| View previous topic :: View next topic |
| Author |
Message |
big_fella1
Joined: 08 Dec 2005
|
 Posted: Mon Jan 07, 2008 5:25 pm Post subject: Re: Evil foreigners international access cards and t/t rules |
 |
|
| Paul_Zerzan wrote: |
| big_fella1 wrote: |
Sorry I have been slack following up Banking Issues. I don't read Korean so it has been slow.
Banks in Korea are regulated by The Bank of Korea (BOK), The Financial Supervisory Service (FSS), The Financial Supervisory Commission (FSC), and insured and supervised by the Korea Deposit Insurance Corporation (KDIC). This may change with the introduction of the Capital Market Consolidation Act (CMCA), effective January 2009 (sorry haven't got to that exciting read yet). To my knowledge not one of these groups require special conditions for foreigners in relation to bank accounts or access cards.
So who does?
Korean Banks have are member of the Korea Federation of Banks "a trade association that
represents and promotes the interests of the Korean banking industry." [source: http://www.kfb.or.kr/kfb_eng/overview/overview.htm ] This is the group that implemented the rules restricting foreigners access to bank accounts http://english.chosun.com/w21data/html/news/200708/200708100012.html as I mentioned in a previous post this would seem to be an issue for the Fair Trade Commission as this maybe collusion. I will make the call to them tomorrow morning.
There may also be a human rights issue here. I don't mind having a limit on daily withdrawals of 6 million won instead of 10 million won due to my average balance or credit (????) but I do object to such limit being imposed due to my being foreign.
Sorry for being long winded especially as it looks like many friends are leaving due the lack of real information on the E2 changes but if you require more light reading try http://www.kfb.or.kr/kfb_eng/law/law01.htm
for lots of documents in English, they might even make bank staff cooperative when you toss the printouts at them. |
If you get anywhere with this, I will give you some of my own money. |
Thanks for the offer Paul but I am doing this for fun (a win would be even more fun).
Firstly can I recommend that all foreigners that can deal with SC Firstbank as they seem to be helpful in regard to issuing International Access Cards to foreigners (my card has worked in Hong Kong on 2 different trips, Japan and New Zealand.)
Now for those who don't have an SC near them can I recommend the following line if refused "I have read that the regulation has just been changed could you check with head office please as they may not have told the branches yet." This should be done very respectfully and I am open to improvements on the wording so as to prevent the loss of face by the bank teller which will only get your request denied.
International Transfers try the same line as above. Always forget your Passport when making International Transfers and be very apologetic for 'forgetting'.
This is a short term fix, however no-one will go on the record with me telling me that these rules exist for foreigners over the telephone. I plan to visit different banks on Friday with cash and see how I go opening an account, receiving an International Access Card and wiring money to Australia. I will update after this. |
|
| Back to top |
|
 |
tareze
Joined: 13 Mar 2005
Location: north or south of a river
|
| Posted: Mon Jan 07, 2008 9:18 pm Post subject: Re: Evil foreigners international access cards and t/t rules |
|
|
| big_fella1 wrote: |
| Paul_Zerzan wrote: |
| big_fella1 wrote: |
Sorry I have been slack following up Banking Issues. I don't read Korean so it has been slow.
Banks in Korea are regulated by The Bank of Korea (BOK), The Financial Supervisory Service (FSS), The Financial Supervisory Commission (FSC), and insured and supervised by the Korea Deposit Insurance Corporation (KDIC). This may change with the introduction of the Capital Market Consolidation Act (CMCA), effective January 2009 (sorry haven't got to that exciting read yet). To my knowledge not one of these groups require special conditions for foreigners in relation to bank accounts or access cards.
So who does?
Korean Banks have are member of the Korea Federation of Banks "a trade association that
represents and promotes the interests of the Korean banking industry." [source: http://www.kfb.or.kr/kfb_eng/overview/overview.htm ] This is the group that implemented the rules restricting foreigners access to bank accounts http://english.chosun.com/w21data/html/news/200708/200708100012.html as I mentioned in a previous post this would seem to be an issue for the Fair Trade Commission as this maybe collusion. I will make the call to them tomorrow morning.
There may also be a human rights issue here. I don't mind having a limit on daily withdrawals of 6 million won instead of 10 million won due to my average balance or credit (????) but I do object to such limit being imposed due to my being foreign.
Sorry for being long winded especially as it looks like many friends are leaving due the lack of real information on the E2 changes but if you require more light reading try http://www.kfb.or.kr/kfb_eng/law/law01.htm
for lots of documents in English, they might even make bank staff cooperative when you toss the printouts at them. |
If you get anywhere with this, I will give you some of my own money. |
Thanks for the offer Paul but I am doing this for fun (a win would be even more fun).
Firstly can I recommend that all foreigners that can deal with SC Firstbank as they seem to be helpful in regard to issuing International Access Cards to foreigners (my card has worked in Hong Kong on 2 different trips, Japan and New Zealand.)
Now for those who don't have an SC near them can I recommend the following line if refused "I have read that the regulation has just been changed could you check with head office please as they may not have told the branches yet." This should be done very respectfully and I am open to improvements on the wording so as to prevent the loss of face by the bank teller which will only get your request denied.
International Transfers try the same line as above. Always forget your Passport when making International Transfers and be very apologetic for 'forgetting'.
This is a short term fix, however no-one will go on the record with me telling me that these rules exist for foreigners over the telephone. I plan to visit different banks on Friday with cash and see how I go opening an account, receiving an International Access Card and wiring money to Australia. I will update after this. |
you're awesome big_fella~ |
|
| Back to top |
|
|
Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
|
| Posted: Tue Jan 08, 2008 12:25 am Post subject: Re: Evil foreigners international access cards and t/t rules |
|
|
| tareze wrote: |
| you're awesome big_fella~ |
That's what she said. |
|
| Back to top |
|
|
tareze
Joined: 13 Mar 2005
Location: north or south of a river
|
| Posted: Tue Jan 08, 2008 11:07 pm Post subject: Re: Evil foreigners international access cards and t/t rules |
|
|
| Young FRANKenstein wrote: |
| tareze wrote: |
| you're awesome big_fella~ |
That's what she said. |
hahahaa! |
|
| Back to top |
|
|
Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
|
| Posted: Wed Jan 09, 2008 1:13 am Post subject: Re: Evil foreigners international access cards and t/t rules |
|
|
| tareze wrote: |
| Young FRANKenstein wrote: |
| tareze wrote: |
| you're awesome big_fella~ |
That's what she said. |
hahahaa! |
And I didn't even have to edit and splice sentences together to make it funny, either. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
