Korean Job Discussion Forums

red_devil · Joined: 30 Jun 2008 Location: Korea

Here in CA it's all about Wells Fargo...but i know they aren't very prevalent beyond the Continental West...so if i wanted to minimize my hassles with money back and forth between US and Korea what banks do you all recommend? How is Citibank? Or do you recommend i make an account with a Korean bank here, like Hanmi?

sojourner1 · Posted: Thu Jul 03, 2008 1:35 am Post subject:

You'll need a Korean bank account once you get your alien residence card in order to be paid as direct deposit is how money moves. I used KEB last year with no problems on xfering money and buying currencies. Instant professional service with at least someone in the office who speaks English to help you. Korea Exchange Bank is the international finance bank of Korea that is specialized in currencies trading and big business, but you too can get the good service if in a metro area. It's directly connected to the bank of New York on Wall Street. Unfortunately, in Gangwon, on my 2nd year in Korea, I'm not seeing any modern cutting edge global business oriented banks like KEB so finance is going to be another one of the many challenges, but still doable. (I hope)

MissSeoul · Joined: 25 Oct 2006 Location: Somewhere in America

Scaggs · Joined: 19 Sep 2006

Have one in both. I switched of Wells Fargo on the basis of too many fees. I use Wamu now and Hana Bank here. I've heard KB and KEB are both good for foreigners.

Join Me · Joined: 14 Jan 2008

Citi Bank really screws you on wiring fees...they also claim to have no relationship with Citi Bank in the US. However, they make you fill out a bunch of paperwork (to make sure taxes are paid) that Korean banks don't.

Lekker · Joined: 09 Feb 2008 Location: Seoul

If you're Korean and living in America, you can open an account with Woori America. I had an account with Woori Korea and when I went home, Woori America was more than helpful with obtaining my money in the States. I don't know about wiring though, seems like the cost wouldn't be high, but again, I think only Koreans and Korean Americans bank with Woori America. Usually it is found in areas where there are many Koreans living. So I'm sure LA has one in Korea Town. Philadelphia has one in West Philly.

OnTheOtherSide · Joined: 29 Feb 2008

Question:

I'm about to set up a bank accont tommorrow. I plan on walking in there like a dumb foreigner and saying "ATM card", hoping that will get me somewhere.

Any tips on how I can get this done? Getting a cell phone was a fiasco and eventually I had to have a Korean friend help me. I'm hoping the same thing won't happen again.

Join Me · Joined: 14 Jan 2008

I just opened up a second account at Standard Charter Bank and they gave me an ATM card no problem. Not an international one though. If you are looking for one of those, good luck.

red_devil · Joined: 30 Jun 2008 Location: Korea

Yeah i'm basically looking for a bank that has branches in both America and Korea. I'd like to set up an account in the US first, dump some cash into it - and also have it open if i need to put more cash into it later on.

Then when i'm in Korea, i'd like to be make an account through the branch here and have them linked so i can transfer cash back and forth. If i'm making money in Korea, i'd like to be able to transfer it back to pay US credit cards or bills there.