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  • Schellib39
  • Expert Waygook

    • 773

    • March 10, 2011, 03:08:04 pm
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #200 on: October 05, 2016, 02:18:16 pm »
Not sure whether this has been answered or not, but...I have opened a second account here with Citibank so I can send money home to a Citibank account to avoid having to pay the transfer fees. I have been using KEB/Hana to do this in the past, and from what I could understand from the lady at the bank was that I needed to transfer some type of certificate for sending money abroad from my KEB/Hana account to my Citibank account. Is this correct, or will I be able to send money abroad from multiple accounts here in Korea using my digital certificate?

Any help would be appreciated.


  • afheil89
  • Veteran

    • 245

    • August 23, 2014, 12:41:16 pm
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #201 on: October 05, 2016, 02:34:53 pm »
You can only have one bank in Korea for remittance/sending money back home.  When I switched my bank from KEB to citibank, I just told citibank in Korea I wanted to make them my designated bank for remittance. You just have to sign the form and that'll be switched over.  I didn't talk to my old bank at all.
I teach, eat, and travel through Korea and write about it. http://www.ashleyheil.com


  • Schellib39
  • Expert Waygook

    • 773

    • March 10, 2011, 03:08:04 pm
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #202 on: October 05, 2016, 02:47:22 pm »
You can only have one bank in Korea for remittance/sending money back home.  When I switched my bank from KEB to citibank, I just told citibank in Korea I wanted to make them my designated bank for remittance. You just have to sign the form and that'll be switched over.  I didn't talk to my old bank at all.

Thanks a lot.


  • Lunaella
  • Waygookin

    • 19

    • January 28, 2016, 03:32:18 am
    • USA
Re: Sending/Transferring Money Home (FAQ)
« Reply #203 on: November 07, 2016, 02:43:49 pm »
Hi all! I recently (thought) I set up online banking with my co-teacher through NH bank a few weeks ago, but now I cannot figure out how to transfer money back to the US. When I set up the internet banking, the teller did a funds transfer for me at the bank. I thought everything was fine and dandy until I get home and try to do it online by myself. (I downloaded all the security things and got my certificate) I clicked on the button that says transfer and type in my information, but I was unable to complete the transaction and got an error code.

From researching on waygook, I see people talking about a remittance account which is a separate korean account tied to your main korean account that acts as a stand between for an international transfer (right?). Do I HAVE to have a remittance account to do an international transfer online or is there another way? I'm thinking maybe the right thing was not set-up for me when I went to the bank.... :(

Is there a way to do an international transfer online through NH WITHOUT a remittance account?

Thanks in advance.


  • Lunaella
  • Waygookin

    • 19

    • January 28, 2016, 03:32:18 am
    • USA
Re: Sending/Transferring Money Home (FAQ)
« Reply #204 on: November 08, 2016, 07:57:43 am »
Oh ok. I wanted to avoid a trip to the bank but it seeming unavoidable since I still can't get the system to work for me. Thanks for your help though :)


Re: Sending/Transferring Money Home (FAQ)
« Reply #205 on: November 08, 2016, 08:11:35 am »
In my experience, if you want to send money home yourself you need a remittance account. It can be with a different bank to your normal bank, but you need the account. And, unfortunately, you need to go into the bank to set it up.  Once it's set up it's super easy and you should never need to go into a bank again. Just internet bank transfer to the remittance account and a couple days later it's in your home account.  Fees vary.

As for doing it directly yourself as cowboy shirt says, I have not heard of that, but that doesn't mean it's wrong.   It'd be nice if it meant dodging all fees - but I somehow doubt you can get out of fees.


  • Schellib39
  • Expert Waygook

    • 773

    • March 10, 2011, 03:08:04 pm
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #206 on: November 08, 2016, 08:18:39 am »
You can only have one bank in Korea for remittance/sending money back home.  When I switched my bank from KEB to citibank, I just told citibank in Korea I wanted to make them my designated bank for remittance. You just have to sign the form and that'll be switched over.  I didn't talk to my old bank at all.

Thanks a lot.

A quick update for anyone out there looking for a good way to send money to the USA.

I got my Citibank accounts set up both here and back home. Transfers from my Korean account to my American account are completely free and only takes a couple of hours to show up in my American account. Makes sending money home so much more convenient because you can always wait for the most favorable exchange rates. i.e sending only small amounts when exchange rates aren't great and much larger amounts when exchange rates are favorable. Having no fees for transferring between my accounts is great, only thing I wish I would have done is set it up this much sooner.


  • Lunaella
  • Waygookin

    • 19

    • January 28, 2016, 03:32:18 am
    • USA
Re: Sending/Transferring Money Home (FAQ)
« Reply #207 on: November 08, 2016, 11:05:02 am »
In my experience, if you want to send money home yourself you need a remittance account. It can be with a different bank to your normal bank, but you need the account. And, unfortunately, you need to go into the bank to set it up.  Once it's set up it's super easy and you should never need to go into a bank again. Just internet bank transfer to the remittance account and a couple days later it's in your home account.  Fees vary.

As for doing it directly yourself as cowboy shirt says, I have not heard of that, but that doesn't mean it's wrong.   It'd be nice if it meant dodging all fees - but I somehow doubt you can get out of fees.

Thanks. Yea, i think maybe when i went to the bank with my coteacher we just didn't setup the remittance account. She is a bit unfamiliar with the banking things too so neither one of us knew what was going on. Now I think I have firmer grasp of what i need and will go back with her another time.


Re: Sending/Transferring Money Home (FAQ)
« Reply #208 on: November 08, 2016, 01:04:02 pm »
In my experience, if you want to send money home yourself you need a remittance account. It can be with a different bank to your normal bank, but you need the account. And, unfortunately, you need to go into the bank to set it up.  Once it's set up it's super easy and you should never need to go into a bank again. Just internet bank transfer to the remittance account and a couple days later it's in your home account.  Fees vary.

As for doing it directly yourself as cowboy shirt says, I have not heard of that, but that doesn't mean it's wrong.   It'd be nice if it meant dodging all fees - but I somehow doubt you can get out of fees.

Thanks. Yea, i think maybe when i went to the bank with my coteacher we just didn't setup the remittance account. She is a bit unfamiliar with the banking things too so neither one of us knew what was going on. Now I think I have firmer grasp of what i need and will go back with her another time.

No worries. One other thing: make sure you get your home banks SWIFT code before you go to the bank (should be able to find it on their website without much hassle). You need that code along with all the usual details of bank and account numbers etc.


Re: Sending/Transferring Money Home (FAQ)
« Reply #209 on: November 08, 2016, 05:09:00 pm »
Yes, you need to set up the destination account in advance.  AFAIK you can't just type in an international bank account number and send money anywhere anytime.  This is Korea, and overseas remittance is tightly controlled.

However, if you set it up at your own bank then once it's done it will appear as a new button on the ATM.  You can go to the ATM, select transfer, select that account, and boom, your money goes home.

I have a KEB Easy One account, which I prefer.  However, Nonghyup have a similar account now (also called One, I think) which works just like KEB Easy One.


Re: Sending/Transferring Money Home (FAQ)
« Reply #210 on: November 10, 2016, 08:14:09 am »
What do people use here to track the exchange rate of KRW to USD? I'm hearing a lot of rumors due to the recent US election about the KRW getting stronger and that now would be a good time to transfer as much money as possible.

Appreciate the help!


Re: Sending/Transferring Money Home (FAQ)
« Reply #211 on: November 10, 2016, 09:11:16 am »
What do people use here to track the exchange rate of KRW to USD? I'm hearing a lot of rumors due to the recent US election about the KRW getting stronger and that now would be a good time to transfer as much money as possible.

Appreciate the help!
unfortunately the korean won is not gaining to the us dollar because of the recent revelations of the park administration.  that, and the election of donald trump leaves a lot of uncertainty on the korean peninsula that isn't exactly inspiring to investors or currency traders.
better to ride this one out, see what happens with park and the protests.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #212 on: November 10, 2016, 10:14:33 am »
What do people use here to track the exchange rate of KRW to USD? I'm hearing a lot of rumors due to the recent US election about the KRW getting stronger and that now would be a good time to transfer as much money as possible.

Appreciate the help!
Your information is incorrect.  The opposite is and will continue to happen.

You can read about what is happening to the Mexican Peso and why.  The same is happening in Korea, but thankfully it is not as severe.


Re: Sending/Transferring Money Home (FAQ)
« Reply #213 on: November 10, 2016, 10:48:21 am »
What do people use here to track the exchange rate of KRW to USD? I'm hearing a lot of rumors due to the recent US election about the KRW getting stronger and that now would be a good time to transfer as much money as possible.

Appreciate the help!
Your information is incorrect.  The opposite is and will continue to happen.

You can read about what is happening to the Mexican Peso and why.  The same is happening in Korea, but thankfully it is not as severe.

Successful troll is successful.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #214 on: November 10, 2016, 11:30:54 am »
What do people use here to track the exchange rate of KRW to USD? I'm hearing a lot of rumors due to the recent US election about the KRW getting stronger and that now would be a good time to transfer as much money as possible.

Appreciate the help!
Your information is incorrect.  The opposite is and will continue to happen.

You can read about what is happening to the Mexican Peso and why.  The same is happening in Korea, but thankfully it is not as severe.

Successful troll is successful.
Orion, why do you continue to stalk me?  Are Korean or something?

It's not appreciated, and I'm not going to change my mind, no matter how persistent you are.

Got it?

What your doing is a violation of the TOS.

My information above is sound.


  • Schellib39
  • Expert Waygook

    • 773

    • March 10, 2011, 03:08:04 pm
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #215 on: November 10, 2016, 11:57:37 am »
You can read about what is happening to the Mexican Peso and why.  The same is happening in Korea, but thankfully it is not as severe.

Well according to XE Currency, the dollar has actually gained strength against the Korean Won in the past 24 hours.....numbers don't lie. :wink:
http://www.xe.com/currencycharts/?from=USD&to=KRW&view=1W


  • gideonvasquez
  • Super Waygook

    • 457

    • August 27, 2015, 08:42:34 am
    • Uisung - Gyeongbuk-do
Re: Sending/Transferring Money Home (FAQ)
« Reply #216 on: November 10, 2016, 12:00:38 pm »
What do people use here to track the exchange rate of KRW to USD? I'm hearing a lot of rumors due to the recent US election about the KRW getting stronger and that now would be a good time to transfer as much money as possible.

Appreciate the help!
Here on Waygook any significant or particularly attractive/uninviting rate are talked about over at the Exchange Rate right now thread:
http://www.waygook.org/index.php/topic,80928.600.html

I personally use Hana Banks buy/sell spread and Yahoo finance to track trends. Hana because that is the rate I get when I transfer and Yahoo to try and tell if I'm getting a good deal or not.


Re: Sending/Transferring Money Home (FAQ)
« Reply #217 on: November 10, 2016, 12:23:12 pm »
What do people use here to track the exchange rate of KRW to USD? I'm hearing a lot of rumors due to the recent US election about the KRW getting stronger and that now would be a good time to transfer as much money as possible.

Appreciate the help!
Your information is incorrect.  The opposite is and will continue to happen.

You can read about what is happening to the Mexican Peso and why.  The same is happening in Korea, but thankfully it is not as severe.

Successful troll is successful.
Orion, why do you continue to stalk me?  Are Korean or something?

It's not appreciated, and I'm not going to change my mind, no matter how persistent you are.

Got it?

What your doing is a violation of the TOS.

My information above is sound.

Don't flatter yourself.

In this case I was referring to 'brendanfrank' trolling and being successful.  It is pure happenstance that you happened to be trolled successfully and I replied.  I could easily have replied to 'channel5karate'.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #218 on: November 10, 2016, 12:23:18 pm »
You can read about what is happening to the Mexican Peso and why.  The same is happening in Korea, but thankfully it is not as severe.

Well according to XE Currency, the dollar has actually gained strength against the Korean Won in the past 24 hours.....numbers don't lie. :wink:
http://www.xe.com/currencycharts/?from=USD&to=KRW&view=1W
Right.

This could be a reading comprehension problem...

The other poster said the KRW was gaining.

I clearly stated that it is not and mentioned what was happening to the Mexican Peso, as a clear example.

What don't you understand?

The Peso and the KRW have lost value against the dollar, which means the dollar is stronger relative to the aforementioned currencies.


  • menarcmh
  • Newgookin

    • 3

    • November 04, 2016, 11:58:01 am
    • Jinhae
Re: Sending/Transferring Money Home (FAQ)
« Reply #219 on: November 14, 2016, 01:43:32 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?

Also, has anyone gone through the process of getting a check from the NH bank, and then depositing it in the american one, and what the fees and costs were? I assume this type of check would be a Traveler's Check? Were you able to get a regular in KRW and the American bank exchanged it?

Thank you for the help!