One thing I worried about was how to send money back home. I had been banking with PNC for years and wanted to continue banking with them. When I found out they were going to charge me $50 every time I deposited money from a foreign account, I quickly looked for alternatives.
Option #1: CitiBank
CitiBank has banks all over the world which makes it one of the most convenient ways to transfer money. Since they are from the same bank, there are no fees to receive money. The problem with a CitiBank account is that they are only located in the larger cities in Korea. Before arriving in Korea, I had no idea what city I would be placed in and if it would have a CitiBank or not. I couldn’t risk opening a bank only to be hit with fees for not being able to maintain it.
Option #2: Ally Bank
Ally Bank is ultimately the option I chose. It’s an online bank that has no physical banking locations. It has free checking, free checks, and no maintenance fees. It also has free bank transfers for money deposited into your Ally Bank account. I thought it would be a pain when I was in the States. How will I deposit money? (use Ally Bank app) How will I get out cash? (Use an ATM like a normal person. Ally reimburses up to $10/mo. for ATM fees) What if I need to talk to a banker? (Call the 24-7 customer service line) I’ve been using Ally for a year in Korea. It’s a fantastic little bank, and I love that it has 24-hour customer service and the longest wait time I’ve seen is 2 minutes. The only pain is setting up the bank path from your Korean bank to Ally. So you don’t have to go through the stress that I did; here’s all you need to know:
Ordering Customer: You
Sender’s Correspondent: CHASUS33 – JPMorgan Chase Bank, N.A.
Address: 1 Chase Manhattan Plz.
New York, NY 10005
Intermediary Institution: CHASUS33 – JPMorgan Chase Bank, N.A.
Account with Institution: ALLYUS31 – Ally Bank
Beneficiary Customer: You – Your Bank Account Number
ABA/Routing Number: 021000021 (Please double check with Ally to make sure this is your routing number)
While we’re on the topic of banks, look into a NongHyup One bank account when you get to Korea. A NongHyup One account is like a middleman account. Any money you put into this account will be automatically remitted to the bank of your choosing. The perks of this being that you pay less in fees from your Korean bank. You don’t have to have a NongHyup (NH) account to apply for NongHyup One.
There are several ways to send money home.
1. Go to the Bank
I used to leave work a little early so I could go to the bank and transfer money home. I made sure to bring my previous receipt of transfer to show the teller in case I got someone new. It’s also easier for them to transfer cash to your overseas account than directly from your account. I’m not sure why. This method is time-consuming and annoying.
2. Online Banking
When you apply for a bank account, be sure to take your cell phone and request online banking. The teller will have to set up the app for you. The NH bank app makes it super easy to transfer funds and everything is in English. This is the most convenient method.
Using your NongHyup One account requires you to use the ATM to transfer funds. ATMs are rather plentiful in the downtown areas so it’s only a slight inconvenience. This is the cheapest method.