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sugarkane59
Joined: 10 Jun 2009
Location: Seoul
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 Posted: Sat Jul 04, 2009 12:07 pm Post subject: Fact or Fiction: 3 month wait on opening account? |
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Hi there,
I have read on an expat forum that you have to wait 3 months after the issue of your ARC card to be allowed to open a bank account. Is this true?
If it is, in what other ways can you get your wage.... cheques?
Plus, are there any banks that have allowed you to open an account as soon as you've got your ARC card? Please let me know!
Thanks!
Sugarkane |
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CentralCali
Joined: 17 May 2007
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| Posted: Sat Jul 04, 2009 1:01 pm Post subject: |
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| It's not true. If the bank gives you that line, tell them that you're taking your business to a real bank instead. |
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chemicalblur
Joined: 30 May 2009
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| Posted: Sat Jul 04, 2009 1:04 pm Post subject: |
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Fiction.
I had mine opened the same day I received my ARC (citibank).
I've heard some places don't even require an ARC and a passport will suffice.
It's interesting, but many of the banks have different policies. |
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VanIslander
Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!
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| Posted: Sat Jul 04, 2009 3:01 pm Post subject: |
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uh, the first month I was here I opened a bank account
that's how many employers pay: by direct deposit |
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ChinaBoy
Joined: 17 Feb 2007
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| Posted: Sat Jul 04, 2009 3:39 pm Post subject: |
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| I got this thing called "cash" when I didn't have my back account before my first payday. |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Sat Jul 04, 2009 3:46 pm Post subject: Re: Fact or Fiction: 3 month wait on opening account? |
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| sugarkane59 wrote: |
| I have read on an expat forum that you have to wait 3 months after the issue of your ARC card to be allowed to open a bank account. Is this true? |
No, it's not.  |
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iammac2002
Joined: 12 Jun 2009
Location: 'n Beter plek.
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| Posted: Sat Jul 04, 2009 4:40 pm Post subject: |
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| IBK and KEB might be the nicest banks (ENGLISH), if your tiny village has one of them. Where ever did you hear you can't open an account? That's just stupid. Unless you do live in a small town without a good bank. |
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lifeinkorea
Joined: 24 Jan 2009
Location: somewhere in China
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| Posted: Sat Jul 04, 2009 4:45 pm Post subject: |
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Shinhan told me to wait 3 months before I could get an ATM card. I waited the three months and was told I still couldn't get an ATM card. So, I told them my account info for another bank and had them transfer all the money there. After that, I had my Korean girlfriend explain to them why I wasn't continuing to use them. I tossed the bankbook to their side and yelled goodbye as we left.
Shinhan sucks. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Sat Jul 04, 2009 7:39 pm Post subject: |
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The Korean Association of Banks produced a paper suggesting a 3 month wait for foreigners who could not prove they had a job, an apartment, or a valid visa to work here as a way to combat voice phishing.
Although it was just a paper one of the newspapers here decided it was a good idea and published that it was a law. There is no such law, and there is no such guideline.
If you get fed this nonsense then try another teller, branch or bank. |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Sat Jul 04, 2009 8:05 pm Post subject: |
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| big_fella1 wrote: |
| Although it was just a paper one of the newspapers here decided it was a good idea and published that it was a law. There is no such law, and there is no such guideline. |
 Myths that have become 'law':
1. there's a 'grace period' automatically extended to a period of sojourn;
2. a Korean teacher must be in the classroom with a foreign teacher; and,
3. all foreign teachers arriving from 'overseas' (new or returning) are required to undergo a one-week quarantine period.
Care to add any? |
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iammac2002
Joined: 12 Jun 2009
Location: 'n Beter plek.
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| Posted: Sat Jul 04, 2009 8:19 pm Post subject: |
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A few I've heard from Americans and Koreans:
No spitting in public allowed.
No riding bicycles or scooters on the sidewalk.
No scooters on the highway.
No bicycles on the subway. |
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ChinaBoy
Joined: 17 Feb 2007
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| Posted: Sat Jul 04, 2009 9:12 pm Post subject: |
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| iammac2002 wrote: |
A few I've heard from Americans and Koreans:
No spitting in public allowed.
No riding bicycles or scooters on the sidewalk.
No scooters on the highway.
No bicycles on the subway. |
Not exactly in the same vein as these are actual laws in some areas. |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Sat Jul 04, 2009 10:55 pm Post subject: |
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| iammac2002 wrote: |
A few I've heard from Americans and Koreans:
No spitting in public allowed.
No riding bicycles or scooters on the sidewalk.
No scooters on the highway.
No bicycles on the subway. |
Myths... not laws/local ordinances that are unenforced. For example -
4. Korean police turn off their emergency lights when responding to a call.
5. Koreans will 'pull over' to let an ambulance get by. |
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sugarkane59
Joined: 10 Jun 2009
Location: Seoul
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| Posted: Sun Jul 05, 2009 4:53 am Post subject: Thanks for the info, also... |
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...apart from Chinaboy, has anyone else not managed to open a bank account (for whatever reason) before payday and had to be paid by cash or cheque?
Doesn't sound very safe carrying all that money around with you!  |
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