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CA-NA-DA-ABC
Joined: 20 Jun 2006
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 Posted: Mon Oct 20, 2008 12:32 pm Post subject: anyone have USD accounts in Korea? |
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anyone here have USD accounts at a Korean bank?
are the interest rates comparable to KRW accounts?
I hear USD deposits aren't protected by the KDIC unlike regular accounts. Is this unsettling for some of you guys who hold US dollar savings at Korean banks? |
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PRagic
Joined: 24 Feb 2006
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| Posted: Mon Oct 20, 2008 3:56 pm Post subject: |
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Korean banks screw you two different ways and sideways with foreign currency accounts. You'll lose on the exchange rate over to U.S. dollars. Then, if you want to send your U.S. dollars somewhere through the bank, you have to (and I'm not making this up) exchange the money into Korean won, then back into US dollars to ship out.
If you're not going to keep too many dollars on hand, and can clear them out using traveler's checks or cash, then maybe not a bad idea. |
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CA-NA-DA-ABC
Joined: 20 Jun 2006
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| Posted: Mon Oct 20, 2008 4:13 pm Post subject: |
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| PRagic wrote: |
Korean banks screw you two different ways and sideways with foreign currency accounts. You'll lose on the exchange rate over to U.S. dollars. Then, if you want to send your U.S. dollars somewhere through the bank, you have to (and I'm not making this up) exchange the money into Korean won, then back into US dollars to ship out.
If you're not going to keep too many dollars on hand, and can clear them out using traveler's checks or cash, then maybe not a bad idea. |
wow that's bull! I've never heard this before, and I just did a quick search on Naver and no mention of such a thing. Is this practice restricted to foreigners only or something?
what about foreign banks that have branches in Korea? do they commit such atrocities as well? |
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call_the_shots
Joined: 10 Oct 2008
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| Posted: Mon Oct 20, 2008 5:28 pm Post subject: |
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| I have a USD time deposit at KB. The rates are comparable to CDs in the US. Last year it was 5.5%, but this year it's only about half that rate. |
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CA-NA-DA-ABC
Joined: 20 Jun 2006
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| Posted: Mon Oct 20, 2008 5:31 pm Post subject: |
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| PRagic wrote: |
Korean banks screw you two different ways and sideways with foreign currency accounts. You'll lose on the exchange rate over to U.S. dollars. Then, if you want to send your U.S. dollars somewhere through the bank, you have to (and I'm not making this up) exchange the money into Korean won, then back into US dollars to ship out.
If you're not going to keep too many dollars on hand, and can clear them out using traveler's checks or cash, then maybe not a bad idea. |
just phoned a bank and asked about this. NOT TRUE. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Mon Oct 20, 2008 7:12 pm Post subject: |
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My bad. Note to self: Don't post too early!
This is true, however, if you are moving from one foreign currency to another (e.g. Yen to US Dollars). You can't directly exchange Yen to USD without making the intermediate Won stopover.
Again, sorry for the cofusion... |
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