Industrial Bank of Korea

Ready to Start

IBK, your financial partner
for a better future.
Ready to Start
Remittance How to Exchange and Send Money Abroad 2019.02.08
 Hey, guys.

Sean : I am frome the states. 
Sofani : Hi Iam frome Cambodia. 
Lipei: I am frome China. 
Nice meeting you

Financial Life Guide For Foreigners
How to Exchange and Send Money Abroad

In this month, there is a holiday alled 'Father's in the States

Father's day 

Sean : Every third sunday of June that people celebrate and appreciate fathers
But I am here in Korea, So I can't really give him his present
What do you do when you have this situation?

Sofani : I send fund to my parents during holiday
Yeah, I can't really give it to them directly 
Iwired money via bank 

Sean: I never wired money to the states yet
I think it would be a bit complicated

Sofani : It's not complicated at all. You can easily wire money via bank
If you haven't done it before, why don't you wire some money to you parents this time?

Sean: I need to check the exchange rate first

Lipei: Yeap. You need to check the exchange rate first 


*when it comes to international wire transfer, the most important thing is checking the exchange rate

Sofani : If the exchange rate is low, I can send more money to my parents

Lipei: Beginning of every semester I need money to be sent to from China to Korea
So if the exchange rate is low, my hear hurts so much

Sofani : Then why don't we go check the exchange rate?

--
What is Exchange rate?
It's the price of foreign currency
It is value of Won to get each unit of foreign currency

If you have to pay 1000Won for 1US dollar,
1000Won is exchange rate of Won-Dollar

Since it is about how much money you can send with amount of money you pay

When you do the international wire transfer,
you need to be aware of the exchange rate!

Sean came to bank for exchanging the currency and international wire transfer

--

Sean : Hello. Actually, I have 100US dollar. Can i exchange it to Korean Won?

Staff : Yes, Of Course

Sean : How much Korean Won do i get for that?

Staff : You can see it the Exchange rate monitor
If you sell 1US dollar, you can see the rate is 1118.09Won on the left side of monitor

Sean : Yes, I would like it to be exchanged

Once filled simple application with ID card 
Exchanging currency is successfully done!

Staff : Do you have other thing for me to assist you today?

Sean: I came here to make a internatioanl wire transfer, I am not sure how to do it.

Staff : Where would you like to send the fund to?

Sean: To the United States

Staff : Did you bring your I.D. with you?

Sean: Yes, I did

Staff : Then, would you pass me the I.D. and fill in the blanks where there are check marks?


Application for International wire transfer

Staff : If you send 1,000USD, the remittance charge is 41,000Won

Sean : Really? there is remittance charge for that?

--
Another thing to watch International remittance charge!
Since Korean bank doesn't have account for every foreign banks,
Intemediary Bank has to transfer the fund in the middle
And it is called as International remittance charge

TIP International remittance charge
Since international wire transfer usually takes 2to3 days,
and different amount of fee can be charged depending on 
where you send money and how much money you send,
therefore it is important to check it 
ahead of the day for international wire transfer!

Staff : This is reciept for your wire transfer today 
Transaction history is listed here, so please check it if it is correct 

Sean : this is correct

Staff : It will take about 2to3 days

Sean : Is it all done now?

Staff : Yes, you are all set

Sean : I thought it would be really difficult. I'll try to stop by often

Staff : Thank you. Please come again

--

* TIP
previous to the international wire transfer,
chsck the exchange rate first 
Write down the application for wire transfer,
and give it to the banker with I.D. card and money to be wired

international wire transfer, is there any way that is more simple with less cost to do it?
--

Sofani : Why don't we try international wire transfer via online banking?

Sean : Yes, Let's do it.

--

How to do the internationalwire transfer via online banking
1. Login in at the page of accredited certicate
2. Enter the menu of international wire transfer
3. Enter sender, receiver, and receiving bank information

Sofani : In case of Receiving bank, I send money to the bank in Cambodia. right??
Then, it is bank information of the bank in Cambodia
In case of you

Lipei: sinc you are sending the money to the bank in china,

Sofani : so raceiving bank would be Chnese bank. Then, you choose the type of wire transfer

4. Choose who pays international remattance charge

Sofani : Like if sender or receiver pays the international remittance charge

International wire transfer has been finished

--

* TIP
How to do the international wire transfer via online banking
1st step, Login at the page of accredited certicate then Enter the menu of "international wire transfer"
2nd step, Enter sender, and receiver information
3rd step, Enter receiving bank information and information regarding the transfer
4th step, Choose who pays the international rematance charge
5th step, lastly enter the account pin number then, you are all done 

* TIP
If you use online banking for the international wire transfer, International remittance charge can be discounted up to 50percent!

--

Sean : In the future, I feel like i can do the wire transfer when i am busy
I think it will be very handy

Sofani : Yes, sure. I use online banking a lot.
There is another thing that is handy when you use online banking which is exchanging currency


* TIP
You can exchange currency via online banking!


Sofani : Yes. Once you apply the exchage, then you can go to bank you to get the money

Sean : Yes! all done.