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  • mkhollis
  • Waygookin

    • 22

    • May 01, 2013, 10:12:18 pm
    • Incheon
Problems with remittance account
« on: November 23, 2015, 01:39:34 pm »
Hello everybody, I'm just looking for some opinions/advice.

I won't really get into it as it is quite a long and boring story.

I use a small credit union to bank back in the US, so when I send money via my remittance account my bank in Korea has to use an intermediate bank in the US before the money gets to my credit union. I did this two or three times with no problem.

Apparently, not all of these "intermediate banks" that my Korean bank uses can locate my account, and they are chosen at random thus causing a giant pain in my ***. On my most recent visit to the bank to deal with this, they told me I basically have three options.

1. Continue to try and transfer using my remittance account, knowing that there is a chance my money will not go through, I'll lose a percentage of it and have to go into the bank to sign for its return to me.

2. Physically go into the bank every time I want to transfer money, presumably with some sort of note explaining the issue and that I need to use a specific intermediate bank to transfer my money.

3. Get someone back home to open an account at one of the US banks that my Krean bank can direct transfer to without an intermediate.

Any thoughts or suggestions? 


Re: Problems with remittance account
« Reply #1 on: November 23, 2015, 02:01:29 pm »
3.


  • didibabez
  • Explorer

    • 7

    • September 14, 2014, 10:32:43 am
    • gwangju
Re: Problems with remittance account
« Reply #2 on: November 23, 2015, 02:02:48 pm »
I use a credit union back home too and I'm sending money home through KEB.  I have no problems, plus credit unions don't charge much for incoming international deposits.  If you go with a bigger bank, they might charge you a lot when you transfer money home.   Do you have KEB as your reimmintance acct?


  • mkhollis
  • Waygookin

    • 22

    • May 01, 2013, 10:12:18 pm
    • Incheon
Re: Problems with remittance account
« Reply #3 on: November 23, 2015, 03:33:05 pm »
I use a credit union back home too and I'm sending money home through KEB.  I have no problems, plus credit unions don't charge much for incoming international deposits.  If you go with a bigger bank, they might charge you a lot when you transfer money home.   Do you have KEB as your reimmintance acct?

Yes, I do. I had no problems the first few times, but the most recent time the randomly selected intermediate was JPMorgan, and they "couldn't find" my bank/account.

Question about option 3, since I'm obviously not in the US atm and haven't opened a new bank account there in roughly fifteen years, the person would have to open the account in their name and then add me on, correct?


Re: Problems with remittance account
« Reply #4 on: November 23, 2015, 03:36:46 pm »
I use a credit union back home too and I'm sending money home through KEB.  I have no problems, plus credit unions don't charge much for incoming international deposits.  If you go with a bigger bank, they might charge you a lot when you transfer money home.   Do you have KEB as your reimmintance acct?

Yes, I do. I had no problems the first few times, but the most recent time the randomly selected intermediate was JPMorgan, and they "couldn't find" my bank/account.

Question about option 3, since I'm obviously not in the US atm and haven't opened a new bank account there in roughly fifteen years, the person would have to open the account in their name and then add me on, correct?

Open an account with a bank online and you can do it all yourself. I use Charles Schwab and was able to open it online.