In Saudi I am using Riyadh bank for no reason other than that it is the bank my school uses.
They said they could open a bank account for me if I brought my original passport which the school has in their possession. Not a week later I got my Iqama (local ID) and was able to open my account using that.
The woman spoke great English and it was easy to open my account. Nothing about options or types of accounts, just straight forward with internet banking included on a website available in English. The only thing I struggled with was setting up my internet banking as it required me to confirm my cell phone number using a Riyadh ATM. Not only are Riyadh ATMs few and far between, but they are only available in Arabic. So I had to go to the bank and have a man assist me, an awkward encounter. I am able to withdraw from any bank ATM though, no charges.
Once it was done, though, transfer of money to South Africa is a breeze. The online banking allows you to add beneficiaries and select the currency they should receive. When I want to transfer money home, it asks me how much exactly I want the other party to receive and if I would like ALL transaction costs to be at my expense.
To clarify, usually when you send money home you are not sure how much will actually end up on the other side after the South African bank transfer fees and the exchange rate. This option, I select how much I want the person to receive, say R10 000, and I choose to have ALL the banking fees, exchange fees for both countries to be paid by me, and it will calculate how much in Saudi Riyals all that will cost. When I send, the beneficiary receives exactly R10 000.
Fees for sending home around R20 000 (ALL fees for South Africa and Saudi Banks) is about 80 riyals. A fair amount when I compare it to other banks and means of transferring money.
I have not used my card to swipe in store, preferring to use cash.
In Korea I used Hana bank also because my school used it but I heard good things about KEB.
Setting up my bank account was not too bad but talking about options was not practical as the woman who helped me had very little English. I didn't even bother with internet banking, though I know it is an option. I 'm not sure what the online banking is like, if the website is in clear English or what else is involved.
I used to go into the bank to send my money home. Once a beneficiary is set up, you only need to remember to take the paper with those details on from your previous transfer, your ARC (Alien registration card or local ID) and bank book (where they print every single transaction). It takes about 10 minutes to do the transfer, excluding waiting time. A transfer of up to 5 million won costs about 18 000 KRW and then you still have to pay transfer fees at the South African bank which is about R100 - R300 if I remember correctly.
You can use any ATM to withdraw from at a cost of 1 100 KRW. Swiping your card at the store to pay for goods is free. But this option is not available after midnight ( I have had varying experiences about the swiping after midnight rule.)
They said they could open a bank account for me if I brought my original passport which the school has in their possession. Not a week later I got my Iqama (local ID) and was able to open my account using that.
The woman spoke great English and it was easy to open my account. Nothing about options or types of accounts, just straight forward with internet banking included on a website available in English. The only thing I struggled with was setting up my internet banking as it required me to confirm my cell phone number using a Riyadh ATM. Not only are Riyadh ATMs few and far between, but they are only available in Arabic. So I had to go to the bank and have a man assist me, an awkward encounter. I am able to withdraw from any bank ATM though, no charges.
Once it was done, though, transfer of money to South Africa is a breeze. The online banking allows you to add beneficiaries and select the currency they should receive. When I want to transfer money home, it asks me how much exactly I want the other party to receive and if I would like ALL transaction costs to be at my expense.
To clarify, usually when you send money home you are not sure how much will actually end up on the other side after the South African bank transfer fees and the exchange rate. This option, I select how much I want the person to receive, say R10 000, and I choose to have ALL the banking fees, exchange fees for both countries to be paid by me, and it will calculate how much in Saudi Riyals all that will cost. When I send, the beneficiary receives exactly R10 000.
Fees for sending home around R20 000 (ALL fees for South Africa and Saudi Banks) is about 80 riyals. A fair amount when I compare it to other banks and means of transferring money.
I have not used my card to swipe in store, preferring to use cash.
In Korea I used Hana bank also because my school used it but I heard good things about KEB.
Setting up my bank account was not too bad but talking about options was not practical as the woman who helped me had very little English. I didn't even bother with internet banking, though I know it is an option. I 'm not sure what the online banking is like, if the website is in clear English or what else is involved.
I used to go into the bank to send my money home. Once a beneficiary is set up, you only need to remember to take the paper with those details on from your previous transfer, your ARC (Alien registration card or local ID) and bank book (where they print every single transaction). It takes about 10 minutes to do the transfer, excluding waiting time. A transfer of up to 5 million won costs about 18 000 KRW and then you still have to pay transfer fees at the South African bank which is about R100 - R300 if I remember correctly.
You can use any ATM to withdraw from at a cost of 1 100 KRW. Swiping your card at the store to pay for goods is free. But this option is not available after midnight ( I have had varying experiences about the swiping after midnight rule.)
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