Korean Job Discussion Forums

[crabstix]

Who usually helps you open a bank account? Does your school do it for you or do you do it yourself. Ideally I would like a debit (switch) card which can allow me to get money directly deducted from my bank when shopping and also so that i can buy things online.


If I have to open my bank account myself, which bank do you recommend? I don't speak any Korean

[the oak llama]

I had the same question and sent an email to customer services at HSBC bank because I see people talking about it on here. I am interested in opening an account in Busan...

[asams]

[the oak llama]

[asams]

i knew that sounded pretty vague.

you're a number. Your passport number is what the bank uses to identify you. Therefore, when you submit your passport number to the bank they link your bank account to your passport - much like your social security number in America.

When you receive your ARC card you become a different number. To receive a cell phone you MUST have an ARC card. When the cell phone company tries to find you in the computer database they won't do that by your name but by your ARC number. Therefore, once you receive your ARC number you need to have your bank account linked to your ARC card.

[megandadam]

so the passport number is a temporary link until you get an ARC number correct?

when you get the ARC, you have to go in a switch it, right?

[bassexpander]

I suggest the following choices for banks:

1. Standard Charter. They are about the only bank I know of that routinely gives foreigners ATM cards that work overseas. For that reason, I can't see why E-2's would consider much else.

2. Prime Bank. Prime is an established (over 30 years) bank that is smaller and private. There are two main branches in Seoul, with one being in the basement of Technomart at Gangbyeon station on the green line. They are a good choice for several reasons. First, they offer some really high rates on ATM accounts -- was as high as 5.5 percent last I looked. That's awesome. Second, they are on either the KB or KEB network (can't remember which) so you can use any of those ATM machines for free during daytime. Third, they aren't on the list of Korean banks suffering financial difficulty (no list I've seen, anyway). They also offer CD's -- one of which I'm in gives 8.29 percent for a year. I think minimum is 1 million to get into that. Rates have certainly gone down in the past few months, but they're still better than nearly every other bank around.

[asams]

[ChinaBoy]

Most people I know have prepay phones which do not ask for bank account information.

[asams]

[ChinaBoy]

Yeah you should probably wait until you get your ARC to open a bank account. It's just a couple weeks where you can pay cash for everything.

I've always had schools go with me to do it, because they've always had a "favored" bank for us to open them in. I guess it's easier for direct deposit (they only have to deal with 1 bank and not multiple banks for all the teachers and employees). They'll hook you up with a debit card (check card).

[Xuanzang]

SMOE uses Nonghyup or they offer Hana Bank signups at the orientation. I suggest following bassexpander`s advice or find the bank closest to your house/workplace.

[glasshalffull]

all of my coworkers use Woori bank and they are really happy with it.
I signed up with Kookmin Bank [the one with the yellow KB] and I've been happy with them so far.
I had one of my korean coteachers write what I wanted [an account with a debit/check card] in hangul, and handed it to the person who was helping me. He spoke good enough English to tell me where to sign and date.
The check card I have I can use just about anywhere, but I can't buy things online with it. Most banks won't issue a credit card to a foreigner, but I think I read somewhere that Korea Exchange Bank [KEB] will.

Good luck.

[Big Mac]

Korea Exchange Bank (KEB) is a great one for foreigners. They usually have someone who speaks English and they are the only ones who will go the extra mile to keep foreigners happy. They also have great online banking in English. It makes it really easy to pay your bills. Their foreigner hotline has English speaking staff who are very helpful.

The only problem with KEB is that they don't have bank machines everywhere like Woori and Kookmin (KB). So for my regular everyday chequing account I use KB at the moment, and at my last job I used Woori. I use KEB for savings (they have a great Money Market Fund) and for paying my bills online. KB and Woori are basically the same, though KB has slightly lower service fees. Both KB and Woori will give you cards that you can use like a debit card as well. KEB will also give you such a card, and if you ask for it they will even give you a global card that you can use overseas (which is very difficult to get in Korea).

I wouldn't bother with Citibank. They have the worst customer service I've ever experienced at a bank in Korea. They're also very suspicious of foreigners and will do strange things like call immigration to make sure you're legal every time you go into the branch to do something.

Oh, and you can open an account with just your passport. And I have also got a cell phone with just my passport and I know many other people who have done that too.

[sojusucks]