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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 #260 on: April 19, 2017, 09:05:11 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.

Plus... public holidays at the target or intermediate bank can also cause delays.



Re: Sending/Transferring Money Home (FAQ)
« Reply #261 on: June 04, 2017, 08:30:54 pm »
Hi! I just wanted to let people know about a transfer service I found out about here on waygook (from someone else's post). It's a transfer service that's been around for about a year. It's called soda transfer. I've been in Korea for over two years now...and so far this is the best option that I have used. Basically you sign up for an account, then transfer the money to sodatransfer's domestic KEB Hana account, and within one or two business days they transfer the money to your home account. As far as I know it's only to banks in the USA, but maybe they will expand their services later. I was very skeptical about it at first, but I read all the reviews on facebook and have transferred money twice now (and have had friends do so, also). What I found was that I get more money to my account than by using my Korean banks (Shinhan and KEB Hana) , the money gets into my US account faster, and my US bank doesn't charge a $15 wire fee to receive money from sodatransfer. They always charged me $15 to receive money from the Korean banks. You can also get free coupons by writing a review on facebook and inviting friends. You can get a free coupon with this link: https://sodatransfer.com/ref/kx5rmd
Anyways, if you have any questions, please pm me. :)


  • JNM
  • The Legend

    • 3815

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #262 on: June 05, 2017, 08:35:26 am »
If you transfer money, there are usually 3 options for fees.

Sender, Receiver, or Shared.

If your recipient bank is charging $15, that is a typical charge for the receiver's portion of shared fees.


If you are paying a bill by wire transfer, you should be using "sender" fees so that the recipient gets everything that is due (and so you don't get a late payment notice for $15!)

I think that this Soda service is aggregating customers money and sending large amounts, thus saving the sender's portion of the fees (usually based on a *sliding* percentage).

As Cowboy said, do you really trust this company with millions of your hard earned won?
« Last Edit: June 05, 2017, 08:48:42 am by JNM »


Re: Sending/Transferring Money Home (FAQ)
« Reply #263 on: June 05, 2017, 08:43:15 am »
Thanks for the info. I was skeptical at first...but I've had several friends also try it and I guess it works for them and me so I trust it. But thanks for the cautionary words and the advice!


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #264 on: June 05, 2017, 10:21:54 am »
In 2017, I'm not sure why we are still having this conversation, as this matter was settled years ago.

Broken record here, as I've repeatedly posted about how to be able to avoid these fees, get the best rates, and have your money available immediately for those remitting funds from the Republic of Korea to the United States.

Purchase a  "송금수표", which translates as a "remittance check" , but is actually a bank check, sometimes referred to as a cashier's check.

A bank check is guaranteed by the bank, meaning the funds are available, compared to the uncertainty of a personal check that could be NSF, so there is "zero" risk to the receiving bank/financial institution.

The fee to purchase/receive a "bank check" (송금수표) is a flat rate of 10,000, plus you receive the benefit of the "preferred rate" of exchange (better than you will get with any other form of transfer/exchange).

The only "catch" to benefiting from all of the above is you will need to be banking with a bank that has joined the 21st century.  Meaning, one that allows free "mobile deposits" and has high deposit minimums ($10,000).

USAA is one example.

They say a fool and his money soon depart, so if you transfer any other way, you get what you deserve.

You are welcome for the public service announcement ;)

JNM is dead wrong regarding fees, as banks make money on manipulating the rates of exchange depending on your exchange method, as in cash, T/C, wire, etc., as well as, the fees taken out by the "Clearing House Network".
« Last Edit: June 05, 2017, 10:29:04 am by Pecan »


  • JNM
  • The Legend

    • 3815

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #265 on: June 05, 2017, 10:26:03 am »

JNM is dead wrong regarding fees, as banks make money on manipulating the rates of exchange depending on your exchange method, as in cash, T/C, wire, etc., as well as, the fees taken out by the "Clear House Network".

Dead wrong? No.

I will accept "incomplete".

:)


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #266 on: June 05, 2017, 10:36:56 am »

JNM is dead wrong regarding fees...
Dead wrong? No.

I will accept "incomplete".

:)
Call it what you like, but it is harmful and misleading to those that do not know any better.

Deliberately or unintentionally providing factually incorrect information about this topic is far more damaging to others than the usual topics that get tossed around here.

That said, I'm glad you can find humor in doing so knowingly.


  • JNM
  • The Legend

    • 3815

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #267 on: June 05, 2017, 10:48:34 am »

JNM is dead wrong regarding fees...
Dead wrong? No.

I will accept "incomplete".

:)
Call it what you like, but it is harmful and misleading to those that do not know any better.

Deliberately or unintentionally providing factually incorrect information about this topic is far more damaging to others than the usual topics that get tossed around here.

That said, I'm glad you can find humor in doing so knowingly.

Seriously? I did not know that I was responsible for teaching a full course on international money transfers and hidden fees.

I actually do agree with your opinion that a cashier's cheque and a photo-deposit is the best way to transfer money to your *own* off-shore account.

Fact: When you do a wire transfer, there are three fee options presented.

Opinion: Don't use a money-forwarding service that sounds like a dating app.







  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #268 on: June 05, 2017, 10:57:03 am »
My apologies for not being more clear.

I was not posting my opinion, but fact.

We are talking about numbers, where all can see and verify what is objectively cheapest, etc.

Those who don't avoid "soda" deserve what they get.


  • pohangster
  • Waygookin

    • 17

    • April 24, 2013, 08:09:37 am
    • Pohang, Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #269 on: June 05, 2017, 03:16:43 pm »
The fee to purchase/receive a "bank check" (송금수표) is a flat rate of 10,000, plus you receive the benefit of the "preferred rate" of exchange (better than you will get with any other form of transfer/exchange).

I am curious what the preferred rate is that you get for the cashier's check (송금수표).  Is it the same as the basic rate of exchange, or is it somewhere between the basic rate and the rate for sending a wire transfer?  I see the spread between the basic rate and the remittance rate is around 11 won for the two banks I checked.  If you do indeed get the basic rate you would be saving money on any transfer over around $909 (calculated as 10,000 won cost of the check/11 won spread) by using the cashier's check method rather than a Citi Global Transfer.  Since I use Citi Bank I'd like to know what rate you actually get for the cashier's check so I'll know if this method would be worth it.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #270 on: June 05, 2017, 04:45:12 pm »
Since rates fluctuate, you would be best to check the exact spread at the time of transfer for both options (easy enough to do).

Keep in mind, there are other ways to get a preferential rate via membership status, bank balance, and the amount to be remitted.

We remit just under $10,000 USD per, so it is well worth it.

If you are remitting small amounts (under $1,000), it might well be close to "break even" territory.


  • iamsam
  • Veteran

    • 99

    • March 06, 2017, 07:56:05 am
Re: Sending/Transferring Money Home (FAQ)
« Reply #271 on: June 05, 2017, 07:55:55 pm »
Checked the soda pop site...  45,000 won to transfer $3,000....   Not seeing any benefit for the risk..


Re: Sending/Transferring Money Home (FAQ)
« Reply #272 on: June 05, 2017, 08:16:21 pm »
Sure, I understand your concerns. I guess I like it because I usually transfer less than 3,000,000 so it charges me less than that 45k....and you can get free coupons for transfers (like recommending friends and writing a review on facebook) so ...so far I have saved money on transferring here and I saved the wire fee on my home bank's end. But I understand your point :) Sounds like there are some other good options out there....like Citibank and cashier's checks. I have used korbit, Korean banks, and sodatransfer. So far I like sodatransfer the best. Just wanted to share the info about sodatransfer :) Hopefully everyone here finds the transfer option that works best for them.
« Last Edit: June 05, 2017, 08:25:40 pm by poetryfoot@icloud.com »


Re: Sending/Transferring Money Home (FAQ)
« Reply #273 on: June 13, 2017, 07:41:52 pm »
Hey,

I was wondering if anyone has advice on the best way to send money home to South Africa?
I tried to click on the page in the instructions for details for South Africans but it gives me an error message. Would opening a KEB bank account be the easiest? I bank here with KB and at home with Capitec.

And for those who use the the ATM. Did you have to go to your KB branch and ask an officail to set things up for you to be able to use the ATM?

Please help!


  • iamsam
  • Veteran

    • 99

    • March 06, 2017, 07:56:05 am
Re: Sending/Transferring Money Home (FAQ)
« Reply #274 on: June 24, 2017, 10:04:16 am »
++++ 1 for Soda Transfer

I used this service to send money to my USA account. You can send 3,000,000 at a time only. I was skeptical at first but it worked seamlessly and the money was in my account in 2 days.

The charges are 15,000 to send 1,000,000: 30,000 for 2,000,00: 45,000 for 3,000,000
If you use te link below to sign up you get an automatic free coupon. So send 3,000,000 for free and save 45,000.   By far the simplest way I  have ever sent money!  Also you don't need to send money to just yourself, can be friends/family, just need Name/Routing/Account #

Hope this benefits somebody on here. Check their FB page for reviews.

Use this link to sign up and transfer.  https://sodatransfer.com/ref/yoldnz
« Last Edit: June 24, 2017, 11:01:13 am by iamsam »


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #275 on: June 24, 2017, 11:05:52 am »
++++ 1 for Soda Transfer

I used this service to send money to my USA account. You can send 3,000,000 at a time only. I was skeptical at first but it worked seamlessly and the money was in my account in 2 days.

The charges are 15,000 to send 1,000,000: 30,000 for 2,000,00: 45,000 for 3,000,000
If you use te link below to sign up you get an automatic free coupon. So send 3,000,000 for free and save 45,000.   By far the simplest way I  have ever sent money!

Hope this benefits somebody on here. Check their FB page for reviews.

Use this link to sign up and transfer.  https://sodatransfer.com/ref/yoldnz
You are kidding, right?

The flat rate is crap, but the real deal breaker are the markups on the rates of exchange (1-3% higher than OFX and the like).

Why pay 60,000 KRW to send 1,000,000 KRW...6% is horrible!?!?!

You know what they say about a fool and his money...


  • iamsam
  • Veteran

    • 99

    • March 06, 2017, 07:56:05 am
Re: Sending/Transferring Money Home (FAQ)
« Reply #276 on: June 24, 2017, 02:32:03 pm »
Dude...  it's 15,000 to send 1,000,000.  And the rates aren't bad I transferred for 1,330/1$
And on xe.com it was 1,340..  The bank is always way higher than xe.com so I have no idea what you're talking about.

It's convenient if you need to send some quick money to a friend or whatever.  Have fun going to the bank and filling out a bunch a shit in broken Korean to send 1,000,000.  It will cost you more than 15,000 as well. 

Anyways if someone uses the link they can send 3,000,000 to any USA account for free.  Could help someone that needs to send money quick and easy. 


  • chelly90
  • Adventurer

    • 44

    • September 11, 2015, 09:40:10 am
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #277 on: July 07, 2017, 08:58:31 am »
So I am nearing the end of my contract and my school is going transfer me my severance etc.  as I am using vacation to leave before my end date. I have a remittance account with NH and really just want to leave it open when I leave and give them that account number. No fees and it is easier. From what I have read no one seems to have had any issues with keeping a bank account open...but I am still nervous. Especially since I plan on visiting Korea next year a couple times. Will this create any issues? Also my CT is very over protective and when I sort of mentioned this she said no, you will not have a bank account because you will close it. But I don't want to haha.

Is it better to just close my accounts and have them do a one time transfer at the bank which is riskier and has fees? Has anyone ever had issues leaving accounts open and returning as a tourist or the bank not processing the transfer etc?


  • Mezoti97
  • The Legend

    • 2650

    • April 14, 2011, 03:02:50 pm
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #278 on: July 07, 2017, 09:50:05 am »
So I am nearing the end of my contract and my school is going transfer me my severance etc.  as I am using vacation to leave before my end date. I have a remittance account with NH and really just want to leave it open when I leave and give them that account number. No fees and it is easier. From what I have read no one seems to have had any issues with keeping a bank account open...but I am still nervous. Especially since I plan on visiting Korea next year a couple times. Will this create any issues? Also my CT is very over protective and when I sort of mentioned this she said no, you will not have a bank account because you will close it. But I don't want to haha.

Is it better to just close my accounts and have them do a one time transfer at the bank which is riskier and has fees? Has anyone ever had issues leaving accounts open and returning as a tourist or the bank not processing the transfer etc?

You can leave your bank account open after you leave Korea. It will automatically close after 4-5 years of no bank activity in your account.


  • afheil89
  • Veteran

    • 245

    • August 23, 2014, 12:41:16 pm
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #279 on: July 07, 2017, 10:57:45 am »
I have a similar question....I'm leaving Korea soon as well. I'd rather have my school put my severance/flight money and all that in my korean bank account (citibank) so I can have less transfer fees and wait for a good exchange rate.

Anyone have experience still using the internet banking to transfer money back home after they leave Korea? I just want to make sure it'll still work after I've given up my ARC and all that.
I teach, eat, and travel through Korea and write about it. http://www.ashleyheil.com