Korean Job Discussion Forums

[warmachinenkorea]

I have heard other people do it with KB, Woori, etc...
Anyone do it with Nong Hyup? Seems easier and cheaper. Thanks for the help.

[YLWRocketMan]

I also have this question, i dont think any of the branches near me have anyone that speaks english.

[thoreau]

bump this up. i will try to get this done next week but i'd appreciate any insight.

[Fork]

I just started using this bank and they gave me an internet banking card. They told me that it costs 5k won per remittance. Once you get things setup the website can be put into English, and it looks very straight forward. I have not used it yet though, I'm waiting a few more months and hoping the dollar weakens a bit more.


I'm assuming the same would go for the ATM, which can also be be put into English.

[warmachinenkorea]

bump. If someone finds out before I do post please.

[lifeinkorea]

Maybe things have changed, but I have found KB bank to be more flexible when it comes to sending money from one country to the other.

A previous employer did use NH to send my pay home, but it wasn't through my account. I don't know how much easier it was for him being Korean.

Also, I went to NH and KB recently with my co-teacher to find out about transferring funds. I cannot use my ATM card with NH. I can use my ATM card with KB.

There is one more thing as well. When I asked about keeping the money in my account and getting it later if left the country, KB told me I could just use my passport. NH on the other hand wasn't sure. They said I may need to give them copies of my passport and more information where I opened my account.

It might be a good idea to get a KB account now and transfer the money over from NH.

[Chalmers]

im pretty sure you cant wire money to another bank account outside of korea using an atm machine.

[SunnyD]

I have the Nonghyup (and KB*) internet banking service. I can transfer money online thru Nonghyup to my American bank acct. It's a little bit cheaper than at the bank, but I can't recall exactly how much. I'm not sure if I could transfer thru the ATM. The internet is more convenient for me, and I'm more comfortable with it. It's a pain in the rear to set it up, but it's do-able. I've heard people say that you need a Korean to help, but that's not necesssarily true. I've done it 3 times so far, all by myself.

Here's my banking scenario:

I get paid by direct deposit into my KB* acct. Obviously my school knows about this bank acct. I use this acct for my Korean savings (for vaca and such), and for my Korean bills (some of which are set on auto pay). With the internet banking, I can easily transfer money to my Nonghyup acct. KB* does not offer online int'l transfers, and they told me I can't have an int'l ATM card.

My Nonghyup acct is for my everyday spending. I use this for wiring my money home, everything I buy in Korea, and online Korean purchases (like G-Market). My debit card is an int'l card - I got it in 2007 and it works, but I understand not everyone is so lucky. My school doesn't know about this bank acct.

I strongly suggest everyone have a bank acct that your school doesn't know about. If you need to run, your school won't know about your last minute giant money transfer. Somehow someway, schools find out about these things.

My system works well for budgeting. I simply transfer my wiring and spending money for the month into the Nonghyup acct and go from there. I don't touch the KB* acct unless it's for a special purchase.

On a side note, once you have internet banking set up on your laptop, you should have access to your Korean bank acct once you have left the country. In the process of getting the internet banking going, you are setting up a security certificate on your laptop (although it expires in 1 year). So for example, if I was to leave Korea and go home, I think I could still use my laptop to wire any leftover money in my Nonghyup acct to myself back home.

I feel pretty secure with my system, and it's very convenient for me.

[Morgen]

I have basically the same system as SunnyD, except I get paid at Nonghyup and transfer the money to KB so I can then send it home via their ATM (which, Chalmers, yes you can do and I recommend it). Unless something has changed within like the last few days, you can only send money from your Nonghyup account home through internet banking, not the ATM. However, if you have a mac like I do, you can't install the stupid security things that Koreans inexplicably think are necessary to use internet banking.