England - Sending Money Home

[minceandcheese]

The Pin field is the 4 digit pain for your card on the account here. You need a transfer password too, aswell as the blue and white card with the codes.

Bene account means the beneficiary, ie the account you are sending the money to.

I found that the only way to enter the swift code was to follow the link that says 조회하기.

[DevilMogun]

Just to add to what has already been said, in case you don't know already -

You will need your BIC number - an international account number which is a long number that is a mixture of letters and digits including your account number, sort code and bank name.

You will need either the SWIFT number which is your bank's international ID.

A short call to your bank in the UK should get you all you need.

I struggled forever to get online banking working with Nong Hyup but once you get through the initial problems it is quick and efficient.

[nardthefox]

http://seaninkorea.blogspot.com/2010/11/transfer-money-abroad-from-nong-hyup.html

This guy covers it pretty well. Also, like a few other posters said, be sure to go to your bank branch, as they HAVE to fill out a bunch of paperwork or no matter how many times you try (upwards of 50 myself), it won't ever go through.

[gangwon]

Also, on that guys site, he says it's better to send under 1000USD at a time.  Does anyone know if it is the same for brits, or is it 1000 GBP?

I'm guessing the reason for this is because you can do unlimited transfers under 1000USD but there is a limit on transfers over 1000 USD, (I think about 25 000USD combined, regardless of currency)  before you cannot transfer on line and have to go to the bank. There is also a yearly limit of I think about 50 000 but you're saving a hell of a lot more than me if you transfer that much each year!

Charlie

[gangwon]

Here's a quick PPT screen shot of the transfer page with some notes on. Hope it helps.

Charlie

[Davey]

Is anyone else having problems with the NH site for transfers?  It's been telling me there's a small problem for the past 2 days, I had to order a new card a couple of months ago and I think this is the first time I've tried to transfer since then so want to know if it's just me or everyone (please don't make me go to the bank again  )

Call NH at 1588-2100 and tell them the error code you're getting when you attempt to transfer. They should be able tell you what's wrong.

[Seaneous]

For some banks such as NW they also said that they would not charge to receive money under 100 pounds and charge 7 pounds for ANY amount after that! Not too bad...so I would tranfer large amounts of money at a time!

[ronalogue]

I have Halifax.... not sure what their policy was? 

Also do you know if it's possible for you to be paid a certain percentage i.e. 50% of your wage straight into your home account?  I need to learn Korean!

[michelle245]

I have a Halifax account and sending money back home was a nightmare, epecially with the crappy exchange rates. Nong Hyup trtanfers the money 2X to get to the UK bank. First in Dollars then in pounds.

To send your money to the UK account, you need to call the bank and ask for your bank account code, you will also need the banks address etc. The process in Nong Hyup takes about an hour to get everything setup and once thats done it will be more easier.

[Davey]

I have a Halifax account and sending money back home was a nightmare, epecially with the crappy exchange rates. Nong Hyup trtanfers the money 2X to get to the UK bank. First in Dollars then in pounds.

To send your money to the UK account, you need to call the bank and ask for your bank account code, you will also need the banks address etc. The process in Nong Hyup takes about an hour to get everything setup and once thats done it will be more easier.

I know it might not be possible, but really try to open a KEB account as they are able to convert directly from WON to POUNDS.

If you're far from a KEB, but send money regularly, I would say it might be worth the pain to go to it to open an account--even if it means leaving work early. Just do everything at one shot: open a chequeing account, sign up for Internet banking and Internet overseas remittance, etc. Of course, make sure you bring all the info. with you (passport, ARC, contract, home banking info.).

Keep the NH account for convenience (more NH ATMs around than KEB) and designate your KEB for overseas transfers.  Transfer money from your NH account to your KEB whenever you need to send money.

[ironopolis]

epecially with the crappy exchange rates.

 

Honestly, you've no idea how lucky you are. Only a couple of years ago, you usually needed over W2000 per pound you sent back. At one stage, it was up to W2300. For most of the last 5-6 years the rate has rarely been under W1800 and it's only in the last 6 months or so that it's consistently been as good (for sending KRW to the UK) as the W17 hundreds.

In fact, the last time the rate was significantly better than these last few months was in the pre-IMF days - so you're talking 15 years ago. And I'm sure that back then it was infinitely harder to send money in pounds from here than it is now!

[kdigital13]

I need to transfer money back to England, but I only need to do it on this one occasion as I will be returning in a few months for good. It sounds like setting up internet banking or a KEB account are both good ideas, but probably not worthwhile for one single transfer. I have Nonghyup, and the branch in my town is a small one, does anybody know if it is possible to make a transfer at KEB without having an account? As in take in the cash and have them send it?

[Peekay1982]

epecially with the crappy exchange rates.

Honestly, you've no idea how lucky you are.

I know, this had me scratching my head as well! The exchange rate for people sending won to the UK these days is excellent.

[helenw]

It is great to hear the exchange rate from won to pounds is good....my first pay will be eating up some overdrafts back home; cheers for the information about bank accounts and transferring, sounds like a bit of a nightmare for first timers! 

[pk2012]

KB (or KBstar) is also a great bet for sending money home - I've been using them to send money to my HSBC account for over a year now. After the first time, where they set up the payment, it takes a few minutes on subsequent visits - just bring the printout from the previous visit and the cashier can send the amount instantly, you won't even need to do the transaction with the English speaker of the branch

You don't need to phone your bank to find your IBAN number, if you have online banking with a UK account, that information should be on your past online bank statements (with HSBC anyway) 

[tinnuche231285]

Exchange rate is awesome right now. 1 million won transfers to about 560 quid. Definitely a good time to be sending some home

[flasyb]

Exchange rate is awesome right now. 1 million won transfers to about 560 quid. Definitely a good time to be sending some home

Yup! I've been saving for months and monitoring the Euro crisis (which clearly affects the GBP as well as the Euro). Today was the day I finally sent money home. One of the best exchange rates I've had. However, I did have to stop the bank teller from changing my money into dollars. Apparently, she thought dollars were the currency of Yong Guk. It's a little worrying when someone who works in a bank doesn't know one of the world's major currencies.

[nongle]

Hey, what's the limit you can transfer from here to England?

Anyone dealt with KB bank? (kookmin bank)
How's their service for money transfers??

[MrH]

I haven't actually tried it yet, but setting up an account with KEB was swift and easy (as long as you take your international banking code, about 24 digits long + ID etc).

Can send back any amount, although the higher the amoun proprtionally less service harge you pay.

e.g. Something like 12US charged for less than 1000US, 18US for over 2000US. Should get the going rate on the exchange that day.

In theory as soon as I want to transfer the money I can do this from a machine at my usual NH account without having to touch any currency physically. As soon as it then hits KEB it gets wired to my UK account.

Called the "One" account or something like it. Very easy, specific for foreigners.

[ingrid28]

I can't seem to find a reliable source of information for this.

What is the maximum amount you can transfer back to the UK via online banking in one trasfer?

and

If the limit is (for example £500) can you send £500 back several times over multiple transfers on the same day in order to transfer more?

Thanks!