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www.groovekorea.com / November 2014 24 sEnDinG MonEY oVERsEas T H i n K T i M E . T H i n K C o s T . AbOuT ThE wRITER Paul Sharkie is the Foreign Client Relationship Manager for Shinhan Bank’s Foreign Customer Department. Please visit Shinhan Expat Banking on F acebook for more information. The banking information provided in this column is based on Shinhan Bank policies and may not be applicable to all banks in Ko rea. — Ed. THE BasiCs foR a BanK TRansfER Sending money from your bank normally takes three to five business days. In order to send money overseas from your bank, you need the following bank account details: RECEiVinG BanK • Name, address and branch name • Overseas routing number / international banking code, also referred to as the SWIFT code, ABA number, transit number, BLZ code, IBAN code, sort code or other routing number Receiving bank customer: • Name, phone number, address and bank account number With Shinhan, the following fees must be taken into consideration (please check your own bank’s applicable fees): 1. 8,000 won telegraphic transfer (T/T) fee 2. Shinhan handling fee (varies by mode of remittance and amount sent): • Less than or equal to $2,000 = 10,000 won • Less than or equal to $5,000 = 15,000 won • More than $5,000 = 20,000 won However, if remitted online or via an ATM, then this handling fee will be reduced by 50%. You must register for these services at a branch with your passport and ARC. 3. Intermediary bank fee (usually around $20, but check with your receiving bank) 4. Receiving bank fee HERE is a fREqUEnTlY asKED, GEnUinE CUsToMER qUEsTion anD HoW WE REsponDED. Dear Shinhan, How can I send (an) overseas remittance using my Shinhan account here in Korea to my bank in the Philippines? Also, what necessary fees do I have to pay? — Remitting customer Dea r cu sto mer, First and foremost, you must consider how quickly you need the funds delivered and how much you are willing to pay for this service. While Moneygram will always be the fastest option, it is not always the cheapest. You may send money overseas using your bank’s own services (in this case Shinhan) or using an external service called Moneygram that is also moderated via your bank. (Other banks also offer this service or another known as Western Union.) Depending on how much you wish to send, using one over the other could end up being cheaper in terms of fees. Also keep in mind that there are intermediary and receiving banks that may charge additional fees not counted here. ThE MONEy COLuMN Edited by Matthew Lamers (mattlamers@groovekorea.com) INSIGhT Column by Paul Sharkie / Illustration by Darren Farrell