Transferring Money to the States

07 Dec

Banking in Korea is always a pain for me and today was no different. The tellers are always sweet and helpful (and women), but it always takes forever. Today I learned that a foreigner can have only one bank designated for international bank transfers. At my last job I used either KEB or KBStar, I can’t quite remember, to fulfill that need. Citybank, the bank I was forced to use by my employer, was horrible and hence dubbed Shittybank. Even with a direct deposit, there were no benefits: they charged 30-40,000 won per bank transfer and the card they gave couldn’t even be used as a debit card. To avoid their outrageous fees, whenever I wanted to transfer cash I had to take a large sum of money out at the ATM and physically carry it over to the other bank. I felt safe enough but it was just a pain and took extra time out of my break periods which I cherished back then. If I kept KBstar or KEB as my designated bank I’d still have to go through that process just mentioned and the distance between the two places is much greater.

It always feels good to transfer to the States now because the dollar is so weak at this point in time. I always feel like I’m making money (in reality I guess I just don’t know what a dollar is worth anymore). Today I transferred 2million won to my American bank. Hana charged me 14,750 won to send the money, and I think my US bank charges 15 dollars to receive it, but in the end, when I check my account, I should have 2,150 USD, which in my skewed way of thinking of 1,000 won as a dollar means a net gain of 150 bucks! Hopefully now that Hana is my designated bank I won’t have to wait an hour to transfer from here on out.

1 Comment

Posted by on December 7, 2007 in Seoul Days


Tags: , , , , ,

One response to “Transferring Money to the States

  1. Daniel Gray

    December 10, 2008 at 11:54 pm

    Oh, those were the days when the won was strong and the dollar weak.


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