I'm so fucking done with Dae Han Min Gook.
**You always get better exchange rates online than in person.**
Korea Exchange Bank
+Good Customer Service 1544-3000 pause, 8 , 8 , 0
Good Mediocre Debit card
+Aside from Citibank Korea → Citibank USA, cheapest way to remit money.
-Piss poor locations / ATMs
-The best Korean banking website (still stinks harder than syphilitic pussy meat)
KEB is an expat's best friend, if an expat's circle of friends include thieving mongoloids and frat boys who try to fuck your girlfriend. These guys have a decent Facebook team that will answer your questions within 48 hours, but their ATMs are few and far between.
Anyway, onto the important stuff.
Cheapest Way to do an international transfer:
Global Wire Transfer via internet
5,000KRW flat fee + 5,000KRW for >$5,000 or 3,000KRW for <$5,000
They also have an Easyone Account which is instantly remits deposits to the foreign bank connected with the account. It's more convenient, and costs more. I highly recommend this option for financial illiterates, down syndromettes, Education majors, etc.
Easyone Remittance Fees (online or ATM)
8,000KRW Flat Fee + 3,500 won for <$500
>$500~$2000: 7,000 won
>$2000~$5,000: 10,500 won
>$5,000~$20,000: 14,000 won
Here's what happened when I put 4,800,000 in my Easy One account
True exchange rate 1135.00
KEB buying $USD Exchange rate = 1,146.1
Remitted 4,800,000 via Easyone
Total Fees= 10,500+ 8,000 = 18,500
4,800,000 – 18,500 = 4,782,500
4,782,500 / 1,146.1 =$4172.85
Actual Amount Received = $4159.27
4172.85-4159.27= $13.58 in mystery fees charged by intermediary banks used by my receiving bank.
+ Often the only choice in remote areas
- Customer service is at a level you should expect from Korea
- Internet banking isn't great. In fact, it's an otherworldly dimension of agony and incapability.
The Green Bastard. The internet banking is optimized for Internet Explorer 6 from the Homo Erectus era. I have nothing new to say about NH Bank, it's just another pathetic example of Korean incompetence when it comes to post-2001 technology.
Online: 5,000 flat fee + 18,000 Intermediary flat fee
In person: 8,000 flat fee+ 18,000 intermediary flat fee + other bullshit fee scaled to amount remitting + worse exchange rate
Investing with NH Bank
Last year I put 10,000,000 KRW in a 1 year CD at an interest rate of 3.057%. They handed me ten packs of ramyeon, which I was glad to help them return to its right place by throwing it into the street / sewage system as I exited the premises. When in Korea, litter as the Koreans do.
I mistakenly assumed I would be able to transfer the money online once the CD matured. No, I'd have to transfer the money to a Korean account in person. Well fuck me, that means I have to withdraw early cause I sure as shit ain't staying an extra hour in this country. I canceled the CD 8 months into the 12 month contract. I got an early withdrawal rate of .96% APY. Then they took another 9,900 in taxes, so I ended up with 10,054,422.
I've also used Busan Bank. Fuck Busan Bank.