Bank Transfers from Korea
Sending money from a bank in Korea to your local bank is pretty easy. Note that exchange rates ARE negotiable. Dress the part. Looking good will often get you to the front of the line and could amount to a couple points difference in the exchange rate to your favour. Note also that different banks give different rates.
If you have no bank account at the bank you are trying to send money home from you will be asked to fill out forms, answer questions, and have your passport stamped every time you wire money into your home bank account. If you have a local bank account, the forms and questions aren't necessary after the first time, and the passport stamping is bypassed entirely.
Some banks, like the Korean Exchange Bank (KEB) actually allow you to send transfers using the bank machine and online banking. This is a pretty good deal if you have bills that need to be paid back home. Note that this service has to be set up in the bank to begin with before you can access this opportunity. Customers must set up the service in advance, naming remitting and receiving accounts. Once that is done customers can use the bank's automatic teller machines to send cash whenever the ATMs are open for business, including evenings and holidays. The charge person transfer is 20,000 Won.
Check with your bank to see what options are available to you.
Important information for you when transferring money throught the bank:
- bring your passport
- know the exact name of the bank in your home country
- know the address of the bank in your home country (if possible)
- know the SWIFTCODE of the bank in your home country (if possible)
- know the Bank and Branch ID of your bank in your home country
- know your account ID number of the bank account you wish to send the money to.
Be sure to have ONLINE BANKING set up with your bank prior to departure. This will definitely make your life much easier if you need to be making payments to things back home.
