Korean Job Discussion Forums

canactuary · Joined: 09 Mar 2010

Hey everyone,

So I'm finally getting my VISA this week, which is great as I can soon open a bank account. And also, get a driver's license!

Anyways, I was curious what bank everyone chose to go with and the reason why you chose that bank in particular.

I am considering Citibank, KEB, or Shinhan as they have offices back home in Toronto, so moving money in between Canada and Korea should be easier and hopefully cheaper. Kookmin, Hana, and Woori are other players worth considering. I am also interested in online investment brokerage service.

Thanks for your time guys and gals!

John

lifeinkorea · Joined: 24 Jan 2009 Location: somewhere in China

I have had AWFUL experiences with SHI-HAN bank.

Nonghyup is a good bank to keep your money in, but outside of Korea it's a pain to get money out.

KB (kookmin) is a commonly used bank, and I was able to get a cash card I could use online and in stores immediately when I signed up. SH-THAN bank didn't allow me to get a card and when I went to get a bankbook and provided them with a password I later found out the tards wouldn't let me use the bankbook to take money out (I had to see a bank teller each time I wanted to get cash). Nonghyup gave me a card I could use at ATM machines, but i couldn't use it at stores. It was a safe card to have and I held all my money there pretty much cause if I lost the card, no one could take it to a store like they could with my KB card.

Recently, I opened up an account with KEB (Korea Exchange Bank) so I can do banking outside of Korea. They gave me a card immediately I can use and have used outside of Korea. It works really well. Depending on how well you want your money accessible (in or out of the country), I recommend Nonghyup or KEB. You could open several accounts. I used one only for bills and made it automatically take out each month so I didn't have to worry. You can just keep like a few hundred dollars in that one. It could also be used for online purchases.

Murakano · Joined: 10 Sep 2009

uklathemock · Joined: 26 Dec 2009

The fact that they have overseas branches doesn't make a bit of difference. They are operated like separate companies.

KEB is great for English, but they don't have that many branches or ATMs.

Personally, I use Woori because they have branches and ATMs everywhere.
I hate paying ATM fees. If you have any trouble in the branch, there's an Woori English translation number you can call.

Just make sure you open an account that waives the ATM fees after 4:00PM.
I know KB and Woori offer accounts with this service. Banks in Korea charge an ATM withdrawal fee after banking hours, if you can believe it. You'll see a mad rush of people at bank ATMs close to 4:00PM.

KevinLS · Joined: 23 Oct 2009

canactuary · Joined: 09 Mar 2010

Thanks guys.

There are many factors to consider and when it comes down to it, how much analysis is really necessary? ATM numbers, hours of operation, ATM fees, language issues, transfer costs, how attractive are the operators (joke), etc.

What's most important for me is accessibility. Second, would be no/low fees for currency and money transfers to/from Korea. KB seems to be the largest in terms of asset value so there should be a correlation to number of branches and ATMs... so I'll first open a KB account and then if necessary open a KEB.

Thanks again

Murakano · Joined: 10 Sep 2009

Kurtz · Joined: 05 Jan 2007 Location: ples bilong me

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

jiberish · Joined: 17 Jul 2006 Location: The Carribean Bay Wrestler

IBK

I was with KEB before. I found them to be....exactly the same.

as the previous poster said, stop stessing out

eac02 · Joined: 23 Jan 2008

I use KEB and have a remittance account. I like them, lack of atms can be annoying but you can do the remittance at the post office or the atms in the subway.

Lolimahro · Joined: 19 May 2009

Both my husband and I use Hana Bank. I was required to by my work, and had a pleasant enough experience that he chose to do so, as well. The branch we use mainly is in Mok-dong and at least 3 of the tellers speak excellent English. The ATM there is open 24 hours and I don't recall ever having to pay an extra fee for "after hours" use. Sending money home is not terribly expensive - about 14,000 won each time. My husband has internet banking and I believe he is able to use it in English. They have branches all over even though I don't think they are as prevalent as Shinhan, Woori or KB.

If you are really concerned about this, I think the best thing to do would be to walk around in your neighborhood and assess which branches are nearest you and which ones you will be using most often. Then go in and ask for a brochure or something. See if they have English-speaking staff (if that's important to you). Ask about their fees for transferring money, using internet banking, or ATM fees. Have in mind the things that are deal-breakers and walk away from banks that have those practices.

Good luck!