Wednesday, October 1, 2014

IOB in South Korea

I put up at South Korea(SK) for a period of time on a Business trip. 
In fact start writing this post because one my friend is in need of sending some money to India urgently. 
Then we started searching find couple of ways to do it. 
  1. Find any Western Union agent
  2. Go to any Korean nationalized bank
  3. IOB (Indian Overseas Bank)
So this how all went with above options and lead us to chose IOB.

Option 1: We found Western Union agent list in SK but it was difficult to locate address and unable to contact over phone because we don't know local language.

Option 2: We tried in IBK Bank, they said its charges 23000 bucks per transaction but they were unable to tell the conversion rate bcz they cannot transfer to INR(of-course they can transfer to some other currency but not INR). So the process is they can send USD/KRW to our own India account and the conversion charges may be deducted according that bank. 
Conclusion: We felt conversion would be more. 

Option 3: One of my friend suggested to go IOB. We went there. There are two ways of sending money 
  1. Open a Savings account
  2. Register as an authorized person in Korea 
However, we went for second one and the process followed:
  • Step 1: Fill a Form
  • Step 2: Provide copy of Passport, Allien Card (ARC) and Business invitation letter(Provided by Employer) 
    • With this is you will be provided with a Registration number to use further
  • Step 3: Fill "transfer money" form , give your USD/KRW and pay a charge of KRW 25000/- per transaction.
That's all we are done. However, step 1 and 2 are for the first time. 

Oh Guys, this is the last but not the least how to go reach IOB, it was a bit tedious task in this entire process. which made me creating my own blog today. Here you go :

Gasan Digital Complex -> Seoul station (Take Subway line 1  ) -> Change to Line 4 -> Go to Myeong Dong -> Gate 5 -> 2nd or 3rd Building -> 9th Floor

Another good thing is conversion rate in sync with and no hidden charges !!!

Hurray I am done with my very first post in my blog. ~~~

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