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  • chuck2657
  • Expert Waygook

    • 677

    • September 11, 2012, 02:29:12 pm
Re: Sending/Transferring Money Home (FAQ)
« Reply #80 on: March 25, 2013, 09:59:08 am »
There may be a better way to do it, but you could simply use transfers between the two accounts and have one of them be a remittance only account.  Basically, any time that money is deposited, it automatically sends it back home.

Otherwise you could simply do the remittance out of one of the accounts.  Use your primary, and then transfer it all over when you're ready to send it home. 

I'm not sure the other bank needs to know.


  • Craash
  • Veteran

    • 176

    • April 19, 2011, 07:06:22 pm
    • Yeoncheon-gun
    more
Re: Sending/Transferring Money Home (FAQ)
« Reply #81 on: March 31, 2013, 01:06:57 pm »

I use paypal...

I have an Australian paypal account and a Korean paypal account.

I simply send money from my Korean paypal account (which takes the money out of my Korean bank account) to my Australia paypal account.

The fee is very small - like $4.

Then I go into my Australian paypal account and withdraw the money into my bank account - usually takes 3 days.

hint - when opening a Korean paypal account - use your korean address, korean bank accounts and type you name in Korean.  *Don't use the same email address for your Korean paypal account that you use for your home-country paypal account.



ONLINE OVERSEAS REMITTANCE WITH KB BANK
« Reply #82 on: April 06, 2013, 09:49:17 am »
I've been having a lot of problems figuring out how to transfer money home via my online banking.  I have registered my foreign account with a KB BANK teller and have sent money home via an ATM several times.  The English version of the website does not allow you to do transfer money to a foreign account so I've been struggling to sort it out on the Korean version of the website with no success.  Any help would be greatly appreciated.

Thanks!


  • Davey
  • Moderator - LVL 3

    • 1814

    • February 01, 2010, 01:36:20 pm
Re: ONLINE OVERSEAS REMITTANCE WITH KB BANK
« Reply #83 on: April 06, 2013, 09:55:07 am »
Online overseas remittance isnt possible with KB Bank.

\
« Last Edit: April 06, 2013, 12:23:25 pm by Davey »
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html


  • s_nexus
  • Adventurer

    • 33

    • October 07, 2012, 09:02:13 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #84 on: April 06, 2013, 12:36:36 pm »
Just a question about citibank. Since I am working all weekdays, it's impossible for me to open a bank account in person at the branch during weekdays. I've heard of a citibank that opens on the weekend, does anyone have any idea about that? From the first post, it says it is free CitiKorea to CitiUSA for up to 10 times a month. Does that rule still apply now, have anyone tried it?

And also what if I forgot my money transfer PW at NH, is it a hassle to get a new one?

I also read that it is only possible to have one bank as my overseas remittance account, for example if I have NH and Citi I can only use Citi? But my question is how would the other bank know that I've set up overseas remittance with the other bank since they are 2 different separate entities.
I'm not sure about weekend hours. Give Citi a call 02-3704-7100. Ask them whatever questions you have and of course what you'll need to bring to make your account. Also ask about making a credit card since they have decent rewards.

I made my citi account at nowon branch and no one speaks English there, but they understand usual banking terms. They set me up with a basic account with only ATM access and they did not have an equivalent of a debit card when I made my account. I haven't been able to deposit checks into ATMs with citi for some ridiculous reason. Be sure you tell them you want to use this account as your foreign exchange bank.

You can make a citi USA account online and the transfers are free. I'm unsure about the monthly limits in regards to how much and how often you can send. Getting your account fully activated is a pain. I used a friends address and they had to help me activate the atm card and checks before I could get full online access.

Shinhan is my primary bank so I transfer to citi Korea then to my citi US account. Online is tough if you've never done that before. Pick up the phone and call citi Korea again if you have any problems.

Phone support is pretty good.


Re: Sending/Transferring Money Home (FAQ)
« Reply #85 on: April 12, 2013, 03:14:42 pm »
I'm giving this a bit of a bump because I have a major question.

I checked out the Citibank website and read the fine print, where I was greeted with this gem:  If the transfer is made in foreign currency, the exchange rate includes a fee for the currency conversion.

Well, that sucks, doesn't it? Is there any way to know what this "fee" is? Usually this means that they skim a little off the top of the exchange rate, which is common practice for many banks (in fact, it's one of the reasons I stormed angrily away from Bank of America, as their rates kept getting worse and worse). 

I bank with Schwab back home, and I have a Schwab One Brokerage Account as well (it literally came with the checking account). The Schwab One account accepts international wires for no fee, ever. I'm wondering if they'll except any sort of money as well, and convert it back to USD for free. When I take money out of my Schwab account here, I get charged the exact exchange rate when the withdrawal hits my account, as far as I can tell.

Does anyone else bank with Schwab or know anything about this? I'm thinking I might just call the banking center back home and ask. They've been super helpful so far (and when I set up the account and told them I was leaving to work in Korea, the rep actually encouraged me to just wire the money back to the brokerage account and the transfer it to the checking account, because that's free, too). I've got plenty of time to figure it out, but reading this thread has made me insanely curious.


  • mogbert
  • Veteran

    • 149

    • October 25, 2010, 10:12:37 am
    • Goheung
Re: Sending/Transferring Money Home (FAQ)
« Reply #86 on: April 12, 2013, 03:30:27 pm »
I think there are two ways to transfer with Citibank.

Citibank Korea to another bank and Citibank Korea to Citibank USA.  I just checked and it's 1142won to $1.  And if you check the exchange rate, it's about 1129 to $1 (Not that you'd get that rate anyway.

Anyway, I'm not sure if the "fee" is calculated into that exchange rate or not but it gives you an idea of what you'd get against the rate you see online.

But Citibank Korea to another bank definitely charges a fee.

As far as Schwab goes, I have an account too.  I haven't had the need to withdraw from it yet but I know it's fee-free internationally (hey that rhymed).  But transferring to the account might be fee-free from Schwab but a intermediary bank may charge Schwab or the Korean bank.  And that's the fee I think I'm avoiding with Citibank to Citibank.


I'm giving this a bit of a bump because I have a major question.

I checked out the Citibank website and read the fine print, where I was greeted with this gem:  If the transfer is made in foreign currency, the exchange rate includes a fee for the currency conversion.

Well, that sucks, doesn't it? Is there any way to know what this "fee" is? Usually this means that they skim a little off the top of the exchange rate, which is common practice for many banks (in fact, it's one of the reasons I stormed angrily away from Bank of America, as their rates kept getting worse and worse). 

I bank with Schwab back home, and I have a Schwab One Brokerage Account as well (it literally came with the checking account). The Schwab One account accepts international wires for no fee, ever. I'm wondering if they'll except any sort of money as well, and convert it back to USD for free. When I take money out of my Schwab account here, I get charged the exact exchange rate when the withdrawal hits my account, as far as I can tell.

Does anyone else bank with Schwab or know anything about this? I'm thinking I might just call the banking center back home and ask. They've been super helpful so far (and when I set up the account and told them I was leaving to work in Korea, the rep actually encouraged me to just wire the money back to the brokerage account and the transfer it to the checking account, because that's free, too). I've got plenty of time to figure it out, but reading this thread has made me insanely curious.


  • s_nexus
  • Adventurer

    • 33

    • October 07, 2012, 09:02:13 am
    • Seoul
Re: Sending/Transferring Money Home (FAQ)
« Reply #87 on: April 12, 2013, 03:58:17 pm »
I think there are two ways to transfer with Citibank.

Citibank Korea to another bank and Citibank Korea to Citibank USA.  I just checked and it's 1142won to $1.  And if you check the exchange rate, it's about 1129 to $1 (Not that you'd get that rate anyway.

Anyway, I'm not sure if the "fee" is calculated into that exchange rate or not but it gives you an idea of what you'd get against the rate you see online.

But Citibank Korea to another bank definitely charges a fee.

As far as Schwab goes, I have an account too.  I haven't had the need to withdraw from it yet but I know it's fee-free internationally (hey that rhymed).  But transferring to the account might be fee-free from Schwab but a intermediary bank may charge Schwab or the Korean bank.  And that's the fee I think I'm avoiding with Citibank to Citibank.


I'm giving this a bit of a bump because I have a major question.

I checked out the Citibank website and read the fine print, where I was greeted with this gem:  If the transfer is made in foreign currency, the exchange rate includes a fee for the currency conversion.

Well, that sucks, doesn't it? Is there any way to know what this "fee" is? Usually this means that they skim a little off the top of the exchange rate, which is common practice for many banks (in fact, it's one of the reasons I stormed angrily away from Bank of America, as their rates kept getting worse and worse). 

I bank with Schwab back home, and I have a Schwab One Brokerage Account as well (it literally came with the checking account). The Schwab One account accepts international wires for no fee, ever. I'm wondering if they'll except any sort of money as well, and convert it back to USD for free. When I take money out of my Schwab account here, I get charged the exact exchange rate when the withdrawal hits my account, as far as I can tell.

Does anyone else bank with Schwab or know anything about this? I'm thinking I might just call the banking center back home and ask. They've been super helpful so far (and when I set up the account and told them I was leaving to work in Korea, the rep actually encouraged me to just wire the money back to the brokerage account and the transfer it to the checking account, because that's free, too). I've got plenty of time to figure it out, but reading this thread has made me insanely curious.
I can confirm this. Citi Korea to Citi USA is free. But right now the conversion rate is really terrible! :sad:


  • peach26
  • Veteran

    • 117

    • February 06, 2012, 11:16:25 am
    • Korea
Wiring money from Korea to the United States
« Reply #88 on: April 15, 2013, 08:43:15 am »
When wiring money from Korea to the United States, does the money have to be wired through Wells Fargo in San Francisco first, and then on to your bank account?  Thank you.


  • amya
  • Veteran

    • 160

    • September 02, 2011, 09:55:40 am
    • Yeoju
Re: Wiring money from Korea to the United States
« Reply #89 on: April 15, 2013, 09:49:34 am »
Take your info (acct #, Routing #, bank address) to your bank in Korea....they'll do the work. It should show up the next day in your bank in America.


Re: Wiring money from Korea to the United States
« Reply #90 on: April 17, 2013, 08:02:33 am »
You need the swift number too. You might have to call your American bank.


  • Chicagohotdog
  • Hero of Waygookistan

    • 1052

    • March 04, 2012, 12:25:31 pm
    • Gyeongsangbuk-do
    more
Re: Wiring money from Korea to the United States
« Reply #91 on: April 17, 2013, 09:01:36 am »
When I went to set this stuff up I had the address for both the main branch of the bank and my local branch, the one I actually visit.  They said that they wanted the address for the local branch.  So whichever branch of the bank you visit the most frequently, or the one you actually set up your account at, bring that address.
Discount of up to $10 off of first order on iHerb.com ---> CHK096

$10 off of a Tour booked through Viator.com (You get $10 off and I'll get $10 off - that could be an airport ride): https://www.viator.com/raf/PDPOTBSYI

http://travelhacking.org/sammery-wants-you


  • dachiza727
  • Super Waygook

    • 418

    • June 24, 2010, 09:52:23 pm
    • South Korea
    more
Re: Wiring money from Korea to the United States
« Reply #92 on: April 17, 2013, 09:14:34 am »
I do this every month with wells fargo.

I use the:
bank address in San Francisco
swift code
ABA # (i think that's what its called) 

you'll need your wells fargo account number, ( you will not need your routing number)

if you PM me, I'll provide the swift code and ABA #.  that info isn't on me at the moment.
"Iíll have a vanilla...one of those vanilla bullshit things. You know, whatever you want, some vanilla bullshit latte cappa thing. Whatever you got."

true dat.


  • nermal
  • Veteran

    • 228

    • September 26, 2012, 08:07:32 am
Re: Sending/Transferring Money Home (FAQ)
« Reply #93 on: July 04, 2013, 08:50:36 am »
I'm wondering where some mystery money is going to.
I'm with KEB, sending money to my bank in the US.

I choose an amount and send it home at the ATM.
KEB charges me 15,000KRW for the transfer.
They then send me a text with the amount in USD that is being sent.
This matches up fine with whatever terrible exchange rate they quote that day.
I check my US bank account the next day and I see my transfer minus $20.
My bank does not charge for incoming transfers.
Where is this mystery $20 going to? Some intermediate?


  • Chicagohotdog
  • Hero of Waygookistan

    • 1052

    • March 04, 2012, 12:25:31 pm
    • Gyeongsangbuk-do
    more
Re: Sending/Transferring Money Home (FAQ)
« Reply #94 on: July 04, 2013, 09:27:17 am »
I'm wondering where some mystery money is going to.
I'm with KEB, sending money to my bank in the US.

I choose an amount and send it home at the ATM.
KEB charges me 15,000KRW for the transfer.
They then send me a text with the amount in USD that is being sent.
This matches up fine with whatever terrible exchange rate they quote that day.
I check my US bank account the next day and I see my transfer minus $20.
My bank does not charge for incoming transfers.
Where is this mystery $20 going to? Some intermediate?

My bank at home doesn't charge for domestic transfers but does for international ones - that may be where the money is going.  What bank do you use back home?
Discount of up to $10 off of first order on iHerb.com ---> CHK096

$10 off of a Tour booked through Viator.com (You get $10 off and I'll get $10 off - that could be an airport ride): https://www.viator.com/raf/PDPOTBSYI

http://travelhacking.org/sammery-wants-you


  • nermal
  • Veteran

    • 228

    • September 26, 2012, 08:07:32 am
Re: Sending/Transferring Money Home (FAQ)
« Reply #95 on: July 04, 2013, 09:37:03 am »
I'm wondering where some mystery money is going to.
I'm with KEB, sending money to my bank in the US.

I choose an amount and send it home at the ATM.
KEB charges me 15,000KRW for the transfer.
They then send me a text with the amount in USD that is being sent.
This matches up fine with whatever terrible exchange rate they quote that day.
I check my US bank account the next day and I see my transfer minus $20.
My bank does not charge for incoming transfers.
Where is this mystery $20 going to? Some intermediate?

My bank at home doesn't charge for domestic transfers but does for international ones - that may be where the money is going.  What bank do you use back home?

I use a small credit union. They don't charge for incoming transfers from anywhere. Just for outgoing. I suspect that there is some third party in America that is relaying it and taking a cut.


  • Chicagohotdog
  • Hero of Waygookistan

    • 1052

    • March 04, 2012, 12:25:31 pm
    • Gyeongsangbuk-do
    more
Re: Sending/Transferring Money Home (FAQ)
« Reply #96 on: July 04, 2013, 09:50:05 am »
I'm wondering where some mystery money is going to.
I'm with KEB, sending money to my bank in the US.

I choose an amount and send it home at the ATM.
KEB charges me 15,000KRW for the transfer.
They then send me a text with the amount in USD that is being sent.
This matches up fine with whatever terrible exchange rate they quote that day.
I check my US bank account the next day and I see my transfer minus $20.
My bank does not charge for incoming transfers.
Where is this mystery $20 going to? Some intermediate?

My bank at home doesn't charge for domestic transfers but does for international ones - that may be where the money is going.  What bank do you use back home?

I use a small credit union. They don't charge for incoming transfers from anywhere. Just for outgoing. I suspect that there is some third party in America that is relaying it and taking a cut.

It might be then that there is another party (some bigger bank) actually receiving the international transfer and then sending it on to your bank.  You've got a third party in there somewhere.  You can call your credit union to be sure, but you're likely stuck with that fee.
Discount of up to $10 off of first order on iHerb.com ---> CHK096

$10 off of a Tour booked through Viator.com (You get $10 off and I'll get $10 off - that could be an airport ride): https://www.viator.com/raf/PDPOTBSYI

http://travelhacking.org/sammery-wants-you


Re: Sending/Transferring Money Home (FAQ)
« Reply #97 on: July 09, 2013, 11:17:34 pm »
So I'm going to be leaving Korea soon after just a few months, but in those short few months, the won has taken a hard hit compared to the dollar. What makes it worse is that, since I'm leaving in the middle of the month, I'm not actually going to get all my money from working until August 10th.

Is there any reason to not leave the money in the bank here, then have them wire it Stateside when things aren't so skewed? My money is in the KB Bank (and I'm wanting to transfer it to Citizen's Bank in America). That in mind, what sort of preparation will I need to make while I'm still here?

Should I, perhaps, just take out as much money as I can and stick it all in my sock?


  • Ms.Kim
  • Explorer

    • 6

    • July 30, 2013, 05:38:11 pm
    • South Korea
Re: Sending/Transferring Money Home (FAQ)
« Reply #98 on: August 09, 2013, 08:39:36 pm »
This was extremely useful! I was wondering how this was all going to work out! Thank you!


Re: Sending/Transferring Money Home (FAQ)
« Reply #99 on: August 13, 2013, 11:01:56 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~