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  • aheffern
  • Waygookin

    • 15

    • April 15, 2011, 02:02:23 pm
    • Ulsan, Korea
Sending money home
« on: September 26, 2012, 10:25:51 am »
I'm looking to see if anyone has specific information on sending money home. I'm going travelling after my contract ends and I was thinking to make things simple I would head home via Korea so that I could send money home from here (rather than trying to work with my school to make sure they pay me everything before I leave). However, I just realized that although my ARC expires a month after my contract, I won't be back before it does. Will I still be allowed to do a funds transfer when I'll be on a tourist visa?

Also, I'm aware that we're allowed to send "up to 100% of our salary home" but does anyone know if they measure this by calendar year or by contract year?

Thank you!


  • Leez
  • Adventurer

    • 66

    • May 11, 2011, 11:08:58 am
    • South Korea
Re: Sending money home
« Reply #1 on: September 26, 2012, 02:42:44 pm »
So, I send money home via a KEB account that is set up for that purpose. Do you have a KEB account to send money home with?

Your bank account will not automatically close when your ARC does so if you are just transferring funds over the ATM I cannot see how there would be a problem but of course I am saying this in the general way that one wonders over such matters...so please understand I'm just assuming.

Good luck!


  • Landis
  • Veteran

    • 118

    • August 27, 2011, 09:39:35 am
    • South Korea
Re: Sending money home
« Reply #2 on: September 26, 2012, 03:24:31 pm »
I also send home money using the KEB transfer account... But if there was a better way to send money back to avoid the bank fees or ensure a more favorable exchange rate, I would like to hear about it...


Re: Sending money home
« Reply #3 on: September 26, 2012, 03:47:05 pm »
If you're in a public school then you should have a set day that you get paid on and it will always be that day... they can't change it.

You can arrange for the transfer to happen on a specific date in the future... just go in and tell them you want your account closed and all of the money transferred to your home account say a week or two after your final payday-- it shouldn't be a problem. Your visa situation shouldn't matter at all.

I've also heard that there's a limit of 10 million won for transfers with some banks... I don't know about the 'up to 100% thing'.


  • JahRhythm
  • Fanatical Supporter!

    • 1122

    • May 25, 2011, 12:49:41 pm
    • Seoul
    more
Re: Sending money home
« Reply #4 on: September 26, 2012, 04:11:43 pm »
I also send home money using the KEB transfer account... But if there was a better way to send money back to avoid the bank fees or ensure a more favorable exchange rate, I would like to hear about it...

Transferring the money via KEB internet banking is cheaper than the automatic KEB Easy One Remittance Account.
It' 8,000 won per transaction (up to a limit, not sure what the limit is, $2,000?)
The EZ remittance account charges 15,000 won per automatic transfer.
We teach EFL not ESL. Hagwon and "Private School" are not synonymous. Not everyone works in either a hagwon or public school. Immigration Question? Call 1345.


  • jupinkorea
  • Super Waygook

    • 324

    • June 04, 2012, 05:25:32 pm
    • Seoul
    more
Re: Sending money home
« Reply #5 on: September 26, 2012, 04:47:55 pm »
I also send home money using the KEB transfer account... But if there was a better way to send money back to avoid the bank fees or ensure a more favorable exchange rate, I would like to hear about it...

Transferring the money via KEB internet banking is cheaper than the automatic KEB Easy One Remittance Account.
It' 8,000 won per transaction (up to a limit, not sure what the limit is, $2,000?)
The EZ remittance account charges 15,000 won per automatic transfer.

I only get charged 11,500 W when I use my easy one account
"North Korea everything sunny all the time, always good time, beach party" Johnny Mountain