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Clarabella
Joined: 12 Dec 2008
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 Posted: Wed Dec 31, 2008 8:15 am Post subject: Direct Deposit of paychecks |
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It will be a few months until I am in Korea, trying to learn these things in advance.
Can you get direct deposit of your paycheck? If so, does it have to go into a Korean bank account, or can it go in to a US bank account? |
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The Grumpy Senator
Joined: 13 Jan 2008
Location: Up and down the 6 line
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| Posted: Wed Dec 31, 2008 8:25 am Post subject: |
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| If your school does direct deposit, they will deposit it into the bank they use (therefore, you will need to open an account at that bank). |
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Clarabella
Joined: 12 Dec 2008
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| Posted: Wed Dec 31, 2008 8:41 am Post subject: bill payer |
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| I want to be able to pay some bills in the US while I am in SoKo. My current checking account has bill payer, so i can pay right from my account. I wonder if I can set up something similar in SoKo with CitiBank or another US account? |
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nebraska1
Joined: 06 Jan 2008
Location: Judge, Some people just need killin!
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| Posted: Wed Dec 31, 2008 4:26 pm Post subject: Re: bill payer |
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| Clarabella wrote: |
| I want to be able to pay some bills in the US while I am in SoKo. My current checking account has bill payer, so i can pay right from my account. I wonder if I can set up something similar in SoKo with CitiBank or another US account? |
No and no and probably no. Sorry for the first 3 months you will not be allowed access to your money via an ATM card. You will have to go to the bank during banking hours to withdraw money.
However that being said after 3 months some banks KEB, KB are now offering a service that allows you send money via an ATM to an account in another country or before that you can go to the bank and transfer money to your account at home.
But bill paying service is a bit different here. After your 3 months you can just go to the bank and use the bill paying machine to pay local bills. Some bills can be paid at convenience stores etc.
Citibank is not a U.S. affiliate the way you think. So make your plans carefully as you will probably not have an ATM card for at least 3 months.
N1 |
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moosehead
Joined: 05 May 2007
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| Posted: Wed Dec 31, 2008 7:39 pm Post subject: Re: bill payer |
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| nebraska1 wrote: |
Sorry for the first 3 months you will not be allowed access to your money via an ATM card. You will have to go to the bank during banking hours to withdraw money.
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I recall this being discussed some months ago - did they actually get away with it??
how did this happen?? it wasn't always like this!! I came in 2003 and was given an atm card as soon as I opened an acc and able to use it immediately.
is this for real??? my goodness someone needs to straighten this out - this can't possibly be legal !  |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Wed Dec 31, 2008 10:07 pm Post subject: |
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That's the first I've heard of not being able to access your money with an ATM card for the first three months. I've always been given an ATM card immediately. I've never been given an international ATM card though. However, I've been told that KEB has started issuing international bank cards to foreigners...and I plan to get one as soon as I can get into the bank to get it.
No one that I know of gets their money deposited directly into their accounts back home. You will have to send your money to your home account yourself.
You can do this several ways. You can go into the bank and get them to wire it to your account. You can go to a bank that issues money orders and you can mail it home and get someone to deposit it into your account (this is the cheapest option). You can also use a bank that has online banking. I have online banking with KEB and can wire money to my home account online. The charges are about the same for online transfers as for wiring in the bank. KEB charges 8,000 Won and then depending on your home bank you may have to pay a receiving fee (mine charges $15 Canadian). |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Wed Dec 31, 2008 10:15 pm Post subject: Re: Direct Deposit of paychecks |
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| Clarabella wrote: |
It will be a few months until I am in Korea, trying to learn these things in advance.
Can you get direct deposit of your paycheck? |
Yes.
| Clarabella wrote: |
| If so, does it have to go into a Korean bank account, or can it go in to a US bank account? |
Yes and no.  |
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sugarloaf82
Joined: 21 Dec 2008
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| Posted: Wed Dec 31, 2008 11:03 pm Post subject: |
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I arrived in SK 6 weeks ago. Once I received my ARC card I went and opened a bank account at KEB. I was issued an ATM/cash card that day, set up online banking with their assistance, and I also took with me my US bank info and they setup everything to wire money home with online banking and I haven't had to go back to the bank since. I do all my banking online (wire transfers to the States and pay Korean bills). When I wire money home it's in my account by the following day at the latest and it's only 8,000 won.
My public school didn't make me open an account with their bank, my salary is deposited directly and I've had no problems. It's all been very straightforward and simple.
I'm sure it all depends on the bank you use though... |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Wed Dec 31, 2008 11:08 pm Post subject: |
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| Nonghyup has been very good to me. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Thu Jan 01, 2009 3:16 am Post subject: Re: bill payer |
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| nebraska1 wrote: |
| Sorry for the first 3 months you will not be allowed access to your money via an ATM card. You will have to go to the bank during banking hours to withdraw money. |
The 3 months was a suggested guideline from the Korean Association of Banks. They finally refrained from issuing the guideline. If you get told this nonsense from any bank either walk out or call the head office English helpline if they have one. For SC Firstbank try 1577-7744, Woori try 1588-5000 then press 7 and KEB 1544-3000.
Careful of KEB though as they will extend foreign curency services to foreigners but they quote a made up law that you must sign a paper to give them exclusivity for your foreign currency transactions. This could cancel your other Korean Credit/Debit cards from overseas transactions.
Also if you are still home you may wish to check how much your bank charges to receive overseas transfers. My Australian Bank charges me $30 to receive an overseas deposit yet my mothers bank only charges $12. Wish I had changed first. |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Thu Jan 01, 2009 3:30 am Post subject: Re: bill payer |
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| big_fella1 wrote: |
Careful of KEB though as they will extend foreign curency services to foreigners but they quote a made up law that you must sign a paper to give them exclusivity for your foreign currency transactions. This could cancel your other Korean Credit/Debit cards from overseas transactions.
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