Korean Job Discussion Forums

Ilsanman · Joined: 15 Aug 2003 Location: Bucheon, Korea

Even the apologists won't touch this one with a 5 foot stick.

This has gotta be one of the most ridiculous new laws I have ever heard of. I thought Korea couldn't surprise me anymore, but they did it again.

Real Reality · Joined: 10 Jan 2003 Location: Seoul

articulate_ink · Posted: Mon Jul 23, 2007 9:46 am Post subject:

This beggars belief. What next? We're not permitted to wire money out? Or -- foreign ATM cards will be blocked, so that we can't withdraw money from our offshore accounts? (It's hard enough to find an ATM that will allow access to a foreign account, to begin with!)

It's worth noticing that the restriction will also apply to Koreans. I'm sure it was necessary for the government officials behind this to say that, so as to appear fair. It's still discrimination, though, and here's why:

1. The language and cultural barriers. Most foreigners will arrive not speaking more than a few words of Korean. Korea seems to have many conveniences available for people who speak the language, and very few for those who don't. As someone else pointed out, many newbies don't even know which teller to approach, so even a simple transaction like withdrawing cash becomes problematic.

2. Safety. Once it gets out that new expats here are restricted from ATM usage, it will logically follow that these people are carrying cash, making them possible targets for crime.

3. Support. Although the restrictions will ostensibly apply to Koreans also, think about it. Korean family ties are strong, and they will help each other out in a jam. Uncle Ki-yong will shift funds from account A to account B and let young Sang-min who's just come back from college in Canada use the account until he has access to it, himself. This is a small country, very tightly connected, and everybody knows somebody. I've heard this over and over. Koreans can get help and support -- can these things taken care of -- in ways that foreigners usually cannot.

So, now that we have established how vile and stupid this is, what are the work-arounds?

Even if you've been here a while, it might not be a bad idea to open an extra bank account as a backup. In case you lose your card or something goes wrong, it wouldn't hurt to have an account you can actually access when you need to.

People thinking about coming to Korea? Erm, well, don't. Go to China or Japan. Seriously, at this rate, they might as well put up big GO AWAY signs at Incheon Airport.

Still determined to come? Make sure you have at least one (more if you're like me, and not keen to have all your financial eggs in one basket) bank account you can wire money to, and access when you need it. Do the math, btw, and make sure you know how much this will cost you in service charges and exchange rate losses, as you imagine all the money you'll be making here.

maximreality · Joined: 24 Jan 2007

Today I tried to use my foreign credit card to get some money using ATMs at convenience stores, but all of them had a 100,000 won limit on withdrawal. It used to be 700,000 won before, but not anymore it seems. Looks like they're trying to make our lives here extremely difficult for no good reason :/ An ATM in a Standard Chartered bank had still limit of 700,000 though, so I still could get the money I needed but anyway. Doesn't look very promising in the long run :/

just another day · Posted: Mon Jul 23, 2007 10:04 am Post subject:

hakwon owners should find a way to circumvent this for their teachers.

i remember reading that this is because of chinese illegals who pull many scams with foreign bank accounts. so i think a bank teller who sees that it is a western english teacher would make the process as easy as possible.

lastat06513 · Posted: Mon Jul 23, 2007 11:18 am Post subject:

If this new regulation applies to Korean banks, would they also apply to Korean branches of foreign banks like Citibank, Standard Charter, HSCB and even the commercial bank of China?

If they DID apply to these foreign banks, wouldn't they be breaking a banking regulation in their country of origin by restricting banking to customers and clients, especially those from their own country?

just another day · Posted: Mon Jul 23, 2007 11:33 am Post subject:

crusher_of_heads · Posted: Mon Jul 23, 2007 12:15 pm Post subject:

Homer, there's no positive spin on this-this Korean logic is worse than fan death-it's idiotic.

just another day · Posted: Mon Jul 23, 2007 12:26 pm Post subject:

PeteJB · Joined: 06 Jul 2007

Does this even apply to married foreigners (F2)?

Also, what's the setbacks of going with say, HSBC, and doing your banking outside of Korea? Why have a Korean Bank at all!

kermo · Posted: Mon Jul 23, 2007 2:26 pm Post subject:

crusher_of_heads · Posted: Mon Jul 23, 2007 2:26 pm Post subject:

Homer, I'm due to arrive Sept 1 and I originally wasn't going to bank through HSBC because I wanted my business originating and staying in Korea, as I plan on being in the ROK for quite awhile. By banking through HSBC in opposition to this uniquely Korean flavour of borderline retardation, I will be making my positive contribution in improving the overall quality of Korea.

jaganath69 · Joined: 17 Jul 2003

just another day · Posted: Mon Jul 23, 2007 3:04 pm Post subject:

just another day · Posted: Mon Jul 23, 2007 3:06 pm Post subject: