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jzrossef
Joined: 05 Nov 2010
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 Posted: Wed Jan 05, 2011 11:56 pm Post subject: Question about currency exchange... |
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I'm trying to come up with a backup plan apart from my savings from my employment in Korea. Looks like getting a credit card may be difficult as I'm still a student... is there other ways of doing it? Debit card's the only thing I use, so I'm clueless when it comes to this.
PS: Is it difficult to get a credit card in Korea? I surfed around a bit and it looks like one way of doing it is to have the school (or other Korean staffs) act as the guarantor... but it's gonna be pretty awkward question  |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jan 06, 2011 12:20 am Post subject: Re: Question about currency exchange... |
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| jzrossef wrote: |
I'm trying to come up with a backup plan apart from my savings from my employment in Korea. Looks like getting a credit card may be difficult as I'm still a student... is there other ways of doing it? Debit card's the only thing I use, so I'm clueless when it comes to this.
PS: Is it difficult to get a credit card in Korea? I surfed around a bit and it looks like one way of doing it is to have the school (or other Korean staffs) act as the guarantor... but it's gonna be pretty awkward question |
Easiest way is to stick a million won in a time deposit and use that as collateral to guarantee your C/C. (when you want your money back, simply cancel the card and withdraw your deposit. In the meantime it earns interest (3.5-5.5% which is a lot better than you get anywhere else)).
No hassle, doesn't matter where you work, how long you have been working or what your income is.
Every bank will issue one to a foreigner on this basis.
Woori and KEB are the quickest (you have your card in hand in about a week).
Getting an unsecured card will be next to impossible for a newbie in Korea.
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