International Wire Transfer
International Wire Transfer – I hate it, but I sometimes need to do it. I hate it so much because there are so many fees.
So I’ve had Shinhan Bank in South Korea for a long time. They have great customer service. Never really had an issue with them.
Obviously, a wire transfer can be done by going to a branch, website or etc. Whenever I do a transfer, I use Shinhan’s Global S Bank app (for this app, you have to be outside of South Korea).
This is the description of Shinhan’s Global S Bank app in English:
Easier banking in Korea! Convenient international remittance!Shinhan Global S Bank -신한글로벌S뱅크
Shinhan Bank’s multilingual banking app for foreigners – Shinhan Global S Bank(foreignerbank)
Here are the damn fees:
- Shinhan Bank: “Sending” Fee & “Telegraph” Fee (I believe it depends on the amount)
- Intermediary Bank Fee: 20 USD
- Wells Fargo Wire Service Charge: 16 USD
And obviously, the difference of the currency exchange between the Korean Won (KRW) and US Dollar (USD), which isn’t so good these days.
Again, I hate doing wire transfers. Are there any other better options? Preferably, I don’t rely or trust on other wire transfer services such as Western Union. But I looked into TransferWise, and it looks like they don’t do KRW to USD.
As for the other way around (from USD to KRW), I haven’t yet had the need to do it. If it ever needs to be done, I’ll try using TransferWise. If you have tried it from USD to KRW, please let me know how your experience was.
Anyways, if you’re reading this and plan on doing a wire transfer for the first time, I hope this information finds you somewhat helpful.
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