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Ilsanman
Joined: 15 Aug 2003
Location: Bucheon, Korea
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 Posted: Thu Jan 24, 2008 4:19 am Post subject: |
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So you proved there is no law against it. But dozens (over 100?) others have proven that they don't give international ATM cards to foreigners. Except one or two obscure branches of one bank. Or if you catch a clerk on a good day.
Actions speak louder than words.
| King Baeksu wrote: |
| Ilsanman wrote: |
| King Baeksu, if you found one Hana Bank in Euljiro or somewhere that allows things for foreigners than other banks don.t congratulations. That just means you found one bank who breaks the law. That's nothing to be proud of. |
I wrote this on another thread on 22 June 2007:
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As I mentioned earlier in this thread, officials at the Ministry of Finance and Economy's Foreign Exchange Transaction Policy Division had a meeting on Thursday with for-ex officials from all major Korean banks. On the agenda included the MOFE clarifying to the banks that there was no MOFE-directed regulation against issuing international debit/cash cards to resident foreigners in South Korea.
I just got off the phone with my contact at MOFE, who is the Deputy Director of the Foreign Exchange Transaction Policy Division and a very nice and helpful guy. Here is exactly what he told me as of late Friday afternoon, 22 June 2007:
"Yesterday I corrected the banks' misunderstanding about our regulation system. I told them very clearly that they don't have to worry about issuing international debit cards to resident foreigners in Korea, and they all said that they understood our policy.
"However, whether or not they change their own policy in this issue is their decision, and we [at the MOFE] cannot force them to issue int'l cash cards to foreigners or make it compulsory because it is their own internal business policy.
"Every bank has the right to accept or reject new customers, so even though there is no gov't regulation against issuing int'l cash cards to foreigners, it depends on their own internal business policy whether they choose to do so or not, and we have to respect their business policy."
Well, that seems pretty clear-cut to me. It is now up to Korean banks like KEB, Kookmin, Shinhan and Woori whether they wish to continue their discriminatory policies towards resident foreigners here. I would say that after a few weeks when this information has managed to filter throughout each bank and its branches, people should go in with the above quotes from the MOFE official and ask them if they are planning to change their own policy on their matter. If they say no, then you will know exactly where that bank is coming from and how it feels about you as a non-Korean customer.
I would say that if the banks do not change their discriminatory policy on this matter, and as a result if a million foreign customers all changed their accounts to either Nonghyup or Hana, that would send a pretty clear message to the rest of the banks here, would it not? |
Anyone who says the law has been changed since then, I would appreciate a link to a reliable source, cheers. |
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that guy
Joined: 29 Feb 2004
Location: long gone
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| Posted: Sun Jan 27, 2008 5:25 pm Post subject: |
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Banks cite non-existent law on expat cards
| The Joongan Ilbo wrote: |
The difficulties foreigners living in Korea have obtaining international debit cards and local credit cards are a perpetual source of frustration for expatriates.
While some banks even tell customers that �new� Ministry of Finance regulations prevent them from issuing international debit cards to foreigners, there are no such rules, according to a ministry official.
Lee Cha-woong, an official at the ministry�s foreign currency department said, �There was no change of governmental laws or regulations on the issuance of an international debit card to foreigners.�
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King Baeksu
Joined: 22 Oct 2006
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creesschaef
Joined: 18 Jun 2007
Location: Gyeonggi-do
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| Posted: Sun Jan 27, 2008 7:30 pm Post subject: |
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In an attempt to make my life easier, I tried to get a debit/check card today.
It was a failed attempt.
The teller cited "new regulations", which were, supposedly, put in to effect "not that long ago". How's that for being vague? The reason given for these now regulations: The Chinese.
I'm not Chinese.
At least they're equal opportunity discriminators.
Without a debit card I have a couple of options:
1. Carry around a 6 inch thick wallet and a brick. I would place the brick
below my left cheek to even out the huge wallet under my right cheek.
2. Strategically place money in random pockets of my clothes in order to
lessen the burden of carrying a 10 kg brick.
3. Really hit the weights hard. I mean, squat thrusts until death, but only
for the left cheek. One problem: I'd have no choice but to use a
squatter.
I just don't see it working out. |
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articulate_ink
Joined: 23 Mar 2004
Location: Left Korea in 2008. Hong Kong now.
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| Posted: Sun Jan 27, 2008 7:38 pm Post subject: |
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| creesschaef wrote: |
In an attempt to make my life easier, I tried to get a debit/check card today.
It was a failed attempt.
The teller cited "new regulations", which were, supposedly, put in to effect "not that long ago". How's that for being vague? The reason given for these now regulations: The Chinese.
I'm not Chinese.
At least they're equal opportunity discriminators.
Without a debit card I have a couple of options:
1. Carry around a 6 inch thick wallet and a brick. I would place the brick
below my left cheek to even out the huge wallet under my right cheek.
2. Strategically place money in random pockets of my clothes in order to
lessen the burden of carrying a 10 kg brick.
3. Really hit the weights hard. I mean, squat thrusts until death, but only
for the left cheek. One problem: I'd have no choice but to use a
squatter.
I just don't see it working out. |
Which bank did you visit?
Standard Chartered is issuing international visa debit cards to expats. I got mine at the COEX branch a few months ago, and it has worked in several countries so far.
Vote with your feet, that's my advice. There's no reason we have to smile and tolerate this kind of treatment from our banks. |
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King Baeksu
Joined: 22 Oct 2006
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| Posted: Sun Jan 27, 2008 7:41 pm Post subject: |
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Creesschaef, I've said this many times and I'll say it again: Go to Hana in Ulchiro-1-ga if you can.
If any other bank tells you "no," inform them that both the Chosun Ilbo and the JoongAng Daily have published articles quoting the Ministry of Finance and Economy saying that there is no law against issuing int'l debit cards to resident foreigners here. You can even mention that a meeting was held by the MOFE to specifically inform Korean banks of this fact.
There is too much misinformation on this issue being spread around on sites like this. This issue is very clear and everyone needs to tell Korean banks exactly what I have said above the next time they are denied a card here.
It's really not that complicated, folks. |
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King Baeksu
Joined: 22 Oct 2006
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| Posted: Sun Jan 27, 2008 7:43 pm Post subject: |
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| articulate_ink wrote: |
| Standard Chartered is issuing international visa debit cards to expats. |
Visa is a credit card not a debit card company.
Can we please try to keep this issue as uncomplicated as possible? |
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bgreenster
Joined: 06 Feb 2007
Location: too far from the beach
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| Posted: Sun Jan 27, 2008 7:49 pm Post subject: |
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| I tried a Google search, and found the Standard Chartered website, but there wasn't a Korea section in personal banking.... I could simply be inept, but can anyone send me in the direction of SC bank locations? I'm thinking a change of banks is in order... |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Sun Jan 27, 2008 7:50 pm Post subject: |
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| bgreenster wrote: |
| I tried a Google search, and found the Standard Chartered website, but there wasn't a Korea section in personal banking.... I could simply be inept, but can anyone send me in the direction of SC bank locations? I'm thinking a change of banks is in order... |
www.scfirstbank.com |
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davai!
Joined: 04 Dec 2005
Location: Kuwait
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| Posted: Sun Jan 27, 2008 7:56 pm Post subject: |
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| King Baeksu wrote: |
| articulate_ink wrote: |
| Standard Chartered is issuing international visa debit cards to expats. |
Visa is a credit card not a debit card company.
Can we please try to keep this issue as uncomplicated as possible? |
http://usa.visa.com/personal/student/debit_cards.html |
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articulate_ink
Joined: 23 Mar 2004
Location: Left Korea in 2008. Hong Kong now.
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| Posted: Sun Jan 27, 2008 7:57 pm Post subject: |
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| King Baeksu wrote: |
| articulate_ink wrote: |
| Standard Chartered is issuing international visa debit cards to expats. |
Visa is a credit card not a debit card company.
Can we please try to keep this issue as uncomplicated as possible? |
Who's complicating things? I'm well aware of the difference, and I would suggest that most of us from countries with more advanced banking industries are already familiar with the type of card under discussion. American banks have been issuing debit cards that operate via the Visa and MasterCard networks -- but which aren't credit cards -- for over a decade. That's what my SC card is. It has Visa logo on it. It is a check card when I use it in Korea, using the Visa network, and abroad it is an ATM card. It isn't a credit card. I never said it was. I'm sorry if you find this confusing, but it's pretty straightforward stuff.
I don't mean to pick a fight, btw. You've been consistently one of the most sane and helpful people on this issue. But I'm not confusing anyone, unless they're just naive to the point of mental retardation on banking issues in the first place. |
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King Baeksu
Joined: 22 Oct 2006
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| Posted: Sun Jan 27, 2008 8:06 pm Post subject: |
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Articulate_ink, I stand corrected. I have been out of the U.S. for too long.
I have a Hana Visa credit card myself as well as a Hana int'l debit card. If Korean banks offer Visa debit cards then that would be interesting to know. |
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bgreenster
Joined: 06 Feb 2007
Location: too far from the beach
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| Posted: Sun Jan 27, 2008 8:09 pm Post subject: |
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Cheers, dogbert.
I'm not sure if it's the "proper" way to call them, but I have always had a "Visa debit card"- a check card from the bank that has a Visa logo on it and can be used online, etc. the same way a credit card can. I have always used these instead because credit cards scare me. |
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articulate_ink
Joined: 23 Mar 2004
Location: Left Korea in 2008. Hong Kong now.
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| Posted: Sun Jan 27, 2008 8:25 pm Post subject: |
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| King Baeksu wrote: |
Articulate_ink, I stand corrected. I have been out of the U.S. for too long.
I have a Hana Visa credit card myself as well as a Hana int'l debit card. If Korean banks offer Visa debit cards then that would be interesting to know. |
No problem. Even in the States, this is a fairly new thing. The East Coast banks were the first to offer them (my introduction to them was with Wachovia in the early 90s), but when I moved from DC to California in 99, Washington Mutual was the only bank issuing them with new accounts. When Wells Fargo told me I'd have to apply for one like a credit card, I laughed and walked out. Now, I think they're standard.
Terminology might be part of the problem, as well as the fact that they're pretty new. Here, in Korean, they're called check cards. When I moved to Korea 3 years ago, they were still relatively rare. KEB offered them but you had to specify you wanted one when you set up your account. I think it still works this way. When I set up that account, I got two cards: the check card with the Visa logo, which was restricted to Korea, and the ATM cash card, which worked abroad. I'm using a different account now, and I only have the check card.
My SC card is a Visa check card like the KEB one. Outside of Korea I can use it to withdraw cash, but I can't use it like a check card to make purchases.
My Singapore bank issued me both when I set up my account there two weeks ago, no questions asked. That's one reason I think this place is so lame. |
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creesschaef
Joined: 18 Jun 2007
Location: Gyeonggi-do
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| Posted: Sun Jan 27, 2008 8:38 pm Post subject: |
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| articulate_ink wrote: |
| Which bank did you visit? |
I visited Nonghyup Bank.
Since my post, I have contacted them via phone and seem to have accomplished something. I haven't gone back to the bank yet, but I have been told to call their English interpreter when I do.
The interpreter said that it must have been a case of miscommunication, but I was there with a Korean. I am hoping this is just a one time deal and that things go smoothly from here on out.
If you ever find yourself in a predicament at Nonghyup, just call 1588-2100 ext. 730 and you will get terrific service.
Thanks for your help (King Baeksu and articulate_ink) |
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