There must be at least once when you need to send the money to your home country. Among many options, an international wire-transfer may be the most popular and well-known method. (Assuming most of us have our own bank accounts) In order to execute an international wire-transfer from Korea, there are certain things that you need to know before you go to the bank (unfortunately, foreigners in Seoul cannot use online banking, or if it is possible, the steps are quite complicated)
First, you need to visit the bank in person. As mentioned above, since expats in Korea cannot use online banking system, it is mandatory to visit the bank in person. Before going to the bank, please be aware of bank’s business hours – most of them are from 9am to 4pm.
Once you get to the bank, please take a waiting ticket and wait for your turn. Trust me, you will not get a chance to talk to a teller as soon as you arrive at the bank. Okay, so now you are in front of a teller, now what?
Just tell the teller that you want to make an international remittance, and the teller will hand you a paper to be filled out. In this form, you need to fill out the followings :
- Bank name
- Receiver’s account number
- Receiver’s name
- Swift Code
- Bank Address and phone number
- Bank Routing number
Even though you are not fluent in speaking Korea, please do not worry about it. The form which a teller hands to you has english as well for all the boxes that you have to fill out. Other than those above, you need to be prepared to have your identification such as passport or alien registration card.
But please note that you have to pay various commission fees in making an international wire-transfer. For example, you have to pay some amount as a commission to the bank that is sending your money, to the bank that is receiving, and even to the bank that connects between sending and receiving banks – If your Korean bank doesn’t have direct connection to your home country bank, there must be a third bank that connects between the two. The average total cost for commission would be around $20~$30, so please be prepared to send additional amount when you use an international remittance to avoid sending the lacking amount.