Korea Expat BLog does it again ! illustrating in detail : the best way to transfer Adsense payment into your Korean Bank account .
since South Korea has risen to have one of the fastest domestic internet access in the Whole Wide World (www) quite a number of locals have been using private Adsense advertisement account on international websites . and even this Post-Millennium where you don’t need straight CASH to ride on the subway, bus or taxi AND shop all the whole bunch from airport Duty-Free Shops to massive department stores, super-marts serving larger Ku districts and convenience stores by every other corner – where a good half of these you can accumulate or purchase with all sorts of member-ship POINTS : money wired through Western Union‘s Quick Cash, was about the only form of payment from which those residing in South Korea could get paid from Adsense – long the most primitive way to pay and get paid throughout Planet Earth .
ofcourse quite a number of Korean bank branches accept Western Union among which : iBK industrial Bank of Korea has long been at the fore-front of offering convenient service even WeekEnds, mostly at neighborhoods where foreign workers live in incredible concentration – so much so that their official website has even a selection of a few South-Eastern languages 0o0 it has been widely used by foreign labourers, to send hard-earned money back to their family back home . current Quick Cash limit stands at USD $7,000 daily both-ways receiving AND sending, with a whopping transaction fee of USD $24 .
– so there : straight from The FlintStones to The JetSons –
beginning February 2014 : Adsense has ceased wiring Western Union cash to South Korea, thus Adsense will pay you through one of two options :
- they send you a Check which you can cash at a local bank,
- they transfer funds directly into your designated bank account,
local banks will charge a W10,000 fee to put option 1.check into your account . thus option 2.in wiring sum directly into your local bank account is more convenient, thus will mention more in detail here . in doing so, you have to know and/or consider three aspects :
- you have to know your bank’s SWIFT BIC code (which a BIC bank identification number distinguishable via SWIFT international inter-transfer agreement). it consists of English 8~11 digit letters usually capitalized .
- it is better to open a foreign currency account on top of your current normal local currency account, because US.Dollar will be converted into Korean Won if you designate into your local currency account .
- banks will again charge you relatively high fee even to accept direct transfer into your local account :
- (in alphabetical order) Citi, Foreign Exchange Bank, Hana, industrial, KukMin, NongHyub, ShinHan and Woori Banks charge W10,000 per transaction,
- Korea Post Office Bank (yes, local Post Office has bank service as well as their On-Line shopping mall business, aside from traditional mail and parcel service) charge W5,000
- where as SC (Standard Chartered-aquired) Jeil Bank will charge you W10,000 only if your transaction is greater than USD $300. while lower will be FREE 😉
- Jeil Bank has been operating prior to the Korean War and acquired by British Standard Charter, after IMF re-shuffle in 2005 hence renamed to SC Jeil Bank, then changed official name to Korea Standard Chartered by 2012 .
– How Rich will I get through Adsense ? Korea Expat BLog –