Korean Job Discussion Forums

cangel · Joined: 19 Jun 2003 Location: Jeonju, S. Korea

I have an account at Woori Bank with the standard issue debit card. I went in today to apply for a one of their new VISA/Master Card debit cards with the PLUS label on the back. I was handed the phone and was told to speak with a Woori Bank rep. She stated that it is illegal for Korean banks to issue an international debit card to foreigners because we (foreigners) are only allowed to transfer USD10,000 out of the country during our entire stay here. She did say that there were other ways to transfer more money but it entails a lot of paperwork. Additionally, she stated that Korean-issued debit cards to foreigners with Cirrus or PLUS, can only be used domestically and somehow regulated so they can't be used outside of Korea. I'm completely shocked! Can anyone confirm or deny what she said? Is this blatant discrimination? Why am I unable to transfer MY money out of the country so long as I don't do it all at once? I think I'll be looking for a new bank soon!

Octavius Hite · Posted: Wed Apr 11, 2007 9:13 pm Post subject:

Well this is a lovely topic that comes up all the time so here goes. It is not illegal for you to have an international bank card, BUT there are many banks that think it is. If you want one, search through a bunch of different banks until you find one that lets you. I have one, and at least 2 of my friends got one in the last 6 months that work overseas.

It is NOT illegal to send more than 10,000$! You can send as much money as you want provided you can prove (i.e. pay stub/slip) you made it legally.

joeyjoejoe · Joined: 24 Sep 2006

my buddy opened an account just last week.
he didn't even have to ask about an international card, they suggested it.
can't remember the name of the bank though sorry.

regicide · Joined: 01 Sep 2006 Location: United States

Vicissitude · Joined: 27 Feb 2007 Location: Chef School

Korean banks will tell you all sorts of crap. I was once told I the teller couldn't give me my balance until after I closed out my account. I argued that I always able to get my balance at other branches.

I'm really angry at this banking policy you are speaking about. How on earth are we suppose to get our money out of a Korean bank after the pension office deposits it? Contracts are one year and when they are up, we have to leave Korea. So you leave Korea (for a better job elsewhere) and then you can't have your pension money because the banks will not let you get it out unless you are IN Korea. I've heard of other teachers who left Korea before they got all their money out of the banks. The only way for them to get the money out is to fly back to Korea, which requires paying for an expensive flight and cost for accomodations. Meanwhile, Koreans have no trouble getting their funds out of Korean banks any which way they please.

laogaiguk · Joined: 06 Dec 2005 Location: somewhere in Korea

Yeah, it sucks. I got one by going to a different bank. My friend went to the same bank and they wouldn't give him one. It's not just the bank, but the teller or manager you get. Complete crapshoot.

ED209 · Joined: 17 Oct 2006

laogaiguk · Joined: 06 Dec 2005 Location: somewhere in Korea

cangel · Joined: 19 Jun 2003 Location: Jeonju, S. Korea

Has anyone with a domestically issued Korean debit card (Plus or Cirrus) actually used the card outside Korea? She said I could get a PLUS card but it would be invalid outside Korea.

hubba bubba · Joined: 24 Oct 2006

hogwonguy1979 · Joined: 22 Dec 2003 Location: the racoon den

I'd love for somebody to show me the law that says foreigners cant have int atm cards, that way if its not legal i can show it to my bank.

dont ask amcham, knto or the finance ministry to help, tried those and got dead ends

butlerian · Joined: 04 Sep 2006 Location: Korea

Anyone have any experiences with KB (Kookmin Bank)?

bixlerscott · Joined: 27 Sep 2006 Location: Near Wonju, South Korea

Wait a minute, I understand that Korean Pension is paid into any bank account such as in your home country about 6 weeks after you apply for it, not your Korean bank account. I understand that you are to close your Korean bank account before you leave, even if you are coming back. ???

The finanial matters at the end (final pay process) are still a mystery to me as I cannot find much info (what is the process of tying ends) on that other than you can apply for your pension once you have your airline ticket and you can get your pension wired to your American bank account if your American.

Korea should create a standarized system for teachers when it comes to the finance and law aspects that comes into play with teaching English. This also might help the hagwons better understand what is expected of them too. My boss and me have not even discussed such things and I sure hope all is well. Should be, I am not thier first foreign teacher in thier 12 years of existence so they should know what I expect and how it is all done to tie all ends.

Korea is struggling for foreign teachers, not because there are not enough willing to go on this adventure (lots of Americans want to travel and work in Asia), but becuase it is unclear or simply (everything must be negotiated on an individual unique one of kind basis with no guarantees) unknown to many who would, thus, causing a lack of confidence for many who are prospecting for international job career opportunity after completing thier bachelors.

Young FRANKenstein · Posted: Thu Apr 12, 2007 6:04 am Post subject:

skconqueror · Joined: 31 Jul 2005

KB, KEB, and Citibank.. would NOT give me an international card.