Korean Job Discussion Forums

[Sympathy for Mr Vengeance]

The title basically says it all. If you're leaving is closing bank accounts necessary for any reason? Can you just leave them open in case you come back or something? Would it negatively impact you in any way to have open accounts w/ no money in them? Well anyway thanks.

[ttompatz]

[Jake_Kim]

If it's a regular checking account and left for over a certain period (usually 6 months) without any transaction (in or out), then there is a good possibility that it'll be automatically classified as a dormant account and will get restricted or frozen. Such a likelihood, however, depends on the bank and/or the sub-type of your account.
In that case, the account will remain open, the money is still yours, but you might have to report to the managing branch of your account in person in order to reactivate it and access your fund. For those who have set up online banking, reactivation might be allowed on-line, assuming you have a valid individual security certificate.
Before you leave Korea, just double-check technicalities with your bank. Even if you have a bank card which can be used outside of Korea, you wouldn't want to find out about a hidden restriction a year too late.

[Sympathy for Mr Vengeance]

Thanks for the info guys. ttompatz you seem to be really helpful and active on a lot of threads, so thanks I appreciate it.

I currently have 1 empty account and 1 account w/ a tiny bit of money in it. So I think everything will be ok. If that first one dies that is fine w/ me. Good info.

[OiGirl]

I'd leave 10,000 won in it if you think you might ever want/need it in the future.

[oskinny1]

[cincynate]

My co-teacher seams to think that when you leave, and hand in your ARC card, they will close your account. Has anyone emigrated from Korea and kept their bank account?

Thanks!

[ttompatz]

[Chet Wautlands]

You do not need to close your bank account.

Whether or not they close your account after a certain amount of time depends on the bank, the branch, and maybe even the wind.

[SeoulNate]

Word to the wise:

I left my citi (korean) account open when i left for the first time a few years back with like 2000 won in it. When i came back 6 months later, I opened a new account at a different bank and had a load of trouble sending money home from the new account.

If you are not coming back, then no worries!

[Hotpants]

I left my K bank account open for over 3 years with no transactions on it. I recently came back and managed to re-activate it over the counter without an ARC. I had a grand total of W5,000 in it, and was told that I can still deposit money in it without an ARC. However, I'm not sure how far you would get with remitting without an ARC.

I think it's handy to keep an account open if you think you might ever be returning back to Korea. However, if you don't think you will, just close it.

[thesoothsayer]

An extension to the original question: Can I continue making transfers using Internet banking after my ARC expires? Anyone with experience doing this?

I called Woori bank and the lady said that it was possible to do so as long as my passport hasn't expired, but she sounded a bit confused.

[OiGirl]

I had an old account that I was able to use again after five years. I had a different passport than the one I had when I opened the account and no ARC at the time.

I've been able to send money through a KEB Easy One account with no valid ARC.