Korean Job Discussion Forums

[lifeinkorea]

If I use KEB, I will need a new account then, and I don't have my passport with me now. A new visa is getting processed for China.

So, is it possible to arrange the same thing with KB or Nonghyup? I have a feeling no. I personally went with a previous co-teacher and asked about leaving money in my NH account. They said, if I came in person with my passport I could withdraw money. However, I can't do that out of the country.

Someone mentioned internet banking, and that I could use that. I thought it was just for online stuff. Can I still use internet banking with KB or NH to get money in another country like the US or China?

[shostahoosier]

I'm confused on what you're asking.

Do you want an account that you can access while outside of Korea (via ATM)?

Or do you want an account that you can use for foreign remittance via internet?

If its the former....NH will NOT give you a debit card that you can use overseas. Some people have been very lucky and found a branch that gave them one, but its the entire bank's general policy that you foreigners are not given debit cards that can be used outside of Korea.

If its the latter, then YES, you can set up an account to do internet foreign remittance with NH bank. I dont know if you can access the site outside of Korea, that you'll have to ask the bank...but you can wire money home from an NH bank account. You'll have to set it all up in a branch though, and you'll need your passport.

[lifeinkorea]

Darn, the thing is I have a passport, but I needed to give it to my travel agent so I could get an L visa to go to China. That takes 4 days.

I wish they would just give us debit cards. I can't give 1 passport to a bunch of people at the same time. I also have to go to the pension office.

Can't I use my ARC card also instead of a passport? What's the point of having the ARC card if I can't use it?

[lifeinkorea]

[cincynate]

You have to have your passport to open an account at KEB. But KEB is the way to go. It is easy, and you can do it from any computer. NH makes you get this certificate thing, and you can only use it on your computer. KEB is so easy, and its cheaper.

[shostahoosier]

[lifeinkorea]

[lifeinkorea]

I just saw this, Expat Credit Cards at http://www.korea4expats.com/service-KEB-Expat-Banking-Services-at-Korea-Exchange-Banks-in-Seoul-Busan-Incheon-Ulsan-875.html

If I got that, then I could just pay online after I use the credit card in another country right?

[lifeinkorea]

Anyone have a working number for KEB? All I get are machine messages.

[shostahoosier]

Where do you live?

The KEB site is pretty good with branches. My nearest branch, unfortunately, is 2 hours away in Uijeongbu. They are open Sundays too though (you can open an account) but you must open an internet banking account during the business week.

You CAN do overseas remittances on Sundays with KEB though.

[lifeinkorea]

Update

I went to KEB today. Since I am leaving Saturday, I could not get an Expat Card, which would have allowed me to use it as a credit card. The requirement they said was I needed to put in a security deposit for 1.7 million won (this money can not be taken out until you close the account), and that would allow me to take out a maximum of 1.5. How they establish the logic in all this is beyond me. After considering it and talking to them through their English support, I found out they need a week or 2 to process it even if I had well over the 1.7 to deposit.

Instead, I got a checking account similar to what NH gives first time teachers with an E2 visa, which functions basically like a limited debit card. You supposedly can't use it in stores in other countries (I haven't tried). However, you are supposed to be able to use it at ATM machines in other countries. It has a VISA logo on it, so I don't understand why I couldn't use it to make purchases. I have used my debit card from the US which functions the same way at stores in Korea without any problems. I'll test these waters when I get overseas (relative to Korea).

Right now, I am trying to figure out this internet banking thing. It sends me to a page which looks like it wants me to install something, but nothing seems to get installed.

Anyone know the exact procedure to get the internet banking stuff working after you have established an internet banking account (I did, but didn't mention what I did since it was the easiest part in all this and there is no need to worry about getting that).

TIP: Scan your passport and put it on a USB stick. If you don't have your passport (the Chinese Embassy has mine now) you can email the photo to KEB bank (using the internet banking computers in the back of the bank). They will print it out and use that to open your account.

[shostahoosier]

did you open an internet banking account at a KEB branch? If so, when you go to the KEB website, it will download something and then all you have to do is sign up for a password by choosing "login".

You may have to be using Internet Explorer.

[lifeinkorea]

I finally got into it, now they are saying I need to go back in person to submit info on my bank in my home country. Why didn't they ask for it to begin with?

[shostahoosier]

Yes! this is the EXACT same problem I had with my previous bank. They had me come back several times and each time I would say "is this everything I need" and they would say yes, and then I would later discover that I needed to do one more form.

You need to register your foreign bank's information (ABA, SWIFT#, Address, etc.) with KEB so that it will show up in your internet banking.

Also make sure that your account has the ability to hold foreign currency (my other bank made me come back in for a seperate application but I'm not sure if KEB is the same) as that is what your bank back home will probably want as oppossed to Won.

Make sure that your check card does not say "Valid Only in Korea" in small print....because they gave me that one even AFTER I told them several times I wanted a card that would work outside of Korea and then they had to send me another one.

The best thing to do is to make a list of everything that you want and double check with banker that its ok when you're having a sit down in teh branch. Then get the banker's business card and hold them responsible if what they say isnt correct.

[lifeinkorea]