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Foreigners Face Restricted Banking
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Homer
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PostPosted: Tue Jul 24, 2007 2:25 pm    Post subject: Reply with quote

As I said...good luck hogwonguy1979.

The measures are aimed at curbing fraud but the net is far too large here....kind of like using a sledgehammer to kill a bug.

Lets see if this regulation is put in effect and if it is amended to ease access for people who can prove they are legit...ex Foreign teachers with valid work contracts, visas and so on.
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hogwonguy1979



Joined: 22 Dec 2003
Location: the racoon den

PostPosted: Tue Jul 24, 2007 2:34 pm    Post subject: Reply with quote

Homer wrote:
As I said...good luck hogwonguy1979.

The measures are aimed at curbing fraud but the net is far too large here....kind of like using a sledgehammer to kill a bug.

Lets see if this regulation is put in effect and if it is amended to ease access for people who can prove they are legit...ex Foreign teachers with valid work contracts, visas and so on.


thanks, i encourage people to use my letter as a basis and my research to try and influence somebody

my suggestion is they put into the regulations people on work visas should be exempted from this, should be pretty easy to implement if you have your passport, arc, and contract to open the account

then again that would make too much sense
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OiGirl



Joined: 23 Jan 2003
Location: Hoke-y-gun

PostPosted: Tue Jul 24, 2007 2:52 pm    Post subject: Reply with quote

There are people who might be in Korea with a passport and no visa beyond a tourist visa and a legitimate need for a bank account.

Thank goodness I never closed mine.
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Homer
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PostPosted: Tue Jul 24, 2007 3:41 pm    Post subject: Reply with quote

Quote:
my suggestion is they put into the regulations people on work visas should be exempted from this, should be pretty easy to implement if you have your passport, arc, and contract to open the account


Logical suggestion indeed.

Then again...when have governments acted logically? Wink
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jaganath69



Joined: 17 Jul 2003

PostPosted: Tue Jul 24, 2007 4:00 pm    Post subject: Reply with quote

Bigger question though, is this not indicative of the overall attitude of the present government to non-Koreans?
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Smee



Joined: 24 Dec 2004
Location: Jeollanam-do

PostPosted: Tue Jul 24, 2007 5:17 pm    Post subject: Reply with quote

As has been said earlier, but should not be forgotten, this could turn out to be prohibitive for new teachers interested in coming here. It's not simply a matter of inconvenience, and it's not simply something that concerns a few illegal Chinese . . . not being able to access legally-earned money for three-plus months is a huge deal. Maybe even a deal-breaker.

This business about having to visit a teller to process the simplest transactions is language-based discrimination. Say what you want about expats here 5 years with no Korean-language skills, but what about the people here for 5 months? Obviously most banks aren't equipped to handle English-speakers, and even something as simple as a deposit or withdrawl can become extremely challenging. (To say nothing of foreign workers who don't speak English either). And, it bears repeating, many of us---teachers, diplomats, businessmen and -women, factory workers---are busy at work during business hours, and thus rely on ATMs not only for all-hours convenience, but for a regular cash-flow.

It goes without saying that to punish the entire foreign community for the activities of a handful is irrational. To suggest that this voice phishing is carried out by anyone other than overseas Koreans is ludicrous, and that demographic ought to be dealt with accordingly. Regardless of how other countries treat their migrant workers, and regardless of how many comparisons you want to draw between Korea and the US, or Canada, or Ecuador, or wherever, to enact legislation that further restricts how I use my legally-earned money is unacceptable.

Like many issues in Korea, though, this may just blow over. It may just be a planned piece of legislation. But I certainly want banks, newspapers, journalists, other foreigners, and perhaps even politicians to hear how I feel about it.
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Hater Depot



Joined: 29 Mar 2005

PostPosted: Tue Jul 24, 2007 5:41 pm    Post subject: Reply with quote

Are we all sure this is being read correctly? (from RR's first link)

Quote:
It also said that foreigners on temporary visits to Korea of less than three months will not be allowed to open bank accounts with Korean banks in an aim to prevent possible financial fraud. Foreigners staying in Korea for over three months, however, will continue to be able to open accounts while Korean banks use identification that verifies identity and employment status.


That sounds exactly like an exemption for people who have work visas. It does not mean that you must stay in Korea for three months before having a bank account, else the next paragraph would make no sense:

Quote:
Foreigners, however, will have limited access to their accounts through ATMs in the first three months. Banks will only allow foreigners the immediate use of ATMs after they have been verified to not have been involved in financial fraud, it said.


Now that last sentence does not suggest how easy or onerous the verification process might be. Considering the leeway with which individual banks interpret regulations, I doubt there would be many difficulties for foreign teachers. That hagwon owner may be a big banker at that branch and get his employees automatically approved.
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Dukey77777



Joined: 28 Jun 2007
Location: Chungcheongbuk-do

PostPosted: Tue Jul 24, 2007 5:41 pm    Post subject: Reply with quote

Thank god for USAA banking. Just one less holier-than-thou Korean I have to deal with.
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just another day



Joined: 12 Jul 2007
Location: Living with the Alaskan Inuits!!

PostPosted: Tue Jul 24, 2007 5:49 pm    Post subject: Reply with quote

Hater Depot wrote:
Are we all sure this is being read correctly? (from RR's first link)

Quote:
It also said that foreigners on temporary visits to Korea of less than three months will not be allowed to open bank accounts with Korean banks in an aim to prevent possible financial fraud. Foreigners staying in Korea for over three months, however, will continue to be able to open accounts while Korean banks use identification that verifies identity and employment status.


That sounds exactly like an exemption for people who have work visas. It does not mean that you must stay in Korea for three months before having a bank account, else the next paragraph would make no sense:

Quote:
Foreigners, however, will have limited access to their accounts through ATMs in the first three months. Banks will only allow foreigners the immediate use of ATMs after they have been verified to not have been involved in financial fraud, it said.


Now that last sentence does not suggest how easy or onerous the verification process might be. Considering the leeway with which individual banks interpret regulations, I doubt there would be many difficulties for foreign teachers. That hagwon owner may be a big banker at that branch and get his employees automatically approved.


dang, out of everyone here, ur the only one who read it correctly. Laughing

put this link on ur resume! Laughing
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The_Conservative



Joined: 15 Mar 2007

PostPosted: Tue Jul 24, 2007 7:12 pm    Post subject: Reply with quote

Actually I was saying something much like the above in another thread, before it was yanked due to flaming and the groundswell of hysteria.
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just another day



Joined: 12 Jul 2007
Location: Living with the Alaskan Inuits!!

PostPosted: Tue Jul 24, 2007 11:34 pm    Post subject: Reply with quote

The_Conservative wrote:
Actually I was saying something much like the above in another thread, before it was yanked due to flaming and the groundswell of hysteria.


okay u too then.

put this link on ur resumes! it shows proper english reading comprehension in the neighborhood north of 90th percentile! you will get teh job on the spot!! Very Happy
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Homer
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PostPosted: Wed Jul 25, 2007 2:48 am    Post subject: Reply with quote

Well done Hater Depot.

Takes some of the hysteria out of this....it seems the restrictions, from a closer read of the article, are targetted at fraud from certain types of foreign residents. People with valid work visas would indeed have an exemption here.
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FistFace



Joined: 24 Mar 2007
Location: Peekaboo! I can see you! And I know what you do!

PostPosted: Wed Jul 25, 2007 4:01 pm    Post subject: Reply with quote

Young FRANKenstein wrote:
kermo wrote:
What's the rationale, anyway?

Shut off the ATMs, you're less likely to be out late carousing and acting like a drunken ass. The ATM curfew used to be earlier in the mid-90's.

The ATMs here shut down early to keep the ajosshis from spending the entire family fortune on drinking and carousing young room-salon women.

Seriously. Tis the honest-to-goodness truth.
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hogwonguy1979



Joined: 22 Dec 2003
Location: the racoon den

PostPosted: Wed Jul 25, 2007 4:07 pm    Post subject: Reply with quote

Homer wrote:
Well done Hater Depot.

Takes some of the hysteria out of this....it seems the restrictions, from a closer read of the article, are targetted at fraud from certain types of foreign residents. People with valid work visas would indeed have an exemption here.


lets wait and see how they implement this, as with the int atm card bs, the banks seem to have taken the totally anti-legally-working foreigner tactic
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boyne11



Joined: 08 Jul 2007

PostPosted: Wed Jul 25, 2007 4:11 pm    Post subject: Reply with quote

Dukey77777 wrote:
Thank god for USAA banking. Just one less holier-than-thou Korean I have to deal with.


Me too. Razz Been a member since 1988. How about you?
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