One of the most important things I researched before coming to Korea was how I was going to pay my student loans every month from abroad. I found the solution… though slightly complicated. It didn’t work out the way I wanted it to at first, but eventually it all got sorted out.
Thanks to another EPIK teacher’s blog (sorry I don’t remember specifically so I can’t link it), I found out that when using Citi Bank both in Korea and the US there is no wire transfer fee.
1. Open a US Citi Bank Account before leaving the US
I did not have a Citi Bank account, so I needed to set one up before I left the country. I went to a local bank and a really nice man helped me set up the best account for my needs.
We settled on an Access Checking Account. As long as I do one of the following each month, I do not have to pay the $10 monthly maintenance fees:
1) Pay 1 bill (this includes my student loan payments)
2) Maintain $1,500 in the account
3) 1 direct deposit Continue reading