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Korean Job Discussion Forums
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FistFace
Joined: 24 Mar 2007
Location: Peekaboo! I can see you! And I know what you do!
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 Posted: Wed Jul 25, 2007 4:12 pm Post subject: |
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| Smee wrote: |
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.
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Exactly.
My salary can only go up, because this is one huge nail in the coffin for those considering a teaching job here!
We need to remind every new incoming teacher of this issue. What do you think is going to happen next? Hagwon owners "holding" your pay for you?? Not gonna fly.
In their stupidity, the gov't just cut off its ability to track foreigners working illegally and making deposits from privates for the first 3 months they are here. They'll just keep it at home. |
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Ilsanman
Joined: 15 Aug 2003
Location: Bucheon, Korea
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| Posted: Wed Jul 25, 2007 6:53 pm Post subject: |
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I can write whatever I want, you arrogant *beep*. I don't have to follow your rules.
English is adaptive, as are expressions.
| Homer wrote: |
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| Even the apologists won't touch this one with a 5 foot stick. |
That would be a 10 foot pole...if you are going to use an expression I-man..use it correctly. 
Now the topic: this is a highly restrictive banking policy that makes little sense. It will impact investment negatively and is a bad move.
Oh and I had not posted in this thread before but people were using my name...now thats weird man.
About the letter to the congressman. I am sure it will transform into a groundswell and that the congressman will ride it all the way to the House floor where a new visa bill will be promptly approved bu the Senate and House then signed by the President....yes I can see it now...SLAP...oh back to reality...the US will not change visa rules because Korea changes its internal banking regulations and that this inconveniences some Foreign teachers here who are from the US (same deal if you intend on writing your MP in Canada...a groundswell all the way to Parliement...).
In any case, a very annoying banking rule to be sure. It will be irritating for new teachers but they can still access their money...albeit through a retarded process!
Just curious, what are the restrictions for Foreign workers on short contracts (one year) when they first arrive to the US to work?
Can they have a no limit ATM right off the bat or do they have to wait?
Genuinely curious here because if Foreign workers, namely KOREANS have better banking rights when they work in the US then you have a RELEVANT case of comparison and it would then be a least minimally relevant to write your congressman.....
In Canada, taking the Royal bank as an example...to get a visa card you need:
| Quote: |
Before you begin:
All applicants must meet the following criteria to be eligible for an RBC Royal Bank Visa:
Be a Canadian resident |
No residency...no card....
For a bank account and ATM:
| Quote: |
Before you begin:
All applicants must meet the following criteria to be eligible for an RBC Royal Bank Signature Account:
Be a Canadian Resident. |
For foreign workers on contract (short termers (1-3 years) the ATM card you can get is the basic one with a limit of 500 CAD withdraw per day and limited access abroad.
Other institutions require similar things for Foreign workers or simply require residency status.
Then they check your credit and offer you products that match their risk ratio (how much risk you represent for them). Usually, a Foreign worker with little or no assets will get the bare minimum, with the high interest rates on the credit card and limitations gallore....
Oh Crusher...lest I forget..why do you think I care how you bank or what you will do once you get to Korea? I will never meet you mate and have no connection to you whatsoever....I hope your HSBC plan works out for you and that you bank happily in the peninsula...I also hope you leave that rapidly filling bag of comtempt for a country you have not yet set foot in (unless you are a returnee) in Boston or where you are from because if you do not...you are in for a long, long year in K-land my friend.
Best of luck. |
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richardlang
Joined: 21 Jan 2007
Location: Gangnam
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| Posted: Wed Jul 25, 2007 7:27 pm Post subject: |
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I have an F-4 Visa. My bank won't give me an international debit card because they consider me a foreigner. Now, the F-4 visa grants me all Korean citizenship rights except those for voting. Are they right in barring me from an international debit and in calling me a foreigner?
I just want to know if any case can be made to get a couple more things straight in living here. |
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Zulu
Joined: 28 Apr 2006
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| Posted: Wed Jul 25, 2007 9:30 pm Post subject: |
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| Alyallen wrote: |
Korea: Where Logic Comes to Die
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Line of the Year. |
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articulate_ink
Joined: 23 Mar 2004
Location: Left Korea in 2008. Hong Kong now.
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| Posted: Thu Jul 26, 2007 2:35 am Post subject: |
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| just another day wrote: |
| Hater Depot wrote: |
Are we all sure this is being read correctly? (from RR's first link)
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| 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:
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| 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.
put this link on ur resume! |
I've been thinking about this. Maybe the restrictions have been misunderstood or taken out of context or blown out of proportion. Look at the international ATM card situation, though. The banks deny us cards that work overseas and attribute it to government policy. The government denies the existence of any such policy. Does anyone know where this practice originated, and when? Regardless of whether it's a policy thing, a conspiracy by the banks to screw foreigners, or simply mass incompetence, the result is the same: we are being denied access to our own money when we're outside of Korea. Now we're facing an actual policy change. Who's to say what will happen once it's implemented? Although the intent may not to be to prevent foreign nationals from opening bank accounts for 3 months, that may still be the result. Consistency, clarity, and communication are not the strongest points in Korean culture. |
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Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
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| Posted: Thu Jul 26, 2007 3:43 am Post subject: |
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| Zulu wrote: |
| Alyallen wrote: |
Korea: Where Logic Comes to Die
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Line of the Year. |
Thank you. Thank you.
It's so damn true too.... |
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Dukey77777
Joined: 28 Jun 2007
Location: Chungcheongbuk-do
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| Posted: Thu Jul 26, 2007 7:55 am Post subject: |
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| boyne11 wrote: |
| Dukey77777 wrote: |
| Thank god for USAA banking. Just one less holier-than-thou Korean I have to deal with. |
Me too.  Been a member since 1988. How about you? |
Only since 97...made some nice coin though with the market going crazy over the past few months.... |
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Homer
Guest
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| Posted: Thu Jul 26, 2007 8:31 am Post subject: |
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I can write whatever I want, you arrogant *beep*. I don't have to follow your rules.
English is adaptive, as are expressions. |
True....5 foot stick-man.
Or make like a tree and leave?
Or put your money where your foot is? |
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Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
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| Posted: Thu Jul 26, 2007 10:31 am Post subject: |
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| Homer wrote: |
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I can write whatever I want, you arrogant *beep*. I don't have to follow your rules.
English is adaptive, as are expressions. |
True....5 foot stick-man.
Or make like a tree and leave?
Or put your money where your foot is? |
Homer....you are starting to look like a real arse...
Seriously...you are lowering yourself to this kind of shtick....
I am so not impressed... |
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Atavistic
Joined: 22 May 2006
Location: How totally stupid that Korean doesn't show in this area.
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| Posted: Thu Jul 26, 2007 10:34 am Post subject: |
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| Homer wrote: |
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I can write whatever I want, you arrogant *beep*. I don't have to follow your rules.
English is adaptive, as are expressions. |
True....5 foot stick-man.
Or make like a tree and leave?
Or put your money where your foot is? |
My best foreign (American) friend here once spent the day completely fouling up phrases by accident.
"So, I tried something I've never done before. Called...um...the hair of the cat that bit you!"
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Homer
Guest
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| Posted: Fri Jul 27, 2007 5:24 am Post subject: |
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Alyallen,
You are right of course...it gets the better of me sometimes. I did indeed lower myself to the mud pit on this one and I should not have done so.
Sometimes...it gets to be too much to watch some of the pond scum residue that passes off as commentary on here at times.....
Your point is well taken however. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Fri Jul 27, 2007 5:35 am Post subject: |
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| Ilsanman wrote: |
| English is adaptive, as are expressions. |
Especially that one. I never liked the original phrase, but I like to use "I wouldn't touch that with my ten inch pole." |
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cdninkorea
Joined: 27 Jan 2006
Location: Seoul
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| Posted: Fri Jul 27, 2007 7:13 am Post subject: |
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| articulate_ink wrote: |
| I've been thinking about this. Maybe the restrictions have been misunderstood or taken out of context or blown out of proportion. Look at the international ATM card situation, though. The banks deny us cards that work overseas and attribute it to government policy. The government denies the existence of any such policy. Does anyone know where this practice originated, and when? Regardless of whether it's a policy thing, a conspiracy by the banks to screw foreigners, or simply mass incompetence, the result is the same: we are being denied access to our own money when we're outside of Korea. Now we're facing an actual policy change. Who's to say what will happen once it's implemented? Although the intent may not to be to prevent foreign nationals from opening bank accounts for 3 months, that may still be the result. Consistency, clarity, and communication are not the strongest points in Korean culture. |
This is a very good point. |
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pacificman
Joined: 31 Jul 2007
Location: Seoul
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| Posted: Wed Aug 01, 2007 3:11 pm Post subject: |
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I have had my bank account since 2004, but I assumed that these new ATM limits would apply to me also. Twice in Korea I have needed to transfer a large amount for my business. The first time, I took the information to the teller, and she helped me fill out the form and she performed the transfer. A few months back, when buying a car, one of my Korean friends taught me that you can transfer more than once, which was kind of a surprise. We transferred w10 million once, then transferred another w5 million to complete the transaction (hey, it was a used car...) In the USA, if my bank has a limit of $300 withdrawal, I can't just withdraw $300 twice in a row - that is a daily limit. But now I understand the Korean system I think.
So, yesterday I once again needed to transfer a large amount, w20 million. I figured with these new regulations about to hit, and being a foreigner, it would be best to approach the teller for the transaction. I did, and she refused to process it. She called over the guard (the one guy in Korea who carries a gun), and insisted that I use the ATM machines! I kept trying to explain that it wouldn't work, because I was a foreigner, but they kept telling me I must use the ATM. Finally, the guard and I went to the ATM and did it as two separate w10 million transfers, and indeed that worked.
Now I realize that these new regulations don't go into effect until September, but you think the bank staff would have been aware of them. They seemed completely clueless when I indicated I was a foreigner and there was a new limit of w6 million per transfer. But, I'm glad everything worked. Maybe post-September things will be stricter, but for now it seemed like business as ususal for me.
Last edited by pacificman on Wed Aug 01, 2007 4:06 pm; edited 1 time in total |
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dawnbuckley
Joined: 10 Jul 2007
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| Posted: Wed Aug 01, 2007 3:38 pm Post subject: |
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Yikes!
I just read this briefly so excuse my stupidity.
I was in Korea a while back and sent money home alot as I was saving.
I am thinking of going back soon (This month) and really want to save again but from this it looks like you can only have a bank account after 6 months?
Thanks!
Dawn |
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