Korean Job Discussion Forums

[FreedomOffshore]

WHICH KOREAN BANK IS THE BEST ONE?



Which Korean bank is the best is probably a question
on all your minds as you contemplate coming to Korea
to work and you hear about bankruptcies around the
world with many offshore banking institutions going under
weekly. In this thread different English teachers in Korea
will give you several banks in Korea to consider.



For many new overseas employees having one or two
offshore bank accounts is a completely new experience
since the language spoken in the bank is foreign to you
and you worry if you will make out okay. But you will find
that your Korean bank will have one or two people who
speak English well enough for you to communicate what
you want and need when you visit it. So do not worry.



Your employer should provide you with an offshore banking
made easy type of experience by pointing out to you in
employee orientation how to open your Korean bank account
and they should have all the forms supplied so you can fill
them out. They will also give you directions about how to get
to the Korean bank branch that is closest to where you live.
So do not worry because it will all work out for you.



After you are finished working offshore and you want to go
back home there is no reason why you should close your
Korean bank account since you put in the time to find an
excellent one and more importantly you now have
asset
protection offshore and an excellent investment
diversification for life in that you can hold the Korean
won as part of your international investment strategy.
Also, offshore banking is not illegal.



Offshore banking is legal and so you do not have to worry
about keeping money in your Korean bank account after you
leave. But you do have offshore banking reporting requirements.
You will need to check with the tax authorities in your country to
see what forms you need to fill out in order to remain legally
compliant with the tax authorities. But you will find it is quite
easy to accomplish and only takes a few minutes.



Below are some Korean bank accounts some teachers
in Korea have found to be good based on their
personal experience.



sincerely, FREEDOM OFFSHORE



http://www.freedomoffshore.com/offshorebanking.html

http://www.freedomoffshore.com/offshorebankaccounts.html

http://www.freedomoffshore.com/offshorebankingmadeeasy.html

http://www.freedomoffshore.com/assetprotectionoffshore.html

http://www.freedomoffshore.com/offshorebankingisnotillegal.html

http://www.freedomoffshore.com/whyoffshorebankingislegal.html

http://www.freedomoffshore.com/offshorebankingreportingrequirements.html

[losing_touch]

KEB - The service I have received is excellent.

[Kimchieluver]

[Bondrock]

spam!!!

[FreedomOffshore]

Favorite Korean bank poll



Five and a half years ago a poll was
taken on this forum and below are
the results as they pertain to the
best Korean bank. What is your
feedback on these results and do
any of these banks still exist in these
names given below? Which banks do
you not like below and why?



Thanks, FREEDOM



Poll taken in July of 2003

What is your favourite Korean bank ?

Woori Bank 25% [ 7 ]

KB Bank (Kookmin) 29% [ 8 ]

KEB 18% [ 5 ]

CHB 11% [ 3 ]

Other 14% [ 4 ]

Total Votes : 27

[maingman]

Yeouido Island, overlooking the Han River in Seoull

[sojusucks]

It's not which bank is the best but which branch of each bank is the best.

As far as Nonghyup goes, the branch in Ilsan is the best I've been to so far in Korea.

I have ran into many bad KB* branches in Seoul but some decent ones in the areas surrounding Seoul.

[zeldalee13]

NOT Nonghyup. My 2₵

[VanIslander]

KB bank in Okpo on Geoje has two tellers who speak English given the couple thousand foreigners, mostly Europeans, working at the shipyards. I've had excellent service there, mediocre at the KB in Jinju and awful at the KB in Itaewon.

[johnny_larue]

Nonghyup is awful. They randomly refuse to allow you to withdraw your money. I will be closing my account on Wednesday and I will be using KB* permanently now.

[coffeeandmilk]

[glasshalffull]

i've been using Kookmin [KB] and have been really happy with them.
i'm typically able to use my check card later than others can.

but my friends and coworkers have been happy with both woori and pusan bank [obviously exclusive to pusan]

[Ukon]

I have KB and the only problem I had with them were high wire transfer fees($40) and no credit cards for foreigners or international cards....KEB does everything KB does but without those negatives....infact the worst part of KEB is that it has very few ATMs and branches campred to competitors....


GO KEB


Something recommended KB for people who know they're stuff....why?

[clay4bc]

It depends what you need it for. I recently had to use KEB because NO OTHER BANK in Korea has ATM cards that you can use internationally. As I wanted a bank card to use on a recent European trip, I had to use KEB. Also, if you get your pension put in your account after you leave Korea, you can just withdraw it from home, instead of paying the bank transfer fee to get it sent to you.
With that said....I also have accounts at KB and Hanna bank, with no problems (except the international bank card issue, of course!)

[samcheokguy]

Nonghyup...thank God I had a real credit card from the US and the KB global atm was open.,,
-On another note how is the KB overseas wire from ATM feature? Does it work? Anyone used it?