Korean Job Discussion Forums

that guy · Joined: 29 Feb 2004 Location: long gone

New banking regulations are being pushed by Financial Supervisory Service (FSS), and they plan to have these in place by September.

Wangta01 · Joined: 03 Oct 2006 Location: Seoul, S. Korea

What a pain in the arse - thanks for the heads up.

PeterDragon · Joined: 15 Feb 2007

Thank God I just passed the 3 month mark.

Alyallen · Posted: Mon Jul 23, 2007 3:15 am Post subject:

Thank God I'm getting the hell out of this lunatic asylum....

Korea: Where Logic Comes to Die

And they wonder why foreign investment is plummeting Rolling Eyes

CentralCali · Joined: 17 May 2007

If they're going to prohibit new arrivals from having bank accounts in the first three months, just imagine how badly they'll be cheated by a dishonest employer?

On the other hand, that'll certainly put a crimp in said dishonest employer's double bank account scheme.

that guy · Joined: 29 Feb 2004 Location: long gone

shaunew · Joined: 17 Apr 2007 Location: Calgary

My wife has all the banking in her name. Much easier. I make it, she spends it Sad

Young FRANKenstein

whatever · Joined: 11 Jun 2006 Location: Korea: More fun than jail.

We're untrustworthy.

kermo · Posted: Mon Jul 23, 2007 6:21 am Post subject:

In the first three months, most foreigners would have trouble trying to figure out which bank counter to approach, let alone discuss how much money they'd like to withdraw. Also, does our need for money cease at 5:00 every day? This is madness! I spent a night stranded on in Itaewon during Chuseok (all ATMs closed!) in my first months here. Scary stuff. At about three o'clock, a kindly taxi driver saw me fending off a dodgy Nigerian and sitting on the curb, and offered to defer payment and get me home safely. Now this could happen to any foreigner, on any day of the year. What's the rationale, anyway?

Young FRANKenstein · Posted: Mon Jul 23, 2007 6:30 am Post subject:

anf1984 · Joined: 03 May 2007

I had put this on the other thread but anyway.... it seems some places are already implementing this. I went to Shinhan bank on Friday and opened an account and they refused to give me a bank card... I was completely confused as everyone I know had no trouble getting cards.... a friend of mine got a bank card with just her passport!

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

Smee · Joined: 24 Dec 2004 Location: Jeollanam-do

I posted this in the other thread as well . . .

* What does this mean for new teachers? How will they get their first paychecks? Cash? (unlikely). My school wouldn't give me my 300,000 won settlement allowance----supposed to be given during the first week---until I had a bank account. As I already had one it wasn't an issue, but it could be for those without a bank account. Does this mean that schools will now be responsible for setting up accounts? Does this mean that the account will close at the completion of a contract? Does this mean that schools will be in charge of how much goes in and out of an account? Seems like a big scam waiting to happen.

* Also, if people have a problem with this I'd suggest writing letters and telling as many sympathetic Koreans as possible. Many average Koreans aren't aware of the institutionalized discrimination we face. Having a few Koreans on our side will be more effective, I think, than just some huffy foreigners who, according to the media, are wont to complain.

ruffie · Joined: 11 Oct 2006

Each and every one of us a little Mini-Lone Star in our own right!

What are people supposed to do, carry around bags of cash? Stuff our mattresses?

Next, and I fully believe this, will be a law forbidding foreigners access to even their overseas accounts, thus cutting them off from ALL banking whatsoever.

Hub of Asia.

Picture it. South Korea. Incheon New City Global Green Logistic Techno Future Happy Ecotropolis, 2009. Korean police are baffled by a rash of purse snatchings targeting wives of foreign workers. Investigators believe fugitive foreign English teachers from the infamous fake degree/tattoo/hairy arms/Korean girlfriend/American beef eater crackdown of 2008 (infamously known as "Korea's Kristallnacht") are to blame. In the meantime, police are advising foreign women to not carry around so much cash, to be sensible like Korean women and use their bank cards instead, especially when they venture outside Korea's Foreign Utililized Korean Understanding Zone, the F.U.K.U.

I guess we should consider ourselves lucky. How many people have the first hand opportunity to watch a place with so much potential dig its own hole? Bring on the popcorn, I say!