A lot of foreigners are concerned about transferring money from their Korean bank accounts to their accounts back in their home country. There are also a lot of rumors about certain banks being unable to transfer money, etc.
To address two rumors:
- Contrary to what the folks working at the Nong Hyup branch in Yecheon told me, there is an English website
- Contrary to what most of the folks in the EPIK program would have you believe, including the people who work for EPIK, it is possible to transfer money to a bank in one's home country from a Nong Hyop account.
I was very enthusiastic to find that not only was it possible, but it also only cost $30 to transfer online, as opposed to the $60 I paid in fees to both Nong Hyup and Wells Fargo when transferring in-person.
Assuming you already have access to Nong Hyup online to check your balance (you must visit a bank branch in order to obtain this access), here is a set of instructions on navigating the process. Big thanks to Jacky for helping through this process myself.
- Go to banking.nonghyup.com in Internet Explorer 6 or 7 on a Windows machine.
- Click on "Global banking" at the top right of the page, click English
- If you have checked your balance before, you should have already installed any necessary security software
- Small remittance is anything less than $1,000. Anything transfer over $1,000 is reported to the U.S. government. To diminished snags and hassles, I recommend keeping transfers under $1,000 and doing multiple transfers over time.
- Here, click "Search" next to the field. A new window will pop up. Enter in the town of your closest NH branch in Hangul. If you don't have a Hangul keyboard, use this. For example, I enter in "예천".
- Wells Fargo
- 2200 W DIVISION ST.
- SAINT CLOUD, MN 56301
I have done two transfers and both have shown up in my American account within 24 hours of processing the transfer online.
*Please note all denominations are in USD and regard transferring to an American bank account.