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mack4289
Joined: 06 Dec 2006
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 Posted: Mon Jul 23, 2007 9:18 pm Post subject: bad news for new arrivals |
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http://joongangdaily.joins.com/article/view.asp?aid=2878384
"Foreigners who are going to stay for longer than three months need documents such as a certificate of employment to prove their identification and address in order to open a bank account.
Further, the use of Internet banking and automatic teller machines will be restricted for the first three months.
During that time, all transactions must be made through bank tellers. If banks then conclude that the foreign customers are not potential financial crooks, they can then permit them to use Internet banking services or automatic teller machines."
Sorry, newbies. That's going to be a pain in the as*. |
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billybrobby
Joined: 09 Dec 2004
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| Posted: Mon Jul 23, 2007 9:20 pm Post subject: |
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| Can I be the one to make the first sarcastic hub of asia comment? |
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billybrobby
Joined: 09 Dec 2004
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| Posted: Mon Jul 23, 2007 9:23 pm Post subject: |
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| The maximum will be reduced from 50 million won ($54,347) to 30 million won in one day, and to 6 million won from 10 million per transaction. |
Actually, this doesn't seem like a terribly onerous cap. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Mon Jul 23, 2007 9:33 pm Post subject: |
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| billybrobby wrote: |
| Can I be the one to make the first sarcastic hub of asia comment? |
Hub of Asia my ass.  |
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icicle
Joined: 09 Feb 2007
Location: Gyeonggi do Korea
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| Posted: Mon Jul 23, 2007 9:33 pm Post subject: Re: bad news for new arrivals |
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| mack4289 wrote: |
http://joongangdaily.joins.com/article/view.asp?aid=2878384
"Foreigners who are going to stay for longer than three months need documents such as a certificate of employment to prove their identification and address in order to open a bank account.
Further, the use of Internet banking and automatic teller machines will be restricted for the first three months.
During that time, all transactions must be made through bank tellers. If banks then conclude that the foreign customers are not potential financial crooks, they can then permit them to use Internet banking services or automatic teller machines."
Sorry, newbies. That's going to be a pain in the as*. |
In some cases not a huge change really ... To open the account I had I needed to show passport including E2 visa and ARC (which had address) ... To me that is nothing unusual or unexpected ... And no less than the level of identify proof required to open a bank account in Australia ...
I have read some of the stories talking about this as well ... So far as I can tell it is not going to be a huge difference to people who can prove their identity and the fact that they are working legally in the country ... Which would not be too hard for most of us ... It is only people who are not working here legally or who have something to hide who really have anything to fear in this ... It is not foreigners in general who are the targets in this change ...
Icicle |
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Pyongshin Sangja
Joined: 20 Apr 2003
Location: I love baby!
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| Posted: Mon Jul 23, 2007 9:41 pm Post subject: Re: bad news for new arrivals |
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| icicle wrote: |
| mack4289 wrote: |
http://joongangdaily.joins.com/article/view.asp?aid=2878384
"Foreigners who are going to stay for longer than three months need documents such as a certificate of employment to prove their identification and address in order to open a bank account.
Further, the use of Internet banking and automatic teller machines will be restricted for the first three months.
During that time, all transactions must be made through bank tellers. If banks then conclude that the foreign customers are not potential financial crooks, they can then permit them to use Internet banking services or automatic teller machines."
Sorry, newbies. That's going to be a pain in the as*. |
In some cases not a huge change really ... To open the account I had I needed to show passport including E2 visa and ARC (which had address) ... To me that is nothing unusual or unexpected ... And no less than the level of identify proof required to open a bank account in Australia ...
I have read some of the stories talking about this as well ... So far as I can tell it is not going to be a huge difference to people who can prove their identity and the fact that they are working legally in the country ... Which would not be too hard for most of us ... It is only people who are not working here legally or who have something to hide who really have anything to fear in this ... It is not foreigners in general who are the targets in this change ...
Bang on the money, icicle... I agree 100%. Perhaps some of the "we're only here for the money with our fake degrees" crowd will get the point.
Icicle |
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Pyongshin Sangja
Joined: 20 Apr 2003
Location: I love baby!
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| Posted: Mon Jul 23, 2007 9:42 pm Post subject: |
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Bang on the money, icicle... I agree 100%.
Perhaps some of the "we're only here for the money with our fake degrees" crowd will get the point.
We can only hope... |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Mon Jul 23, 2007 11:11 pm Post subject: |
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| Those of you making cash can still convert it at any old street converter with no ID. You can also buy traveler's checks and mail them home. |
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kiwi22
Joined: 12 May 2007
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| Posted: Tue Jul 24, 2007 1:55 am Post subject: |
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| its not so much the caps and the atm and internet banking restrictions that are the problem its more that new arrivals won't be able to open an account until they have been in the country 3 months, what are they ment to do with their wages until then? im thinking f coming to korea next year and personally thats something id be concerned about. you can see the full article here http://www.koreatimes.co.kr/www/news/biz/2007/07/123_6993.html |
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Richard Krainium
Joined: 12 Jan 2006
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Tue Jul 24, 2007 2:05 am Post subject: |
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| So what will this mean for the KEB bank and it's nice policy towards illegals who want to send money home. Is it going to effect them as well? |
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Junior
Joined: 18 Nov 2005
Location: the eye
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| Posted: Tue Jul 24, 2007 2:05 am Post subject: |
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I saw an AIDs ridden foreigner today feeling up his under age korean girlfriend on the subway. There was a stash of cocaine in one pocket and a fake degree in the other. He was on his way to his next illegal private lesson for which he'd charge 1M won per hour. At the time he was voice phishing an innocent korean person down his cellphone.
Deport him! |
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The Hierophant
Joined: 13 Sep 2005
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| Posted: Tue Jul 24, 2007 3:03 am Post subject: |
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| I was thinking of returning to Korea after finishing my DipEd here in NZ. I don't think I will now. Korean attitudes toward foreigners just don't seem to be improving. |
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djsmnc
Joined: 20 Jan 2003
Location: Dave's ESL Cafe
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| Posted: Tue Jul 24, 2007 3:13 am Post subject: |
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| Now, foreigners living in Korea will be required to wear an American flag patch sewn on the chest of their clothing. They will be forbidden from frequenting Korean establishments. Foreigners will all be relocated to the Itaewon ghetto beginning next year. |
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Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
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| Posted: Tue Jul 24, 2007 3:31 am Post subject: |
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| The Hierophant wrote: |
| I was thinking of returning to Korea after finishing my DipEd here in NZ. I don't think I will now. Korean attitudes toward foreigners just don't seem to be improving. |
I'm leaving in 5 months and was thinking of coming back for camps but I think I might just stay away.
3 years and this place gets worse and worse..... |
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