As I sit here and type this, I am wondering why it took so long to write a post about this. Thanks to my good friend Ardyn who suggested I blog about my struggle and experience with sending money home this afternoon, as I was walking back to the bank and called her. Why is it so difficult to send money home? Why is it? Well for me I honestly did not take the time to do proper research and a year later it dawned on me that maybe I should have done this in the first place to avoid the recent issues I have been facing.
I was using the Foreign Automatic transfer service with NB bank, as it is my home bank since I am in a rural area, and without properly doing research about their fees I switched to the Korean Exchange Bank (KEB). I was hearing so many good things about KEB from word of mouth and online blog sights, even a few pages on Facebook, then I come to find out that KEB is actually a bit more expensive and to be honest I do regret switching now only because in May and June from using the KEB service I did lose a few dollars. So I went to NH bank today just when they were about to close to cancel the automatic transfer from my account with them to my KEB Easy One For Foreigners account, because my next transfer I want it to be done through NH bank, so I will be going there tomorrow to re-register myself with their service that I started with. Honestly NH Bank was not bad at all, I just listened to a lot of people and read a lot of good things about KEB and how is so cheap and better rates than other banks, and without doing my research, I switched blindly.
NH VS KEB
Below will give you a breakdown of the charges from both banks and you can then choose what works best for you. Before I start though I would like to say that language barrier is a big factor from both banks, but when you do call the customer service online more people speak English and is easier, but to set up an account or to do a transfer and all that jazz you always have to go to a branch.
1. Foreign Automatic Transfer
-Remittance Charge $3,000 Korean won
Telegram Charge $5,000 Korean won
-Intermediate/Intermediary Charge- $20 dollars (Canadian)
-it was $15 dollars, but it went up by 5 bucks
2. NH1 Account
-Remittance Charge is $3,000 won
-Telegraph Charge is $8,000 won
-Intermediate Bank Charge is $20 dollars
3. Economic Way (TO SAVE YOU A COUPLE BUCKS)
-Internet Banking is $5,000 Korean won
-No Remittance charge
-Telegram Charge is $5,000 Korean won
-Intermediate Bank Charge is 20 dollars
All this information above was provided by an NH bank customer service representative through the phone.
1. Easy One Account
-Remittance Charge $15,000 Korean won
-Intermediate Charge (I was told they do not know, but the lady said roughly between 10-20 dollars)
-They said there was no other charges
2. Online Transfer
-$8,000 Korean won
3. Auto Transfer
-$18,000 Korean won
-$500-$2,000- 10 Korean won
-$2,000-$5,000- 15 Korean won
-$5,000-$10,000- 20,000 Korean won
-20,000+- 25,000 Korean won
I was then advised of a mystery charge which is 13.58. The lady could not elaborate so I just left it alone
All this information above was provided by a KEB customer service representative through the phone.
I HIGHLY recommend you contact your bank back home to investigate their charges and perhaps even hidden charges. Figure out if they have a flat rate or do they charge you percentage based fee. If you are from Canada and you bank with TD Canada trust you are in luck, because I contacted them to know how much they charge for an incoming wire transfer fee to my account. For an incoming wire transfer with TD Canada Trust is $17.50 (Canadian dollars). They also told me to inquire about a service called visa direct as it would save me more money, but neither NH or KEB provide that service. Basically what a visa direct is transferring funds internationally online as a visa direct transfer. Below is the link a TD representative directed me to
I hope you found this somewhat helpful and please my advice to you all is, RESEARCH, RESEARCH AND DO MORE RESEARCH, before registering with a bank to send money home. Either way it will cost money, so maybe try sending a little less or sending money every 3 months or even every 6 months.
OTHER HELPFUL LINKS