What is the most economical way to transfer South Korean Won into US dollars?

Question

I'm taking a job as an English teacher. I'll probably be paid in cash once a month.

Thank You!

I need the money in my US bank account so I can use online checking to pay bills. I guess I need information on opening a checking account in Korea and doing a bank transfer. If anyone knows a good bank I could use that doesn't charge an arm and a leg I'd appreciate that.

Thank You

Answer 1

Well I bank with Kookmin bank. The only reason I chose them as my bank is because their logo is exactly the same as my signature for art and what have you.
Actually thats not the only reason. Kookmin also has a branch in my home country.
However it is expensive to transfer money. Im guessing the best way to do it would be to go to Western union and wire the money into your account? In saying that, im not sure how much it costs.
With Kookmin I pay about $30-$40 for a transaction both here, and in my home country. (So thats transaction fee for here, and for at home)

Most economical way to exchange money is at the 'KEB' Korean exchange bank.

A good way to do it would be to have enough money in your account to tide you over for three months or so, and then transfer large amounts every few months. Just to save costs.

Answer 2

not sure what the most ecomical way would be but on a different note, can't you get an account with bank like Citibank? I know they're worldwide. That way maybe you don't even need to do a bank transfer. I would call Citibank ASAP and ask them what the process would be.

I'm going to be teaching English in Korea soon too so let us know what they say because I am curious too.

Answer 3

There is not much getting around the fee. They all charge about the same to do it... and of course, exchange rates varry from week to week.

If you are not in a hurry to get it in your account, then get traveler's cheques and fed-ex them to your bank back home. This is cheaper, and I know serveral people who have been doing it for years.... also a good way to get more money out of the country than you should (the limit per year is 10,000 $)

Answer 4

Well one would have to know the most up to date EXCHANGE RATE. I would figure that most banks especailly the major ones could exchange them fo you. Then again I do NOT if you are here or over in South Korea. Rules might be different over there.
I know that the news papers usually publish the
EXCHANGE RATES. Well they do over here.