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  • Chicagohotdog
  • Hero of Waygookistan

    • 1052

    • March 04, 2012, 12:25:31 pm
    • Gyeongsangbuk-do
    more
Re: Sending/Transferring Money Home (FAQ)
« Reply #100 on: August 19, 2013, 07:32:52 am »
Hi all,

This is a question for sending money to the US. I can't find where I saw this before but.....is there a limit on how much we can send home in a year without reporting it on taxes or something? I thought I read somewhere that we could send $10,000 in a year, but more than that, we have to report it?? Maybe I'm mixing this up with other information, but if anyone knows, please share~

I sent home more than that last year and didn't have to do anything with my taxes for it (I may have been wrong, but I don't think so).  What you need to be careful about is the amount left in your account here.  If you have more than $10,000 in foreign accounts (all added up together) than you have an additional form that you need to fill out for your taxes (no risk of taxation, just another form to fill out and turn in).
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  • johnpwessel
  • Adventurer

    • 55

    • February 25, 2013, 09:52:01 am
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #101 on: August 19, 2013, 08:26:53 am »
My sentiment is that transferring money using a Korean debit card abroad is the cheapest way to go with fees while realizing the current market exchange rate.

Using the KEB Global check card to withdraw money at an BOFA ATM back in the US costs me a total of
1%(of the amount withdrawn) +$6 /per transfer.

Assuming you have a trustworthy relative back home, you can mail them your KEB debit card and have them use it to make withdrawals for you back in the US etc.

This by far is the fastest method I've found when it comes to sending money back home. Money can be transferred 24 hours a day, 7 days a week, on holidays, regardless of time differences, all while realizing the current market exchange rate (without any spread). Though the savings realized by using this method may be marginal, if you're transferring money frequently the savings will be significant. Plus the ability to send currency home at anytime is pretty good as well.


Re: Sending/Transferring Money Home (FAQ)
« Reply #102 on: August 19, 2013, 08:44:54 am »
I think the $10,000 limit is either outdated or just a misunderstanding. I use Citibank to transfer money home, and the folks at the bank told me I can send $50,000 a year online. Any amount beyond that has to be done from inside the bank (meaning I have to go in person).

I transfer money home from my Citi account in Korea using the Global transfer feature which is completely free an instantaneous. The only thing that isn't quite free about it is that they don't the exact spot exchange rate, meaning that the rat the bank is giving me is about 1 cent on the dollar in their favor compared with the rate you see on Yahoo or something. Anyway, I'm quite happy with it ;D


  • Davey
  • Moderator - LVL 3

    • 1814

    • February 01, 2010, 01:36:20 pm
Re: Sending/Transferring Money Home (FAQ)
« Reply #103 on: August 19, 2013, 11:22:06 am »
I think the $10,000 limit is either outdated or just a misunderstanding. I use Citibank to transfer money home, and the folks at the bank told me I can send $50,000 a year online. Any amount beyond that has to be done from inside the bank (meaning I have to go in person).

I transfer money home from my Citi account in Korea using the Global transfer feature which is completely free an instantaneous. The only thing that isn't quite free about it is that they don't the exact spot exchange rate, meaning that the rat the bank is giving me is about 1 cent on the dollar in their favor compared with the rate you see on Yahoo or something. Anyway, I'm quite happy with it ;D

Yes, it is $50,000 a year...$10,000 per transaction, as others have stated earlier. But, you're right--some people think the limit is $10,000 a year.
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Re: Sending/Transferring Money Home (FAQ)
« Reply #104 on: August 19, 2013, 01:06:42 pm »
thanks for all your responses!!
i did go ahead and double check with nonghyup and you're right, they did say it is $50,000 (W) a year~


Re: Sending/Transferring Money Home (FAQ)
« Reply #105 on: September 04, 2013, 08:43:14 pm »
I am moving home to canada soon and want to transfer several 100k would the best way to ha e my korean wife transfer it to my canadian accoint or are there other options?


  • Darkeru
  • Expert Waygook

    • 704

    • September 08, 2010, 01:03:17 pm
    • Seoul, South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #106 on: October 02, 2013, 04:33:33 pm »
I'm about to send a large amount (over $18,000) home (UK) via a KEB Easy One account. Is this advisable?
[In Korea once more - Working in Pyeongtaek]


Re: Sending/Transferring Money Home (FAQ)
« Reply #107 on: November 12, 2013, 07:18:28 pm »
Anyone else having trouble with NH transfers to US?


  • iamrhart
  • Hero of Waygookistan

    • 1938

    • November 16, 2011, 01:20:16 pm
    • XXXXXXXXxx
Re: Sending/Transferring Money Home (FAQ)
« Reply #108 on: November 13, 2013, 07:15:14 am »
best advice is to use CitiBank(KR) to Citibank(USA).

if not possible, then you are at the mercy of the bank you do use
You only live today once. You wont get a second chance. You wont get to live it twice. So make the most of it.

A sane man in an insane world will appear insane.


  • bird212
  • Super Waygook

    • 428

    • May 05, 2013, 01:25:37 am
    • United States
Re: Sending/Transferring Money Home (FAQ)
« Reply #109 on: November 13, 2013, 07:43:33 am »
I've been using Nh to the US pretty efficiently. What problems are you having?
Get $10 off your first order at www.iherb.com with this code KRG363


Re: Sending/Transferring Money Home (FAQ)
« Reply #110 on: November 13, 2013, 08:58:12 am »
Proctor:
Yes, I am having trouble sending home money from NH Bank.

bird212:
I'm trying to do it online, and basically, I put all the information in for the U.S. bank, and then inevitably there will be one field that just won't let my type any information in. So then when I try to do the transfer, I get an error message saying that I need to fill in that information. ... but I can't.

I think I am going to open a KEB account this weekend.



  • thedsr
  • Veteran

    • 150

    • August 31, 2010, 07:19:43 pm
    • Gimpo
Re: Sending/Transferring Money Home (FAQ)
« Reply #111 on: November 13, 2013, 09:12:17 am »
Proctor:
Yes, I am having trouble sending home money from NH Bank.

bird212:
I'm trying to do it online, and basically, I put all the information in for the U.S. bank, and then inevitably there will be one field that just won't let my type any information in. So then when I try to do the transfer, I get an error message saying that I need to fill in that information. ... but I can't.

I think I am going to open a KEB account this weekend.

I'm not sure if it's your first transfer or not, but usually you have to go to the bank in person and get it all set up once, then you can do it by yourself online. 


  • Tracey24
  • Waygookin

    • 22

    • October 07, 2013, 10:26:44 am
    • Yangsan
Re: Sending/Transferring Money Home (FAQ)
« Reply #112 on: November 13, 2013, 01:38:08 pm »
I recently transferred money home (South Africa) using my bank NH. I opened an account at KEB just before with the intention of transferring funds to the KEB account and then it automatically sends home.
I walk into NH and they tell me that transferring to KEB and that whole process will be way more expensive than if I just transferred with them.
Suspecting they just telling me that to get me to use their remittance service I give in and transfer through them with the consolation that if the fees are through the roof it is my first time and I will make an informed decision on who to use next time (with NH fees in mind).
I transferred 2.4 mil won. They don't exchange to the Rand so they convert it to the dollar first. The final amount sent was 2.200 dollars.
Is this normal? Because it seems they charged me an arm and a leg.   


  • iamrhart
  • Hero of Waygookistan

    • 1938

    • November 16, 2011, 01:20:16 pm
    • XXXXXXXXxx
Re: Sending/Transferring Money Home (FAQ)
« Reply #113 on: November 13, 2013, 01:45:32 pm »
the problem with transfering from KEB, NH, or any other KOREAN bank, is that they dont transfer directly to your country. They will transfer to an intermediary bank, which will then transfer to your country. NH (for example) will do the following

NH---> Exchange Rate/Service charge--->Intermediate Bank--->Service Charge--->Country Bank

Now, the reason that i would suggest Citi Bank is because (as others have mentioned before and i will mention again) they transfer within their bank.

Citi Bank Korea--->exchange rate/Service charge--->Citibank USA
You only live today once. You wont get a second chance. You wont get to live it twice. So make the most of it.

A sane man in an insane world will appear insane.


Re: Sending/Transferring Money Home (FAQ)
« Reply #114 on: November 13, 2013, 01:57:43 pm »
Is it really as easy as they say it is to open an american citibank account from the comfort of your desktop in Korea?  Don't you have to verify yourself in any way?  Has anyone done this? 


Re: Sending/Transferring Money Home (FAQ)
« Reply #115 on: November 13, 2013, 03:04:14 pm »
They were having some network problem on the English site. I had to use the Koren page and it finally went through.


Re: Sending/Transferring Money Home (FAQ)
« Reply #116 on: November 13, 2013, 03:16:55 pm »
Is it really as easy as they say it is to open an american citibank account from the comfort of your desktop in Korea?  Don't you have to verify yourself in any way?  Has anyone done this? 

Yes it is. I did it last year. After filing out the information online, you have to fax/ a copy of your drivers license and signature. I used www.gotfreefax.com to send the fax. They allow you to upload an image of you papers and send the fax for you for free.

After your information is checked out by Citi USA, they will send out an ATM card. This is where the verification comes in. Your bank account is not active until you go to an ATM and put it the PIN number you used to set up your account. You can have them send the ATM card to Korea but of course shipping will take longer. I sent the card to my parents house and had them go to the ATM for me with my pin.

Also to set up the online portion of Citi USA you need the Account number (which you get with the ATM card) and the ATM card number. After you punch those numbers in the website, your online account is set up and your good to transfer as you please between the USA and Korea.

I know it can seem daunting at first but I am extremely happy I am with Citi and not KEB. It just seem silly to pay for transfers when you can get them absolutely free.


Re: Sending/Transferring Money Home (FAQ)
« Reply #117 on: November 13, 2013, 03:48:24 pm »
Thanks for the response, runnershigh17.  I'll try it.


  • RyanG
  • Newgookin

    • 4

    • April 23, 2012, 08:54:58 am
    • Gwangju-si, Gyeonggi-do, South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #118 on: December 24, 2013, 06:16:23 pm »
They were having some network problem on the English site. I had to use the Koren page and it finally went through.

I had to do this as well last month. Still not working on the English site for me and I just kept getting some BS "You were logged in for too long" error before finally getting it to work on the Korean site. I hate Korean banking...

If people are wondering how to get to Overseas Remittance from the Korean site, click the 로그인 (login) button next to where is says NH Bank in blue on the main page, then from the very top of the page look for 외환 (2nd row, 3rd one over), then click the 3rd tab that says 외화송금 and click the 2nd option of the same name.


  • lazuli1
  • Adventurer

    • 42

    • January 09, 2013, 07:29:33 am
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #119 on: December 25, 2013, 06:12:43 pm »
Does anyone actually know the NAME of the form US citizens need to file if they have more than 10000 in a foreign bank?
I've been reading through the posts, but don't see it anywhere...