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hillann
Joined: 25 Feb 2008
Location: United States
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 Posted: Sat Mar 08, 2008 10:49 am Post subject: Banking in Korea while teaching?? |
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| How does a foreigner bank in Korea? I'll be coming on an E2 visa if that makes a difference... |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Sat Mar 08, 2008 4:59 pm Post subject: |
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I thought there was supposed to be a law that banned you from using your ATM card or transferring funds for 3 months after signing up. This law was put into effect to curb the effects of scams by Chinese and Koreans who were conning the elderly into transferring all of their life's savings, then disappearing out of the country.
Does anyone know if they still keep you from using a card for 3 months?
A fair share of people I know are now starting to say, "Screw the banks here" and purchasing a safe to keep their money at home, and to keep the government out of the loop with what is happening with their money/privates, etc.. It's also nice because there are no ATM fees, and due to the supposed banking restrictions on the first 3 months of work, ATMs won't work on cards at night. Owning a safe will.
We purchased a fireproof safe that takes 2 people to carry (very awkwardly), and can be bolted into the floor so they can't get away with it in the first place. It's nice to keep some extra money in so that we don't have to use the ATM very often. We found that, between the two of us, we were spending 30,000 won on banking transactions per month -- that adds up!
You can buy a safe similar to ours at Costco for 254,000 won new, and I think delivery is included. They are for sale in the kiosks just past the check-out. There are other sizes available from 200,000 on up. You can also purchase safes for as low as 150,000 near the Chungmuro area of Seoul:
http://www.safes4u.co.kr/
www.daewoongsafe.co.kr
www.lionsafe.co.kr
www.shinilsafe.com
Costco also has a very good price on a very large safe (about 4 1/2 feet tall) for holding guns/rifles/money, whatever. A person can fit inside if the shelves are removed (I wouldn't recommend this). It's about 900,000 won. |
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jangsalgida
Joined: 11 Jan 2006
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hari seldon
Joined: 05 Dec 2004
Location: Incheon
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| Posted: Sat Mar 08, 2008 9:28 pm Post subject: Re: Banking in Korea while teaching?? |
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| hillann wrote: |
| How does a foreigner bank in Korea? I'll be coming on an E2 visa if that makes a difference... |
I'd recommend KEB. They specialize in foreign exchange, their tellers usually understand enough English to assist you and getting an international ATM card there shouldn't present a big problem. |
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skconqueror
Joined: 31 Jul 2005
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| Posted: Sat Mar 08, 2008 9:31 pm Post subject: Re: Banking in Korea while teaching?? |
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| hari seldon wrote: |
| I'd recommend KEB. They specialize in foreign exchange, their tellers usually understand enough English to assist you and getting an international ATM card there shouldn't present a big problem. |
Ya, there wont be any problem. They will quickly say NO you can't have an international card cause you are a dirty foreigner.  |
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hari seldon
Joined: 05 Dec 2004
Location: Incheon
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| Posted: Sat Mar 08, 2008 9:35 pm Post subject: Re: Banking in Korea while teaching?? |
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| skconqueror wrote: |
| hari seldon wrote: |
| I'd recommend KEB. They specialize in foreign exchange, their tellers usually understand enough English to assist you and getting an international ATM card there shouldn't present a big problem. |
Ya, there wont be any problem. They will quickly say NO you can't have an international card cause you are a dirty foreigner. |
I didn't have any problem. Were you rejected? |
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skconqueror
Joined: 31 Jul 2005
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| Posted: Sat Mar 08, 2008 9:37 pm Post subject: Re: Banking in Korea while teaching?? |
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| hari seldon wrote: |
| skconqueror wrote: |
| hari seldon wrote: |
| I'd recommend KEB. They specialize in foreign exchange, their tellers usually understand enough English to assist you and getting an international ATM card there shouldn't present a big problem. |
Ya, there wont be any problem. They will quickly say NO you can't have an international card cause you are a dirty foreigner. |
I didn't have any problem. Were you rejected? |
Yep, and many others from this board. They were nice enough to offer one to my wife though and said I could use that one |
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hari seldon
Joined: 05 Dec 2004
Location: Incheon
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| Posted: Sat Mar 08, 2008 9:57 pm Post subject: Re: Banking in Korea while teaching?? |
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| skconqueror wrote: |
| hari seldon wrote: |
| skconqueror wrote: |
| hari seldon wrote: |
| I'd recommend KEB. They specialize in foreign exchange, their tellers usually understand enough English to assist you and getting an international ATM card there shouldn't present a big problem. |
Ya, there wont be any problem. They will quickly say NO you can't have an international card cause you are a dirty foreigner. |
I didn't have any problem. Were you rejected? |
Yep, and many others from this board. They were nice enough to offer one to my wife though and said I could use that one |
What branch of KEB were you dealing with? |
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Hank the Iconoclast
Joined: 08 Oct 2007
Location: Busan
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| Posted: Sat Mar 08, 2008 10:29 pm Post subject: Re: Banking in Korea while teaching?? |
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| hari seldon wrote: |
| skconqueror wrote: |
| hari seldon wrote: |
| skconqueror wrote: |
| hari seldon wrote: |
| I'd recommend KEB. They specialize in foreign exchange, their tellers usually understand enough English to assist you and getting an international ATM card there shouldn't present a big problem. |
Ya, there wont be any problem. They will quickly say NO you can't have an international card cause you are a dirty foreigner. |
I didn't have any problem. Were you rejected? |
Yep, and many others from this board. They were nice enough to offer one to my wife though and said I could use that one |
What branch of KEB were you dealing with? |
That happened to me at both the Tongyeong and Jinju branches. KEB just says flat out says NO.
I also wanted to get a credit card through KEB. They told me I had to open another account in which I had to deposit 100,000 a month in it for twelve months before they would return the money to me. I walked out. I was with my Korean fiance. She was absolutely disgusted. |
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hari seldon
Joined: 05 Dec 2004
Location: Incheon
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