I'm considering going the Citi route for transferring money back to the USA.

Does anyone know if this entire process can be done online, not at an ATM, and not going to the bank?

NH -> CitiKorea -> Citi (in USA) -> my own USA bank

Does anyone know the complete amount of fees, exchange rate charges, percentages, etc. taken out to complete the process?

I've seen anywhere from 4,000KRW to 25,000 KRW.

Also, I live in a small town, does anyone know if it's possible to open a CitiKorea account online or over the phone?

Has anyone tried doing NH Online Overseas Remittance in comparison with this process? Has anyone compared the end costs/fees and amount of time until the transfer is received?

Has anyone compared the Citi process and the NH online overseas remittance process with using a middleman korean bank like KB or KEB to compare the fees and time it takes to complete?

Thank you for the help!

I do the whole citibank global transfer process online.
I'm not really sure about KB but I used to do remittance through woori bank, also my boyfriend has used Shinhan, and then I tried KEB, and citibank is the cheapest because there isn't any fees to send it back.  The transfer is instantaneous as well. You don't have to wait a day or whatever that I had to wait when it was a regular remittance through woori and KEB. Citibank to citibank is called a global transfer so the money is in your account instantaneously.

Also its good because then you can send back money at any time of the month, since there's no fees, as long as its $100. So its not like you have to wait for one big transfer when you get paid.  From your citibank america account you can set up external transfers to other banks (I send the money to charles schwab and capital one) and these are free as well.

If you want the cheapest citibank account in America get the access checking account. If you make one bill pay online (like to your credit card or fed loans) on citibank america then you have $0 fees.
Title: Re: citibank online transfer rules
Post by: klx001 on November 21, 2016, 02:42:40 pm
I'm considering going the Citi route for transferring money back to the USA.

Does anyone know if this entire process can be done online, not at an ATM, and not going to the bank?

NH -> CitiKorea -> Citi (in USA) -> my own USA bank

Does anyone know the complete amount of fees, exchange rate charges, percentages, etc. taken out to complete the process?

I've seen anywhere from 4,000KRW to 25,000 KRW.

Also, I live in a small town, does anyone know if it's possible to open a CitiKorea account online or over the phone?

Has anyone tried doing NH Online Overseas Remittance in comparison with this process? Has anyone compared the end costs/fees and amount of time until the transfer is received?

Has anyone compared the Citi process and the NH online overseas remittance process with using a middleman korean bank like KB or KEB to compare the fees and time it takes to complete?

Thank you for the help!

Unfortunately you will have to go to a citibank branch in korea in order to open an account. While you are there also tell them you would like to have online banking (if they don't ask). You should be able to open a US account via online, but since I opened one before coming here I don't know how complicated it would be while abroad... might not be complicated at all....I don't know tho..

as others have mentioned citi-to-citi transfer via their global transfer is free and instant (you can do this online even if they want you to go in for the first international transfer.. I never did and just did it online). Citi-US to your bank should also be free too (for me at least). so maybe the only fee you would be paying is from NH to CitiKorea. goodluck!
Title: Re: citibank online transfer rules
Post by: snorske on November 21, 2016, 08:44:22 pm
Hey everyone,
I recently set up my Citibank in both the US and Korea. I've funded both and already transferred money from Korea to the US account via ATMs in Korea. I'm in the states now looking to transfer online, but I keep getting a prompt on citibank.co.kr when trying to transfer which says "incorrect account number" in regards to my US account.

Has anyone else run across this? This is my first time doing an online transfer. I know the account number is fine because it's worked at ATMS already for transfers. Any advice?

Any updates on this?  Before I sign up for Citibank, I need confirmation that I'll be able to transfer from Korea to the US ... from the US. 
Title: Re: citibank online transfer rules
Post by: Schellib39 on November 22, 2016, 08:20:52 am
Hey everyone,
I recently set up my Citibank in both the US and Korea. I've funded both and already transferred money from Korea to the US account via ATMs in Korea. I'm in the states now looking to transfer online, but I keep getting a prompt on citibank.co.kr when trying to transfer which says "incorrect account number" in regards to my US account.

Has anyone else run across this? This is my first time doing an online transfer. I know the account number is fine because it's worked at ATMS already for transfers. Any advice?

Any updates on this?  Before I sign up for Citibank, I need confirmation that I'll be able to transfer from Korea to the US ... from the US.

Where you are located should make no difference of where you are when transferring money from your citi account in Korea to your citi account in the America. Why would your internet's ip address have anything to do with you being able to send money or not. Surely it was a user error made by the other person. If you are having trouble, use the citi Korea online assistance in English. They should be able to solve any problems for you.

I've not had a single problem since opening my account and being able to transfer money between the two accounts. Now if the exchange rate would just get a bit better!
Title: Re: citibank online transfer rules
Post by: Ptolemy on January 10, 2017, 04:45:16 pm
More detail on this topic from your neighborhood finance/markets guy...

Regarding the "freeness" of Citibank, all the financial institutions are charging obscene fees for moving your money around the planet (even when transferring between your own accounts at the same bank).

It's either 1) the scam of "look no fixed fee", where they hit you with a FX bid/ask spread fee, as in the case of Citi Global Transfers, or 2) the scam of "look real FX spot rates", where they hit you with a fixed fee, as in the case with TransferWise. In either case the fee tends to be the roughly 1%-ish, although it can be worse if you are not careful (like doing a lot of small transfers and taking double damage; fixed fee plus fx spread). BTW if anyone wants to log into their Citi system and tell me the current FX rate I'd be curious to calculate the fee, I notice they refuse to publish their rates online, which makes me suspicious it's quite a nasty spread.

For people transferring small amounts frequently, not getting hit with a $25 wire fee each time is better, but you are still probably paying around 1% each way. But take someone who transfers $100K with "no fee", you are getting hit with a $1000 fee by the bank due to their criminal FX spread. I'd rather pay the $25!

The only way to truly pay zero fee is using an online broker. For example you set up three accounts: US Chase, KR Shinhan, and an Interactive Brokers account. In IB you sell some of your AAPL stock or whatever, then place an FX trade converting USD to KRW at the real market rate (because markets won't tolerate the absurd bank bid/ask spreads), and pay a $2 transaction charge to the exchange. You then do a transfer of that KRW out of your IBKR account to your KRW denominated bank account (IB offers one free wire transfer out per month). In that way you can truly move $100K USD with only a $2 fee (0.002%)...

...except, for some reason IBKR offers trading of every other common currency except KRW. I've been told this may be a Korean regulatory thing, and that people do it using Korean online brokers, however I have not heard yet from anyone who has actually done it (let me know if you have). This is infuriating for people moving large amounts, say for buying a house, as the bank is seriously taking $1K in the above example, for a near effortless digital transfer, and dragging their feet for days so you don't know what FX rate you will actually get. If the deal falls thru and want to wire your money back to the states, they take a second $1K. At least Citi does near-instantaneous transfers, BUT they have absurd low caps on the transfer amounts.

In other words, all the institutions are screwing you, in different ways.
Title: Re: citibank online transfer rules
Post by: afheil89 on July 07, 2017, 09:47:20 am
Does anyone have experience using their citibank korean account to transfer back money after you leave Korea and give up your arc?

I'm leaving in August and a lot of money will be coming my way like severance, flight money, etc. I use the global transfer regularly on the internet banking and it works fine. I just want to make sure it'll still work fine after I leave Korea and I'm in another country and I've given up my ARC.
Title: Re: citibank online transfer rules
Post by: gurudanny98 on July 07, 2017, 10:04:16 am



Quote
Does anyone have experience using their citibank korean account to transfer back money after you leave Korea and give up your arc?

I'm leaving in August and a lot of money will be coming my way like severance, flight money, etc. I use the global transfer regularly on the internet banking and it works fine. I just want to make sure it'll still work fine after I leave Korea and I'm in another country and I've given up my ARC.
I did that back in 2011 and I had no problem doing the same way I did while in Korea. Things could be different now, though.
Title: Re: citibank online transfer rules
Post by: afheil89 on July 07, 2017, 10:45:06 am
Thanks. Yeah anyone one else have any experience? It'll just be a lot nicer if I can transfer the money when the exchange rate is good and whatnot.
Title: Re: citibank online transfer rules
Post by: gurudanny98 on July 07, 2017, 11:09:28 am
exchange rate is not as it was a couple months ago
Title: Re: citibank online transfer rules
Post by: leaponover on July 19, 2017, 12:15:18 pm
So nobody has been able to open a citibank Korean account over the phone I take it?  There are none where I am.  I can't even get the site to work correctly to show me what city I have to travel to to open one.
Title: Re: citibank online transfer rules
Post by: slycordinator on July 20, 2017, 05:29:13 am
So nobody has been able to open a citibank Korean account over the phone I take it?  There are none where I am.  I can't even get the site to work correctly to show me what city I have to travel to to open one.
I can get the Korean Branch and ATM locator to work from the States. Where are you located?

http://www.findmyciti.com/kr/
Title: Re: citibank online transfer rules
Post by: leaponover on July 20, 2017, 05:32:49 pm
I'm in Iksan
Title: Re: citibank online transfer rules
Post by: leaponover on July 20, 2017, 08:03:52 pm
Has anybody had success in disputing charges on their Korean credit card?
Title: Re: citibank online transfer rules
Post by: slycordinator on July 20, 2017, 08:16:03 pm
I think the closest branch to you is Daejon. But you only really need to go once to get stuff set up.
Title: Re: citibank online transfer rules
Post by: leaponover on July 23, 2017, 03:09:49 pm
I think the closest branch to you is Daejon. But you only really need to go once to get stuff set up.

Thanks, maybe i'll hit them up during Vacay.  Partner it with a trip to Costco to make it more worth the drive, lol.
Title: Re: citibank online transfer rules
Post by: gurudanny98 on July 28, 2017, 03:46:01 pm
I use Firefox on Windows. There was a time when I couldn't access with that, but they redesigned the site and I have no problems now
Title: Re: citibank online transfer rules
Post by: hippo on January 07, 2021, 02:50:02 pm
bump: I know this is an old topic, but I set up a Korean citibank account yesterday and I donít want to see any surprises after I transfer money to the US.

Anybody had problems recently?
Title: Re: citibank online transfer rules
Post by: nightninja on January 08, 2021, 09:38:20 am
bump: I know this is an old topic, but I set up a Korean citibank account yesterday and I donít want to see any surprises after I transfer money to the US.

Anybody had problems recently?

Can I ask what papers you needed to set it up? Last time I went they acted like it was so hard etc.....


So, I have a US Citibank account and I don't have a Korean one but my husband does and it was so simple to send. No extra fees, just the exchange rate and it's almost immediate. It was a little confusing in the app, but not too bad. Last time we sent money was maybe 4 months ago. I want my own account though instead of having him do it....don't know  if Korean vs foreigner has anything to do with it...
Title: Re: citibank online transfer rules
Post by: hippo on January 08, 2021, 08:55:20 pm
Can I ask what papers you needed to set it up? Last time I went they acted like it was so hard etc.....


So, I have a US Citibank account and I don't have a Korean one but my husband does and it was so simple to send. No extra fees, just the exchange rate and it's almost immediate. It was a little confusing in the app, but not too bad. Last time we sent money was maybe 4 months ago. I want my own account though instead of having him do it....don't know  if Korean vs foreigner has anything to do with it...

I wish I could give you a better answer, but I cannot remember exactly what I filled out that day.  Before I went to Citibank, I went to get a new Credit Card to build up points and work toward getting a better tax rebate at Lotte Department Store.  I had to fill out a ton of forms for this, so I had already bend through a lot of tedious, mindnumbing forms.  I am no anti-masker, but having something on your face that limits your opportunites to stay hydrated does not help the situation either, making everything seem more troublesome.

My wife went with me to Citibank, and the customer service at the bank was poor.  Before I gave her my information, the representative lectured me, telling me I had to use it more than once even though I never suggested I would do otherwise.  Then, I had to fill out forms about my employment, how much I made, my visa status, my passport, and some forms relating to US taxes since I am a US citizen.  That's all I can remember.  The entire time I could here a police officer complaining about how hard it was to get CCTV footage he said needed from there comparing it to his experiences with other bank branches.  I do not know if it was that particular branch or if that is just Citibank in general.   

I have been to the bank and had clerks tell me something was "impossible" when they did not know how to do it.  But this is the first time that the clerk's attitude seemed rude and impatient.

If I had to judge solely based on what I observed on my only visit to one particular branch, I would conclude it had nothing to do with being foreigner but rather just poor customer service.
Title: Re: citibank online transfer rules
Post by: JohnD on January 10, 2021, 07:28:23 am
I wish I could give you a better answer, but I cannot remember exactly what I filled out that day.  Before I went to Citibank, I went to get a new Credit Card to build up points and work toward getting a better tax rebate at Lotte Department Store.  I had to fill out a ton of forms for this, so I had already bend through a lot of tedious, mindnumbing forms.  I am no anti-masker, but having something on your face that limits your opportunites to stay hydrated does not help the situation either, making everything seem more troublesome.

My wife went with me to Citibank, and the customer service at the bank was poor.  Before I gave her my information, the representative lectured me, telling me I had to use it more than once even though I never suggested I would do otherwise.  Then, I had to fill out forms about my employment, how much I made, my visa status, my passport, and some forms relating to US taxes since I am a US citizen.  That's all I can remember.  The entire time I could here a police officer complaining about how hard it was to get CCTV footage he said needed from there comparing it to his experiences with other bank branches.  I do not know if it was that particular branch or if that is just Citibank in general.   

I have been to the bank and had clerks tell me something was "impossible" when they did not know how to do it.  But this is the first time that the clerk's attitude seemed rude and impatient.

If I had to judge solely based on what I observed on my only visit to one particular branch, I would conclude it had nothing to do with being foreigner but rather just poor customer service.

I heard that you need at least 20 million won in your account or you have to pay some sort of penalty. Is that true?
Title: Re: citibank online transfer rules
Post by: Big_Fella1 on February 17, 2021, 01:13:18 pm
I'm wondering about the exchange rate that you get when you transfer KRW.  The reason I ask is when transferring from Citibank Australia to Citibank Korea there seems to be about a 3% fee built into the exchange rate.  This might be a Citibank Australia thing.

I find Citibank Korea to be about the most Xenophobic bank in Korea and only signed up for the "free transfers".  They won't do mortgages for permanent residents whereas the old KEB had even provided mortgages to E2s.  I guess Citibank thinks you will take your apartment that you have at least 40% equity in with you when you do your midnight run.