Sending Money To The Philippines
From Korea

by Jojo Tuvera
(South Korea)

I used to send money to the Philippines through a "biyahero" because I did not know yet the ins and outs of sending money here in South Korea. I tried e-padala express and Metrobank. But now I'm using the ATM service.

I opened two ATM accounts at Kookmin Bank (KB). I got the card with the Cirrus/Maestro logo. This is more convenient because I can transfer money anytime. I sent one account with the card to the Philippines. I use the other to transfer money.

TNTs (tago ng tago, or in constant hiding) remit money through "biyaheros" (travelers) or those who have multiple-entry visa going back and forth in Korea. This is not safe, but TNTs have no choice. They cannot remit through or are afraid to go to banks because they have no visa.

Most of the time the money is received the next day or within 3-5 days if the traveler has capital. No or little capital takes longer to receive the money. The fee is expensive if this method is used to remit money. He earns every time he accepts money and from the peso exchange rate.

We remit money at Metrobank especially because it is open on Sunday for OFWs. Pay slip is required for sending beyond the limit of $1,000. If you give cash the money is received the next day, but if you give check it takes 2-3 days before the money is received. Metrobank charges 13,000 won.

e-padala express is through banks but door to door is possible. Charge is different for door to door. The sending limit is $2,000. This is faster than Metrobank. If sent earlier in the morning, the money is received in the afternoon. The charge is cheaper also - 11,000 won if not through Metrobank.

The biyahero will give the money in dollars if told to do so. This takes longer because he brings the money home first. If recipient has a dollar account he deposits it there and takes 2-5 days.

You can send dollars through e-padala express if the recipient has a dollar account. That's also true with Metrobank. It is also possible to send dollars through door to door.

MoneyGram is open on Sundays for OFWs. This is also fast and secure. Charge is cheaper a little. Pick up is at MoneyGram offices in the Philippines.

Dom's Comments: Thank you so much for sharing, Kuya. You covered ways of sending money to the Philippines from very unsafe (biyahero) to fast and secure (ATM service) for newly-arrived and long in time OFWs.

Comments for Sending Money To The Philippines
From Korea

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Sending money from a Korean bank to BDO
by: Celis

I'm an online teacher. I wish to know how my students can send their class fee to my BDO account. Do they have to pay service charge for sending the money? Do I also have to pay to withdraw the money here? Thanks!

Nonghyup bank in Korea to Metrobank
by: Anonymous

Using Nonghyup bank, can someone in Korea deposit money to my Metrobank account here in the Philippines? And how many days I need to wait until I can withdraw it? Any response please. Thank you.

No overseas access to Kb bank atm
by: Anonymous

I have a KB bank ATM and now I am in the Philippines for my vacation. Problem is, I can't use my ATM because it was not registered to be used overseas. Is there a way for me to get my money?

Dom's reply: If your ATM is connected to an online account, you can enable or register it for overseas use. Hope this helps.

Remittance from Korea not the same on bank record and receipt
by: Anonymous

I have an employer in Seoul South Korea. We've been working together for almost 3 years now.
I work as an online teacher and every month I receive money from her through Metrobank in Seoul.

I started to have doubts about the money sent to me because from the past few months, I noticed that the remittance was decreasing.

I called the Metrobank office in Manila to ask for my account history and to my surprise, I found that the agreed amount and the record on Metrobank's computer system weren't the same.

For example: I was supposed to receive full 1,000,000 won (excluded of tax, employer handles the payment) but on the computer record, it showed the money sent was just 787,000 won.

Is this possible? That the exact amount of 1,000,000 won sent from Seoul Korea would be just 787,000 won when received in Philippines? I know exchange rate differs but the amount of money sent should be fixed, right?

Help me please.

Dom's reply: You said that the amount sent to you was decreasing for the past few months. Did you ask the sender to show you the receipt of the remittance? You could also ask Metrobank to show the breakdown of charges so it would be clear to you and the sender.

I'd be happy to hear how you settle this.

Remittance from Korea
by: Anonymous

My student in Korea sent the money in my account (BPI) here in the Philippines. He sent the money last Friday afternoon but the balance in my ATM still shows no money deposited. He was very sure that he sent the money in one of the banks in Korea. What am I going to do then?

Dom's reply: You can ask him to send the deposit slip or any proof that he sent the money from Korea to your bank account in the Philippines.

Shinhan bank ATM card with Maestro logo
by: dane

My husband sent me a Shinhan bank atm card with maestro logo in it. I just want to know where can I use it in the Philippines? Can i use it in all atm machines here? Thanks :)

No Metrobank account in Korea
by: Anonymous

Do I need to have a Metrobank account in Korea for me to be able to send money to the Philippines? Can't I just go to Metrobank Seoul and just deposit the money?

Thank you

e-padala in Korea
by: Anonymous

Where is this located? You mean I can send money thru this in any bank to our country? Please reply

Thank you so much.

Sending Money from Korea-Philippines via MoneyGram?
by: John Ali

For the process of this MoneyGram, how to use it What bank in Korea? I have an account in Kookmin Bank. How will my family receive this so called Moneygram? Any documents they need? Is Moneygram the same with Western Union process?

Your blog enlightened me much.

Thanks..

From the Philippines to Korea
by: Anonymous

How about sending money from the Philippines to Korea? What is the best way to use?

Jojo's reply: You can send money to Korea using bank wire transfer, but MoneyGram is the fastest way and it's more cheaper than bank wire transfer and Western Union. They will get the money in Woori Bank (all branches) and Nonghyup Bank (selected branches) in Korea.

How to send money from Philippines to KB in Korea
by: Anonymous

I need to send money from the Philippines to Korea. They will get the money in Kookmin Bank (KB). Is it possible? How can I do that? Thanks.

Jojo's reply: You can send money to Korea using bank wire transfer, but MoneyGram is the fastest way and it's more cheaper than bank wire transfer and Western Union. They will get the money in Woori bank (all branches) and Nonghyup bank (selected branches) in Korea.

e-padala sending money from Korea
by: Anonymous

E-padala would mean Moneygram and Western Union? And are the rates or service charge for sending money here to the Philippines fixed or depending on the amount of money that you'll be sending?

Your blog is very helpful to me.

Good day and thank you so much.

Jojo's reply: E-padala is not using MoneyGram to send money to the Philippines from Korea. I used this method (e-padala through banks) before because like Metro Bank and Woori Bank (MoneyGram & BDO), they are open during Sundays. You can send money to any bank in the Philippines and they also they accept door to door delivery. The charges are more than 10,000 won for every 1,000 US$ for bank deposit and higher for door to door delivery.

Sending money through KB's ATM from Korea
by: Ghe

Thanks for this information about sending money to the Philippines from Korea. This is my first time to send so I found this article very helpful. But I just have some questions regarding sending money through ATM in KB bank. I have an account now in KB because I have a Go mom card for pregnant women here in Korea.

So I just want to ask if it's ok for them to open another account that I can send to the Philippines like what you did in the same name? Can my family just use the KB card in any ATM or is there an affiliated bank of KB in the Philippines where they can only use it. Also, how much is the charge if you send money in the Philippines if there is?

Hope to hear from you ASAP.

Jojo's reply: Yes, you can open another account and send the ATM card to the Phillipines just like what I did before. Make sure that the card can be used outside Korea with Cirrus or Maestro Logo on it. Speak to a bank representative about using the card overseas. I used it often before and it was faster than sending money through bank.

But it depends on your status here in korea. Illegal or over staying OFWs in Korea can no longer access this kind of service from any Korean banks.

Hope this helps.

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