Korean Job Discussion Forums

[fortunado30]

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]

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]

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]

[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]

[quote="Keepongoing"]

[Typhoon]

[twg]

[Young FRANKenstein]

[wylies99]

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.

[JongnoGuru]

[wylies99]

I know. My point was that it is in their financial interests to be able to handle these simple situations.

[diver]

I received payment from overseas just two days ago. Had to jump through hoops to get it though. It felt like an interrogation.

I can understand some of the restrictions on money LEAVING the country. But why in the hell would you make it difficult for money to come IN TO your country?

[TheUrbanMyth]

[winterwawa]

KB - Kookmin used to be the most foreigner friendly bank in Korea. Now it is the most foreigner unfriendly bank in Korea. I don't know what happened to cause this change, but I have been here 9 years and have wittenessed the transformation first hand. I now use Shin Han and Korea Exchange.

[Young FRANKenstein]