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  • JNM
  • The Legend

    • 3815

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #240 on: April 17, 2017, 12:10:42 pm »
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.

They do, but if I recall correctly the limits are small.


  • thunderlips
  • Hero of Waygookistan

    • 1401

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #241 on: April 17, 2017, 12:32:14 pm »
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.

Yes they do, however the service has been unavailable for the last month or two due to renegotiating with paypal. https://play.google.com/store/apps/details?id=com.hanabank.ebk.channel.mini

You can do an online transfer through the bank website, but you need to get a code at the bank first (i think). Also you can set-up a transfer account at KEB/Hana pretty easily, once your account reaches a certain amount or as soon as money is transferred it gets automatically wired.


  • gideonvasquez
  • Super Waygook

    • 457

    • August 27, 2015, 08:42:34 am
    • Uisung - Gyeongbuk-do
Re: Sending/Transferring Money Home (FAQ)
« Reply #242 on: April 17, 2017, 12:41:00 pm »
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!
Do you remember if you set up a remittance account or a remittance action? If you set up a remittance action it means you need to have money in a KEB/HANA bank and then use the action to transfer it. That has to be in person or online through their platform. A remittance account is just an account that you transfer money into and it gets automatically sent to the destination account in your home country.

I have a KEB/Hana Easy-One account. I just transfer, at my main bank's atm/online/app, to the Hana account and it gets translated and transferred by the end of the day/next day. If you got a bank book along with the account then you can check if it is the automated account.


  • emilysu
  • Adventurer

    • 41

    • April 17, 2017, 09:12:08 am
    • Goseonggun, Gyeongsangnam-do
Re: Sending/Transferring Money Home (FAQ)
« Reply #243 on: April 17, 2017, 02:23:30 pm »
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!
Do you remember if you set up a remittance account or a remittance action? If you set up a remittance action it means you need to have money in a KEB/HANA bank and then use the action to transfer it. That has to be in person or online through their platform. A remittance account is just an account that you transfer money into and it gets automatically sent to the destination account in your home country.

I have a KEB/Hana Easy-One account. I just transfer, at my main bank's atm/online/app, to the Hana account and it gets translated and transferred by the end of the day/next day. If you got a bank book along with the account then you can check if it is the automated account.

I'll have to find a day to go in and find out about that! It's been about 4 months since I last went in so I'll double check next time!

Thanks everyone for the info! Greatly appreciate it! I'm going to look into it some more based on what you guys said!
k o r s h a r e . o r g


Re: Sending/Transferring Money Home (FAQ)
« Reply #244 on: April 18, 2017, 11:04:39 pm »
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!
Chances are, it'll have a fee in the form of your conversion rate being reduced. And/or it'll have a fee for you buying the thing.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #245 on: April 19, 2017, 05:44:39 am »
This has been covered ad nauseam.

The least expensive route is still to purchase a cashier's check (not to be confused with a T/C) from a Korean bank for 10,000 KRW.  You will get the best conversion rate using this option, which can make a huge difference if you are transferring 10,000 USD a pop.

Then, simply use your mobile banking app to scan the front and back of the check (you need to countering it) to complete the transaction.

Funds can be available immediately, depending on which banking institution you use, while others have a hold for a few business days.


  • iamsam
  • Veteran

    • 99

    • March 06, 2017, 07:56:05 am
Re: Sending/Transferring Money Home (FAQ)
« Reply #246 on: April 19, 2017, 08:00:20 am »
What bank allows you to deposit a foreign cashiers check through mobile deposit?  Capital One doesn't allow this.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #247 on: April 19, 2017, 09:41:22 am »
There is nothing "foreign" about the cashier's check, as it is drafted in USD from a US bank...it is NOT a foreign check in KRW currency.

Any and all banks in the US that are setup with mobile banking apps will most certainly accept the draft, so long as it is within their limits.

I use USAA that allows for up to 10,000 per deposit.

Local credit unions typically only allow 2,500 per transaction, so find out their limits before being issued your cashier's check.


  • thunderlips
  • Hero of Waygookistan

    • 1401

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #248 on: April 19, 2017, 09:49:38 am »
What bank allows you to deposit a foreign cashiers check through mobile deposit?  Capital One doesn't allow this.

If you are Ameri-Can, then I highly suggest Alliant Credit Union. They mail statements/cards to Korea and have great website/app services.

http://www.alliantcreditunion.org/

You can make a small donation to be eligible to join their bank.

Capital One 360 isn't set-up for international users including wire transfers and mobile deposits. That is why I switched to the credit union.
« Last Edit: April 19, 2017, 09:55:02 am by thunderlips »


  • iamsam
  • Veteran

    • 99

    • March 06, 2017, 07:56:05 am
Re: Sending/Transferring Money Home (FAQ)
« Reply #249 on: April 19, 2017, 09:52:23 am »
What's the name of a Cashiers Check in Korean?  Do they sign your passport like they do when requesting cash over $1,000? 


Re: Sending/Transferring Money Home (FAQ)
« Reply #250 on: April 19, 2017, 10:02:36 am »
What is the typical transfer time for sending money back to the states through an ATM ? I just went to Shinhan bank, and the teller told me 2-3 days, but that he wasn't sure.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #251 on: April 19, 2017, 10:20:20 am »
What is the typical transfer time for sending money back to the states through an ATM ? I just went to Shinhan bank, and the teller told me 2-3 days, but that he wasn't sure.
Ouch...transferring via ATM is seriously expensive, perhaps one of the most expensive options available.

You will pay a fixed fee, plus 1-2% of the transaction amount, plus a punitive rate, and a sending/receiving fee.

Sorry, but via ATM in a pinch, OK, but as a regular means to transfer money is financially imprudent.


  • JahMoo
  • Expert Waygook

    • 639

    • May 11, 2016, 12:55:18 pm
    • Gyeonggi-do, ROK
Re: Sending/Transferring Money Home (FAQ)
« Reply #252 on: April 19, 2017, 10:21:58 am »
What is the typical transfer time for sending money back to the states through an ATM ? I just went to Shinhan bank, and the teller told me 2-3 days, but that he wasn't sure.
Ouch...transferring via ATM is seriously expensive, perhaps one of the most expensive options available.

You will pay a fixed fee, plus 1-2% of the transaction amount, plus a punitive rate, and a sending/receiving fee.

Sorry, but via ATM in a pinch, OK, but as a regular means to transfer money is financially imprudent.
Do you happen to also know the answer to the question asked? I'd also like to know.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #253 on: April 19, 2017, 10:28:05 am »
What is the typical transfer time for sending money back to the states through an ATM ? I just went to Shinhan bank, and the teller told me 2-3 days, but that he wasn't sure.
Ouch...transferring via ATM is seriously expensive, perhaps one of the most expensive options available.

You will pay a fixed fee, plus 1-2% of the transaction amount, plus a punitive rate, and a sending/receiving fee.

Sorry, but via ATM in a pinch, OK, but as a regular means to transfer money is financially imprudent.
Do you happen to also know the answer to the question asked? I'd also like to know.
The few times I had to do it in the past, it was immediate.

Not sure how or why they claim it would take minutes, hours, or days.

Image standing at an ATM for more than a few seconds for your money to come out...



  • JahMoo
  • Expert Waygook

    • 639

    • May 11, 2016, 12:55:18 pm
    • Gyeonggi-do, ROK
Re: Sending/Transferring Money Home (FAQ)
« Reply #254 on: April 19, 2017, 11:03:51 am »
What is the typical transfer time for sending money back to the states through an ATM ? I just went to Shinhan bank, and the teller told me 2-3 days, but that he wasn't sure.
Ouch...transferring via ATM is seriously expensive, perhaps one of the most expensive options available.

You will pay a fixed fee, plus 1-2% of the transaction amount, plus a punitive rate, and a sending/receiving fee.

Sorry, but via ATM in a pinch, OK, but as a regular means to transfer money is financially imprudent.
Do you happen to also know the answer to the question asked? I'd also like to know.
The few times I had to do it in the past, it was immediate.

Not sure how or why they claim it would take minutes, hours, or days.

Image standing at an ATM for more than a few seconds for your money to come out...
No, I think  the teller is saying that the transaction can be done at an atm, but the money may take a few days to show up the the other account. This has been the case each time that I go in person to the bank to do my overseas remittances, I was just wondering if the amount of time it takes would be different if done via atm.


Re: Sending/Transferring Money Home (FAQ)
« Reply #255 on: April 19, 2017, 12:36:34 pm »
I went back to Shinhan Bank and signed up for internet banking only to find out that I had to go to a KB Bank and close my internet banking there. You can't have internet banking at 2 different banks.


Re: Sending/Transferring Money Home (FAQ)
« Reply #256 on: April 19, 2017, 12:57:17 pm »
I went back to Shinhan Bank and signed up for internet banking only to find out that I had to go to a KB Bank and close my internet banking there. You can't have internet banking at 2 different banks.

100% untrue. I have internet and mobile banking with KEB Hana, IBK, and Shinhan.

You can only have one designated foreign remittance bank, though.

That is what I meant.


Re: Sending/Transferring Money Home (FAQ)
« Reply #257 on: April 19, 2017, 02:53:00 pm »
I got my Shinhan Bank app working, and should be able to transfer money to my US bank account.


  • JNM
  • The Legend

    • 3815

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #258 on: April 19, 2017, 04:45:49 pm »
What's the name of a Cashiers Check in Korean?  Do they sign your passport like they do when requesting cash over $1,000?
Never had my passport signed by a bank.



Re: Sending/Transferring Money Home (FAQ)
« Reply #259 on: April 19, 2017, 08:14:02 pm »
What is the typical transfer time for sending money back to the states through an ATM ? I just went to Shinhan bank, and the teller told me 2-3 days, but that he wasn't sure.
It depends on when you transfer. If you issue the transfer today and it's during banking business hours, then the transfer to the other bank (or the intermediary if you have to use one) will be initiated today. If it's done outside of banking hours, it's really initiated the next day.

If the transfer to your other bank is initiated and received during their banking hours, it'll go into your bank almost immediately. But if it's received outside of their normal business hours, it'll go into your account on the next business day for your other bank.

So, it's possible for a wire transfer to get to your other bank within a few hours of transfer, the next day, or even a few days later if some of it occurred over the weekend.