south korea

[The D Funk]

i think its a lil more confusing than that, my loan which is with CIBC, my online account is with Scotia Bank. I am sure i will be opening a Korean bank account, so i am not sure exactly how to do all of this???

any help would be much appreciated!

thanks

Brennan

[bradm]

i think its a lil more confusing than that, my loan which is with CIBC, my online account is with Scotia Bank. I am sure i will be opening a Korean bank account, so i am not sure exactly how to do all of this???

any help would be much appreciated!

Talk to a rep at CIBC, and ask them what options they have/suggest. You might be able to leave some post-dated cheques with them, or with a relative here, to be mailed off at an appropriate time, or arrange automated scheduled transfers from your Scotia Bank account (you should talk to Scotia Bank, too).

Aloha,

Brad

[hamilton]

i think its a lil more confusing than that, my loan which is with CIBC, my online account is with Scotia Bank. I am sure i will be opening a Korean bank account, so i am not sure exactly how to do all of this???

any help would be much appreciated!

thanks

Brennan

Doing a wire transfer from your Korean account to your home bank is relatively easy, but as Blane pointed out you will have to pay a hefty service charge - around $20, but the larger the amount, the higher the fee. Your home bank will also ding you to receive the transfer - I think $10 at Scotiabank.

You can mail your payment from Korea to Canada simply by bringing your chequebook here and writing a cheque once the wire transfer is received at home - on average, it will take two weeks or less for a letter to get from Seoul to Canada. Or, as bradm suggested, just sign a bunch of blank cheques and leave them with a family memeber at home, and email them instructions for making payments as you go along.

However... Scotiabank IS here in Korea (or there was, anyway - I'm assuming that they are still there). There is one branch in downtown Seoul (Jongno or Gwanghamun or Euljirosamga, I can't remember) so you might be able to deal directly with them. The problems are that you'll still have to pay the same fees for wiring the money and that Jongno is going to be a bit of a pain in the ass to get to from Bundang during banking hours. I would say that it's a lot easier just to take the first option that I suggested. I tried going through Scotiabank downtown when I lived here five years ago, and I found that I only saved a minimal amount of money - not worth the time and effort spent getting there... and I was travelling from Yeoksam, which is much closer to Jongno than Bundang.

Hope this helps.

[Sarahbelle]

oh U need all your account info, and your passport. It takes a few days I think too.. mabye 3 or something?

I remember my 'banker' her name was Jenny, she was really sweet and always helped me out