How-To

How to Wire Money to Korea

I just get back from doing some banking stuff to reshuffle my financial plan and took the liberty to resolve my financial curiosity. Personally, I am comfortable using Maybank and Maybank2U for online banking and they do most of the job just fine. No issues from my end. The method and fees differs between banks so you might have to confirm it with your bank.

If I remember correctly, a few readers have asked me this question before as they have to wire money for accommodation’s deposit after they book their lodging. I normally pay for the booking deposit via credit card instead of doing wired transaction or  TT (Telegraphic Transfer) as it is easier and faster. But now, I have to use this method to pay Sogang University’s tuition fees. 


What is wired transaction / TT (Telegraphic Transfer)?

Telegraphic Transfer or Telex Transfer , often abbreviated to TT, is an electronic means of transferring funds overseas. A transfer charge is collected while sending money. A banking term commonly called “T/T,” meaning a cable message from one bank to another in order to effect the transfer of money.[1] (Source: Wikipedia)

How to wire money /  TT (Telegraphic Transfer)? to Korea?

The Maybank’s banker explained to me that you could do via the counter or Maybank2U. However the charge differs. Maybank2U charges MYR10.00 however via the counter will be slightly expensive; MYR25. The other party will receive the wired amount in 3 business days.
Check Maybank’s fees remittance for more info- Accounts & Banking > Banking Fees > Bank fees: Remittance

What information you need to do wire transaction / TT (Telegraphic Transfer)?

Receiving bank’s name
Depositor – the company/university’s name
Receiving Bank Account number
Swift Code
Application Name and Passport number.
Address of the company/university

How to do TT (Telegraphic Transfer) via Maybank2U?
Home > Accounts & Banking > Funds Transfers > Foreign Telegraphic Transfer or follow this link.

Step 1
Step 2
Step 3
Step 4
Anyone working with the bank or any of you have done TT or wired transaction to Korea before? Please share your thoughts and experience. 


0 Comments

  • a.s.m.a

    done it b4 for payment-jeju tour..tapi masa tu gunakan pertolongan kazen yg kerja bank..public bank..tak ingat kna charge berapa tpi agak mahal la..sbb taktau banyak pasal transfer ni,masa mula2 tu banyak kali kena beremail 2-3x tanya information needed for transaction..memang mencabar rasanya wktu tu..alhamdulilah selesai dan dah selamat pulang pun ^^

    anyway, all d best for ur study !!

  • Anonymous

    May i ask if use TT, does korea bank charge you any amount?

    And have you used western union to send money to korea before? Do you know how much is the western union fees send 100 USD to Korea?

    Thank you.

  • Zarina Jani

    Hi anonymous,
    The receiving bank in Korea will charge as well but I'm not too sure how much. The Maybank's employee here advised me to add USD50 more

    I did the TT from the counter at Maybank and was charged RM25 for the TT service fee and RM2 for cable fee.

    Never done western union before.

  • Anonymous

    Hi,

    First of all, thanks for sharing so much useful info on South Korea 🙂

    I am going to TT money to South Korea through Maybank but I can only choose USD as the currency. May I know whether you transferred in USD or KRW?

    Thanks 🙂

  • kindaichi

    I see…will the other end receive exactly the amount of KRW that we wire? Or will there be some exchange rate difference since we convert from RM to USD then KRW?

  • Zarina Jani

    Hi Kindaichi,

    There will definitely have FOREX difference.

    TT is more expensive than western union though.

    I sent 1,500USD for 1,575,000WON and Sogang said I had balance of 30,000 won.

    If roughly 1,500USD = 1,740,000WON

    The forex difference would be around 135,000WON = 366RM

    *based on rough calculation, but you should get the gist

  • kindaichi

    Hi Zarina,

    I hv just finished reading almost all your entries in this blog. Very amazing experiences you have gathered 🙂 I also found the answer to my question earlier on how many days it took for your pymt to reach Sogang. So you can ignore my earlier comment 🙂

    Wishing you all the best with your exams and your journey in the year of dragon 🙂

  • Anonymous

    Hi Zarina,

    Thank you so much for writing this! It has given me an idea of what to expect 🙂 I had trouble initially needing to send the application fee to Yonsei, CIMB said its too small an amount that it might get rejected because it happen to them before, then OCBC tells me they have no Korean agents affiliated with the bank =_= HSBC overseas said they are not sure eventhough they have a HSBC in Korea…so I am not sure how HSBC worldwide works. Now that I am able to send the tuition together with application fee, I will give CIMB another try! Fingers crossed.

    Thank you again,
    Kelly

  • Anonymous

    Hi all,
    I used Maybank counter to TT $2100 to South Korea, RM25 paid for maybank service. 3 days later, recipent told me they only received $2000.

    Called back to check, they said the short $100 could due to agent and recipient bank charges and i couldnt trace who charge how much. This is the first time I TT and encounter such surprise and charging $100 for TT $2100 is a lot. This is unfair and not transparent policy.. At least there must have a clear remittance charge to expect.

    I would chose pay via credit card as it is instance and transparent.

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