Korean Job Discussion Forums

fortunado30 · Joined: 07 Jul 2007 Location: Seoul, KR

I'm curious about this and I want some feedback. Yesterday I went to KB bank (Kookmin Bank) where I have an account. I asked the customer service guy for my account number and the bank's routing number. He explained that KB bank does not have a routing number but instead a SWIFT number that is used for wire transfers. What is the difference? Also, he said it is against the law for foreigners to RECEIVE money from an overseas account. However it is ok to send. Another friend I talked to told me this was BS. However he did mention that the maximum you can receive is 10 million won before they freeze your account. How true is that? Any feedback on this topic would be great.

dogbert · Joined: 29 Jan 2003 Location: Killbox 90210

Untrue. You can receive wire transfers of funds from outside Korea and you can receive more than KRW10 million equivalent.

However, Korean banks do not have routing numbers; only U.S. banks do. The bank's SWIFT code, name, and your account number are sufficient.

Bibbitybop · Joined: 22 Feb 2006 Location: Seoul

The only restrictions on money transfers are if you SEND over 10,000,000 won (accrued total over time, not necessarily 10,000,000 at once), you have to bring an official document from your employer stating you made the money legally.

Banks are stupid in Korea. One branch will tell you one thing (you can't receive money, you can't have an ATM card, you can't etc.), then the branch at the next subway station will let you do whatever you want. You would think the banking industry would follow some sort of official guidelines and know the rules since they deal with the most important thing in the physical world, but this is Korea, and they don't.

Another thing you can do is get money deposited into your account back home. Then use an ATM card at a global ATM and withdraw it. Lower fees, it's immediate and no dealing with lazy and incompetent bank officials.

Keepongoing · Joined: 13 Feb 2003 Location: Korea

[quote="Bibbitybop"]The only restrictions on money transfers are if you SEND over 10,000,000 won (accrued total over time, not necessarily 10,000,000 at once), you have to bring an official document from your employer stating you made the money legally.

Banks are stupid in Korea. One branch will tell you one thing (you can't receive money, you can't have an ATM card, you can't etc.), then the branch at the next subway station will let you do whatever you want. You would think the banking industry would follow some sort of official guidelines and know the rules since they deal with the most important thing in the physical world, but this is Korea, and they don't.

Another thing you can do is get money deposited into your account back home. Then use an ATM card at a global ATM and withdraw it. Lower fees, it's immediate and no dealing with lazy and incompetent bank officials.[/
quote]

I think this overseas ATM thing only works if you have an International ATM card. The Korean banks will no longer issue Intl Cards to non-Koreans

Korean banks do not have the stability/security to be foreign friendly-so much for being any kind of a financial hub in Asia. They have miles to go before they are any where near Hong Kong or Singapore for having stable/mature financial institutions.

Bibbitybop · Joined: 22 Feb 2006 Location: Seoul

[quote="Keepongoing"]

Typhoon · Joined: 29 May 2007 Location: Daejeon

twg · Joined: 02 Nov 2006 Location: Getting some fresh air...

Young FRANKenstein · Posted: Tue Oct 02, 2007 6:27 am Post subject:

wylies99 · Joined: 13 May 2006 Location: I'm one cool cat!

I just don't get why the Koreans who work in these banks can't handle the simple English it takes to handle a wire transfer. It's only a few English words, and what is so hard about keeping a Korean/English translation book at these stations? It's BUSINESS and the banks make MONEY off these transactions.