Korean Job Discussion Forums

[Hotpants]

Do you guys have a preferred Korean bank? In my previous jobs, I had no choice in which bank I could choose. This time I will have free pickings (I'll be Gangnam based).

[ThingsComeAround]

Ideally, you should choose the bank which is easiest to get to.

KEB gives the best options to foreigners hands-down.

KB, Shinhan, Woori give sufficient service to get what you need done.

[Darkeru]

What sort of options do KEB give, that other banks don't? It's a bit early for me to worry about it, but I have been wondering about setting up an account in S Korea when I have to.

[Hotpants]

[pjmancktelow]

KEB's internet banking is the biggest thing. its all in english, decent english too and not some confusing google translated page. once its all setup, you'll neve go in the bank again.

if you can go to a certain branch, you can setup Expat banking, so your passboook and other stuff comes in english. this is not available everywhere though. but 100% in the itaewon branch.

they also allow credit cards to people in certain jobs, public schools being one of them. KEB, no contest for us non koreans

[Hotpants]

[pjmancktelow]

you'll need to set it up properly. 1st you need to get internet banking setup. at the same time. have them setup a wire transfer to your home bank. both must be done in branch. but can be done at the same time. you'll need a swift code and IBAN number from your home bank. i assume you know that though. then get a digital certificate on a usb stick or something then its all good to go. at setup, they give you a credit card sized sheet with numbers on it. you need that when transferring online. so dont lose it.

im sure in gangnam they'll have experience. but the branch in itaewon does it for foreigners all the time. and they mostly all speak fluent english. its a really good branch of the bank.

[curiousaboutkorea]

KB (not to be confused with KEB) is not good for foreigners. You can't use the atm card overseas, have very little English service, require your passport (not just ARC) for silly little things etc.

[lifeinkorea]

KB is ok in Korea, KEB is better for doing things out of Korea

[Murakano]

I am with both KB and Standard Chartered in Gangnam.....both are pretty good. SC has 24 hour ATM machines in Gangnam and if you have the "Do Dream` account you get free withdrawals anytime/anyday along with International card that works abroad...along with a 3.6% instant access savings account.

KEB has a better English speaking service and internet banking though.

I would not bother at all with the other Korean banks. The 2 above mentioned are the few `foreigner friendly` banks in Korea.

[allan of asia]

i can wholly totally recommend KEB as the best bank in Korea for non Koreans.

Their internet banking is sooo easy to use (easier than my UK bank's anyway!) and I have never had any issue when I call them (in English) that hasn't been dealt with in a friendly and professional manner.

They will give public school teachers credit cards too (the ydid say to me Hagwon teachers, they wont). I got one cos my debit card will only work as a cashcard outside of Korea (but this is normal for their non foreigner targeted accounts too, so its not picking on the waegooks!) and it worked in the UK at an ATM, no problem unlike some others who tell you it will and doesn't. Plus if you have a credit card you can get points for money off places, free entry to Seoulland and such.

The only thing id be aware of is if you do need to go to a branch, there dont seem to be many outside of the big cities ie Seoul busan, daegu etc. so they may not be good for you in a rural area.

If you cant be assed to go to Gangnam/live in Northern Seoul, they also have a fluent English speaking rep who can sort you out with an account at the Seoul Global Centre (nr City Hall), shes great!

[fustiancorduroy]

[ThingsComeAround]

[notafbiagent]

KEB offers many services for foreigners because it has a significant presence outside Korea. It was one of Korea's first "international" banks.
Because of the relatively insignificant revenue generated by foreigners in Korea other banks do not prioritize offering incentives to them.

Traditionally KEB was the best but other banks, Woori in particular and Shinhan to some extent, have been expanding their English support/services. I always found that KEB had a slightly better exchange rate dollar to won. Plus I like their foreign currency account which gives you 10 free transactions and reasonable rates afterwards. Although foreign deposits sometimes takes a while (it took me 5 weeks to cash a check from the US while in Korea.)

[cassimira]

I"m just curious... does anyone on here have any experience with the Korean branches of Citibank? I'm thinking that if I had someone open a bank account for me with them back home (yes, one of my family members DOES have power of attorney over my financial matters while I'm gone) it might be cheaper/easier to transfer money, as I wouldn't have to use any intermediary branches. (My current bank back home is giving me absoulte fits, what with their insistence that they "don't have a a swift code," and complete and total ignorance about international transactions.)

The main things I'm worried about are ease of internet banking services (my current bank has NO working english language page), and whether I could do transfers from an ATM (both between US and Korean citibanks AND between citibank and nonghyup, my current bank.) Does anyone on here have a citibank account?