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  • nermal
  • Veteran

    • 228

    • September 26, 2012, 08:07:32 am
Re: Sending/Transferring Money Home (FAQ)
« Reply #220 on: November 15, 2016, 02:15:47 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?

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!

I went KEB->Citi Korea->Citi USA->my local credit union for $0 in fees.
And in my experience I had to go into a branch to open my account, -/ well as go in every year to renew my internet banking for some reason.
« Last Edit: November 15, 2016, 02:17:55 am by nermal »


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #221 on: November 15, 2016, 12:43:45 pm »
One of my banking institutions back home allows for "banking at home" with no fee (where you take a picture of the back and front of a check and are able to deposit the image), so I thought I would give it a try.  I purchased a cashier's check for the maximum amount allowed per deposit by USAA from KEB, scanned it, and to my surprise, the funds were made immediately available to my account.

I was given a preferential rate/discount on the exchange when buying the cashier's check, which was better than the wiring/Easy one rate, the T/C rate, etc., and the check fee was just 10,000 Korean won.

If someone knows of a better or faster way, please post it.

For now, I am going to stick with banking at home to scan and deposit $10,000 for just $10 a pop.  It was fast and easy, but more importantly, the rate of exchange for the cashier's check was better than the other options, like traveler's checks.

I have written they above before and am simply reposting it due to the most recent questions by others.

Any one know of a better/simpler/cheaper/faster way, let us know.


  • JNM
  • The Legend

    • 3815

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #222 on: November 15, 2016, 01:04:13 pm »
One of my banking institutions back home allows for "banking at home" with no fee (where you take a picture of the back and front of a check and are able to deposit the image), so I thought I would give it a try.  I purchased a cashier's check for the maximum amount allowed per deposit by USAA from KEB, scanned it, and to my surprise, the funds were made immediately available to my account.

I was given a preferential rate/discount on the exchange when buying the cashier's check, which was better than the wiring/Easy one rate, the T/C rate, etc., and the check fee was just 10,000 Korean won.

If someone knows of a better or faster way, please post it.

For now, I am going to stick with banking at home to scan and deposit $10,000 for just $10 a pop.  It was fast and easy, but more importantly, the rate of exchange for the cashier's check was better than the other options, like traveler's checks.

I have written they above before and am simply reposting it due to the most recent questions by others.

Any one know of a better/simpler/cheaper/faster way, let us know.

I have done that with my Canadian mobile banking, but only for cheques that get forwarded to me from Canada.  Never thought anout it for sending money home.

Thanks!


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #223 on: November 15, 2016, 01:19:12 pm »
Make sure there aren't any "hidden" fees for receiving the cashier's check, be sure to get the cashier's check issued in your receiving banks currency, and find out the maximum amount allowed per transaction (banks vary from $2,500-$5,000, but my USAA allows $10,000).

If your receiving bank only allows the lesser amounts, this method might not be the best for you, as each check cost 10,000KRW.

Ex.

1 check for $10,000= 10,000KRW fee
4 checks for $2,5000= 4x10,000...40,000KRW fee


  • menarcmh
  • Newgookin

    • 3

    • November 04, 2016, 11:58:01 am
    • Jinhae
Re: Sending/Transferring Money Home (FAQ)
« Reply #224 on: November 15, 2016, 03:12:33 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!

I went KEB->Citi Korea->Citi USA->my local credit union for $0 in fees.
And in my experience I had to go into a branch to open my account, -/ well as go in every year to renew my internet banking for some reason.

Thank you for the response! So you never used NH? Is KEB your main bank? I was under the impression that KEB was a type of bank that had accounts that would instantly transfer anything deposited there to another bank at home, acting as a middleman so to speak.  Do you use a regular KEB bank account, or one that instantly transfer money you deposit there to a connecting account elsewhere?

Also, when you went in to open the Citi Korea account, did you also open the Citi USA, or did you do that online? And do you mind my asking if they waived the $10/month service fee for using Citi? Do you know if this fee is also for having a Citi Korea account, or just a Citi USA account?

Thanks in advance for any and all help!


  • JahMoo
  • Expert Waygook

    • 639

    • May 11, 2016, 12:55:18 pm
    • Gyeonggi-do, ROK
Re: Sending/Transferring Money Home (FAQ)
« Reply #225 on: November 15, 2016, 03:15:19 pm »
Make sure there aren't any "hidden" fees for receiving the cashier's check, be sure to get the cashier's check issued in your receiving banks currency, and find out the maximum amount allowed per transaction (banks vary from $2,500-$5,000, but my USAA allows $10,000).

If your receiving bank only allows the lesser amounts, this method might not be the best for you, as each check cost 10,000KRW.

Ex.

1 check for $10,000= 10,000KRW fee
4 checks for $2,5000= 4x10,000...40,000KRW fee

Do you happen to know how to ask for a cashier's check in Korean? This seems like a promising possibility since I also bank with USAA.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #226 on: November 15, 2016, 03:22:03 pm »
Sorry, no.

I just spoke to her in English, as she could understand.

It will say it on the check, so you could just point and grunt ;)


Re: Sending/Transferring Money Home (FAQ)
« Reply #227 on: November 15, 2016, 03:35:28 pm »
Make sure there aren't any "hidden" fees for receiving the cashier's check, be sure to get the cashier's check issued in your receiving banks currency, and find out the maximum amount allowed per transaction (banks vary from $2,500-$5,000, but my USAA allows $10,000).

If your receiving bank only allows the lesser amounts, this method might not be the best for you, as each check cost 10,000KRW.

Ex.

1 check for $10,000= 10,000KRW fee
4 checks for $2,5000= 4x10,000...40,000KRW fee

Do you happen to know how to ask for a cashier's check in Korean? This seems like a promising possibility since I also bank with USAA.

Cashier's check = 자기앞수표 but you can just say (x amount of money)수표로 주세요


  • JahMoo
  • Expert Waygook

    • 639

    • May 11, 2016, 12:55:18 pm
    • Gyeonggi-do, ROK
Re: Sending/Transferring Money Home (FAQ)
« Reply #228 on: November 15, 2016, 04:06:16 pm »
Make sure there aren't any "hidden" fees for receiving the cashier's check, be sure to get the cashier's check issued in your receiving banks currency, and find out the maximum amount allowed per transaction (banks vary from $2,500-$5,000, but my USAA allows $10,000).

If your receiving bank only allows the lesser amounts, this method might not be the best for you, as each check cost 10,000KRW.

Ex.

1 check for $10,000= 10,000KRW fee
4 checks for $2,5000= 4x10,000...40,000KRW fee

Do you happen to know how to ask for a cashier's check in Korean? This seems like a promising possibility since I also bank with USAA.

Cashier's check = 자기앞수표 but you can just say (x amount of money)수표로 주세요

Thanks a lot


Re: Sending/Transferring Money Home (FAQ)
« Reply #229 on: January 10, 2017, 10:47:33 am »
One of my banking institutions back home allows for "banking at home" with no fee (where you take a picture of the back and front of a check and are able to deposit the image), so I thought I would give it a try.  I purchased a cashier's check for the maximum amount allowed per deposit by USAA from KEB, scanned it, and to my surprise, the funds were made immediately available to my account.

I was given a preferential rate/discount on the exchange when buying the cashier's check, which was better than the wiring/Easy one rate, the T/C rate, etc., and the check fee was just 10,000 Korean won.

If someone knows of a better or faster way, please post it.

For now, I am going to stick with banking at home to scan and deposit $10,000 for just $10 a pop.  It was fast and easy, but more importantly, the rate of exchange for the cashier's check was better than the other options, like traveler's checks.

I have written they above before and am simply reposting it due to the most recent questions by others.

Any one know of a better/simpler/cheaper/faster way, let us know.


Has anyone tried to get a cashier's check from a NH branch in USD? The thought of getting a cashier's check and using an American mobile banking app to deposit is a great idea, I'm just trying to navigate it into the fewest steps possible.

If I were to go this route, would it be worth it to open a KEB account? I'm live in Miryang and there's no KEB branch near here (nearest is in Busan somewhere).

Pecan - how much better was the preferential rate that KEB got you compared to the standard KRW/USD rate?

Many thanks!


  • JahMoo
  • Expert Waygook

    • 639

    • May 11, 2016, 12:55:18 pm
    • Gyeonggi-do, ROK
Re: Sending/Transferring Money Home (FAQ)
« Reply #230 on: January 13, 2017, 07:56:05 am »
One of my banking institutions back home allows for "banking at home" with no fee (where you take a picture of the back and front of a check and are able to deposit the image), so I thought I would give it a try.  I purchased a cashier's check for the maximum amount allowed per deposit by USAA from KEB, scanned it, and to my surprise, the funds were made immediately available to my account.

I was given a preferential rate/discount on the exchange when buying the cashier's check, which was better than the wiring/Easy one rate, the T/C rate, etc., and the check fee was just 10,000 Korean won.

If someone knows of a better or faster way, please post it.

For now, I am going to stick with banking at home to scan and deposit $10,000 for just $10 a pop.  It was fast and easy, but more importantly, the rate of exchange for the cashier's check was better than the other options, like traveler's checks.

I have written they above before and am simply reposting it due to the most recent questions by others.

Any one know of a better/simpler/cheaper/faster way, let us know.


Has anyone tried to get a cashier's check from a NH branch in USD? The thought of getting a cashier's check and using an American mobile banking app to deposit is a great idea, I'm just trying to navigate it into the fewest steps possible.

If I were to go this route, would it be worth it to open a KEB account? I'm live in Miryang and there's no KEB branch near here (nearest is in Busan somewhere).

Pecan - how much better was the preferential rate that KEB got you compared to the standard KRW/USD rate?

Many thanks!

I tried it a couple of weeks ago, but apparently it's necessary to go to a main branch. And even then, there's no guarantee that the people working there know what a cashier's check is.   :blank:


  • coitnaaman
  • Explorer

    • 9

    • January 07, 2014, 08:22:09 pm
    • Chuncheon, Gangwon-do
Re: Sending/Transferring Money Home (FAQ)
« Reply #231 on: January 24, 2017, 09:35:20 pm »
If anyone here has the Charles Schwab brokerage account linked to their ATM remittance account please help me out with some info:

So I had originally put my NHone (ATM remittance account) to the Charles Schwab checking...Charles Schwab called to tell me they want me to use the brokerage account b/c it is an international wire transfer...ok simple enough. 

Oh yeah, that's what I thought, but here we are in Korea: I told all the info to the bank teller and he was utterly confused about it first going to Citibank and then to my Charles Schwab account...  basically they just need to put my name and Schawb account number in the 'further credit line"

After a lot of back and forth he finally figured out BUT I received a phone call saying that because it had the further credit info it can't be linked to my NHone account and I have to go in to the bank everytime--(not even online was possible).

I work at a kindy and hagwon so bank hours are not very accommodating to my work schedule.  Has anyone else been able to set-up the ATM remittance with a similar situation?  I really wonder if they just don't know what to do because I live in a smaller city.

I opened another bank account Ally thinking I could bypass this schwab/NH confusion but it also has the same setup (send to chase and include Ally bank account in the further credit line).

I cannot use Citi bank as an option(bad blood) but I am considering the cashier's check route if the ATM setup is not viable.

Thanks for any insight!


Re: Sending/Transferring Money Home (FAQ)
« Reply #232 on: January 24, 2017, 11:31:10 pm »
From what I see, Charles Schwab has a swift code, so I'm not sure why you'd need an intermediary bank.


  • Ptolemy
  • Super Waygook

    • 458

    • January 09, 2017, 06:25:15 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #233 on: January 25, 2017, 08:26:49 am »
If anyone here has the Charles Schwab brokerage account linked to their ATM remittance account please help me out with some info:

So I had originally put my NHone (ATM remittance account) to the Charles Schwab checking...Charles Schwab called to tell me they want me to use the brokerage account b/c it is an international wire transfer...ok simple enough. 

Honestly I got lost, because so many bank names were mentioned, could not follow the money...where is it now, where will it end up, and who are the intermediary institutions.

But I keep wondering about this part, are they running it thru the brokerage because you'll get the real market FX rate, not some ripoff bank spread? You did not mention their justification. So they take KRW from KR account, convert to USD or whatever currency in the broker account, and then move to US account??

I've been trying to find a broker who does this, because if you wire large amounts, you get crushed by the 1% each way FX spread fee.


  • coitnaaman
  • Explorer

    • 9

    • January 07, 2014, 08:22:09 pm
    • Chuncheon, Gangwon-do
Re: Sending/Transferring Money Home (FAQ)
« Reply #234 on: January 26, 2017, 10:08:49 pm »
Sorry I put a lot of details in there.

Schwab called to say they do not accept international wires into the checking account, only the brokerage account (that is linked with the checking).  So the info I have to give to NH to send the wire transfers is:
U.S. Dollar
(originating Outside the U.S.)

Destination Bank: Citibank N.A., New York
SWIFT ID: CITIUS33
Account Name: Charles Schwab & Co., Inc.
Account Number:  4060-7595
Bank Address: 111 Wall Street, New York, NY 10005, USA
For Further Credit to: (To ensure your account is properly credited, provide the 8-digit account number and name listed on your Schwab account.)

They say I cannot do this online or setup with the ATM, but I need to come in every time.

Is there anyone with a Schwab account that is able to use the ATM remittance route? Or online banking?[/s][/s]
« Last Edit: January 26, 2017, 10:10:43 pm by coitnaaman »


Re: Sending/Transferring Money Home (FAQ)
« Reply #235 on: January 27, 2017, 06:05:17 am »
I did that kind of transfer many times through KEB on both online and ATM (using an intermediary since my credit union had no swift code). If they refuse to allow you to do it, you might want to go to KEB or Shinhan.


Re: Sending/Transferring Money Home (FAQ)
« Reply #236 on: February 02, 2017, 09:58:55 pm »
I was wondering, is it possible to remit from a Citi Korea (in my name) to a Citi US that is not in my name? ie. a friend or relative.

I don't want to maintain a balance at a citi account to avoid the fee, as I have those funds tied up in interest bearing accounts or investments.

Thanks.


Re: Sending/Transferring Money Home (FAQ)
« Reply #237 on: April 07, 2017, 12:00:19 pm »
It may have been mentioned before but I use Soda Transfer and love it. It's a quick way to do a transfer and you don't have to visit your bank or set up a remittance. You are transferring to a domestic Soda Transfer account and they do the international transfer. I thought it was almost too good to be true but it works.

I was doing Global Remittance with PayPal via KEB/Hana app but when that went out I found this. You can share with friends and get free coupons and get at least a few free transfers. Or just like their FB page for a freebie. It's quick, easy and reliable.

Here's one free coupon to start: http://sodatransfer.com/ref/ngpulu
« Last Edit: April 07, 2017, 12:17:21 pm by luzdelsol »


  • emilysu
  • Adventurer

    • 41

    • April 17, 2017, 09:12:08 am
    • Goseonggun, Gyeongsangnam-do
Re: Sending/Transferring Money Home (FAQ)
« Reply #238 on: April 17, 2017, 10:16:19 am »
Maybe this has been mentioned before (sorry 12 pages is so much), but I set up overseas remittance with KEB/HANA last year, there is no KEB branch in my new city, but there is at least 1 HANA Bank ATM around that I've seen... do I need to go into the branch to send money home? Or can I use the ATM?

I've also heard about using a "Moneygram" from post offices, which will have no acceptance fee back home. Does anyone know about using this system in Korea? I'm totally clueless with banking even back home, so in Korea it's even more of a stresser, haha.

Thanks!
k o r s h a r e . o r g


  • Embarr
  • Veteran

    • 174

    • August 11, 2013, 09:01:22 am
    • Daejeon, South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #239 on: April 17, 2017, 11:42:17 am »
Maybe this has been mentioned before (sorry 12 pages is so much), but I set up overseas remittance with KEB/HANA last year, there is no KEB branch in my new city, but there is at least 1 HANA Bank ATM around that I've seen... do I need to go into the branch to send money home? Or can I use the ATM?

I've also heard about using a "Moneygram" from post offices, which will have no acceptance fee back home. Does anyone know about using this system in Korea? I'm totally clueless with banking even back home, so in Korea it's even more of a stresser, haha.

Thanks!

Does KEB bank have an option to do remittance online/through an app? If so, I'd look into that. It usually means going to a branch and filling out some paperwork, but once you do that you should be able to send money home without going to the bank.