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Thursday, February 23, 2012

How to get free transfer from South Korea to your American bank accounts using CitiBank.

Now this for ONLY for Americans, I cannot attest to it working in other countries. But if your country has a CitiBank, I can assure you that most likely the Korea to Citibank portion would be free.

I’m writing this because many people have asked how I don’t get charged. Instead of me repeating myself everytime, I’m just going to write it down.

Step 1: Open up a CitiBank in the USA. Would be easier if you did this while you were IN the US, but can be done through e-mail while you are in Korea.

Step 2: Open up a CitiBank in Korea. Also register for online banking while you are there. There will give you instructions on how to set up the online banking, which generally requires you to register with a passkey. Ask for help from your Korean coteacher to decipher the hangul. You will be given a code-card and will also need to download a virtual file (this is your passkey) onto your computer , USB, or phone (I recommend USB).

Step 3: Go and sign into http://www.citibank.co.kr with your virtual file and have your code-card ready.

Step 4: At the top menu, go to FX/Global à Remittances à Citibank Global Transfers

Step 5: Agree to both ‘Terms’ and click ‘Close’ at the notice. Then select the following options:

Type: T/T to Frg/non-res
Foreigners/Nonresidents: short term employee with less than 1 year

There are more options after those 2, but they are self-explanatory so I won’t go into it.

Account number & Beneficiary Account Number Confirmation: This is your USA Citibank account number

Applicant information is all your USA information.

Then click ‘Next’ on the lower right-hand corner.

The rest of the process requires you to match the numbers and enter the corresponding ones you find on your code-card. It will show you the conversion from KRW to USD (Make sure you have enough in your account!).

Click submit and it will INSTANEONUSLY transfer to your US Citibank!

Your US Citibank account also has free-transfer to any USA bank as well, this means you can transfer Citibank Korea à Citibank USA à Bank of America (example), for FREE!

As of this writing, Feb. 24th, 2012, the transfer was free and the steps listed in this process are accurate.

Hope that helps!

*Account information has been blocked out and/or changed to protect my privacy.


-Jeff

23 comments:

  1. Do you need an ARC to open an account in Korea?

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  2. Is CitiBank still working well for you? I will be moving to Seoul next month and was considering opening a CitiBank account here before I go to simplify the process. But if Citibank is difficult to deal with in some way I may go with KEB instead.
    Thank you!

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  3. Have you had any difficulty with Citibank (USA) online banking system after you came to Korea?

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  4. Does it matter if you check short term less than one year or long term more than one year?

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  5. Would I theoretically be able to transfer in the same way to a citibank account in the USA that is not my own?

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