Korean Job Discussion Forums

wings · Joined: 09 Nov 2006

I've heard that it is easy to open a savings account with 6% interest. I only send money home every few months, so I figure while I have it sitting here I might as well earn some interest on it.

Could anyone with this kind of account let me in on the details? Which banks have them? Are there fees or other regulations?

Any help would be great!

Thanks

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

There is a bank called Prime Bank which offers around 7 percent. We've got an account there. Another good one is Tomato Bank.

Don't know what else to tell you, as my wife set it all up. I just went along and signed stuff.

R-Seoul · Joined: 23 Aug 2006 Location: your place

Ruraljuror · Joined: 08 Dec 2007

alex83 · Joined: 03 May 2007

winterwawa · Joined: 06 May 2007

Yah, I let my ex-wife take care of our money and ended up losing almost 100 million won. Now NOONE takes care of my money but me.

I get 7% at Sunwha savings and loan in Seoul. I have a 1 year time locked account that matures in December. I also have a time locked monthly deposit that pays 6%.

The bank is near Shinchun Station on the green line. Sorry, I know how to get there, but I don't know the directions well enough to explain how to get there. There isn't anyone there who speaks English, so you will need a Korean friend to help you.

Citi bank also has a CD that pays 5.8% per year. Do a Google and call them. They have people there who speak Englsih so you wont need your wife to tag along with you.

ben-ja-mas · Joined: 20 Jan 2008

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

We have separate accounts with our own passwords. She doesn't know them.

We've been pretty good about keeping our finances separate. We set our accounts up to hold back the same percentage of savings (she makes more money than me, though) for both a house and retirement.

She helped me out. I'm not ashamed to say that. Banking here is a nightmare.

ben-ja-mas · Joined: 20 Jan 2008

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

Here is Tomato Bank:

http://www.tomatobank.co.kr/

You can see interest rates on the left column.

Trevor · Joined: 16 Nov 2005

I have heard that many foreigners (particularly from third world countries) send money home by mailing traveler's checks to a friend or relative.

There is no reason why this wouldn't work. Just buy traveler's checks and put them in the mail.

jellobean · Joined: 14 Mar 2006

Been there, done that. But it doesn't help with the exchange rate problems.

panchotino · Joined: 16 Jan 2006 Location: scotland for now.

like most of us, i have to send money home and for the last 6 months, i've sent 1.2 a month home by automatic transfer. obviously that amount in won have risen to over 1.3 which is not good. My remittance is well above the amount i actually need to send home so if i just send home the minimum to cover repayments, i can open a high intrest account in korea right?
the thing that bothers me is the safety of this money. The U.K govt has risen the threshold for guranteed savings which worries me about times ahead. basically if my bank in korea goes *beep* up, is my cash safe?

Trevor · Joined: 16 Nov 2005

I understand that it is insured up to 50,000,000 won.

panchotino · Joined: 16 Jan 2006 Location: scotland for now.

great. of course, i will ask at the bank. that amount is far higher than any amount i'd save. i really want to be out of here by august so i can't just sit and weather this currency crisis. i need to find any way possible of keeping as much of the mony i earned.
damn student credit cards!!