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winterfall
Joined: 21 May 2009
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 Posted: Tue Feb 08, 2011 3:08 pm Post subject: |
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| chungbukdo wrote: |
| ThingsComeAround wrote: |
Tomato Bank
http://www.tomatobank.co.kr/
Korea Investment Savings Bank**
http://www.kibank.co.kr/tfbk/index.jsp
** Be careful here because the teller didn't want to give me internet banking- something about "the bad foreigner" cheated them out of money 
There are others. Ask a Korean friend to help find one nearest you. |
Is there deposit insurance in Korea guaranteed by the government? To what amount? |
They insure up to 50 million. I'm gonna hold off on these investments for a bit. Even though everything's insured. The korean housing market bubble popped. All the banks are at risk. I think one of the really smaller banks, 3rd tier already closed down. They're talking about whether they're do a bail out in parliament now. |
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hondaicivic
Joined: 01 Jul 2010
Location: Daegu, South Korea
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| Posted: Tue Feb 08, 2011 3:20 pm Post subject: |
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| winterfall wrote: |
| chungbukdo wrote: |
| ThingsComeAround wrote: |
Tomato Bank
http://www.tomatobank.co.kr/
Korea Investment Savings Bank**
http://www.kibank.co.kr/tfbk/index.jsp
** Be careful here because the teller didn't want to give me internet banking- something about "the bad foreigner" cheated them out of money
There are others. Ask a Korean friend to help find one nearest you. |
Is there deposit insurance in Korea guaranteed by the government? To what amount? |
They insure up to 50 million. I'm gonna hold off on these investments for a bit. Even though everything's insured. The korean housing market bubble popped. All the banks are at risk. I think one of the really smaller banks, 3rd tier already closed down. They're talking about whether they're do a bail out in parliament now. |
I guess the US and Korea do have something in common....  |
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sojusucks
Joined: 31 May 2008
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| Posted: Wed Feb 09, 2011 5:23 am Post subject: |
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| ThingsComeAround wrote: |
Actually, I have a story about the Korea Investment bank-
last year, I opened an account there. Deposited 10,000.
When I got home, realized that I didn't get the internet banking codes. Whatever. Went bank during my lunch hour and found out that they didn't want to give it to me for three months because I was a foreigner and some Chinese foreigners used that bank for their scams. Riiight.... |
A lot of Korean banks have their own scams. I have had banks refuse to open an account for me because I am a foreigner. I have had my passport stamped when sending money home (which is illegal as they are not an agent of my country are not allowed to put marks in it), and I have had extra money (on top of fees) disappear when wiring money home. I would travel hours to go to the one back that didn't hassle me. And yes, I have only found one so far. |
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C00LAS1CE
Joined: 14 Feb 2010
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| Posted: Thu Mar 10, 2011 5:35 am Post subject: |
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| Could someone who has actually done their research post their findings? I was going to go with Tomato since it looks English-friendly but it looks like they don't have any branches in Seoul...if someone could post a comparison for each bank's savings account interest rate that would be extremely helpful and save others from having to do a ton of research. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Thu Mar 10, 2011 11:17 am Post subject: |
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| ThingsComeAround wrote: |
| Went bank during my lunch hour and found out that they didn't want to give it to me for three months because I was a foreigner and some Chinese foreigners used that bank for their scams. Riiight....: |
If you had your passport, ARC and proof of employment/proof of paying property taxes present they are BSing you. Banks used to open bank accounts for any foreigner with just a passport, they've shut that practice down after some phishing scams. |
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atwood
Joined: 26 Dec 2009
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| Posted: Thu Mar 10, 2011 7:46 pm Post subject: |
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| Lazio wrote: |
| Usually second tier banks offer better rates. Best if you have Korean help who can search on the rates online. We are getting almost 5% at Sinhyeop (I guess) 20 mil. will give us 960,000 interest after one year. It's not taxable. Also, it's not available at all the branches. One actually needs to go to a certain location. You can't access your money for a year though... |
Are you sure it's not taxable? If so, do you know why it's not taxable? |
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Lazio
Joined: 15 Dec 2010
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| Posted: Thu Mar 10, 2011 9:14 pm Post subject: |
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| atwood wrote: |
| Are you sure it's not taxable? If so, do you know why it's not taxable? |
K wife took care of it - after extensive search and finding out all details from the bank teller - so yes I'm sure it's not taxable. I have no idea why. All I know is that up to 20 mil there is no tax but above that there is. |
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ThingsComeAround
Joined: 07 Nov 2008
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| Posted: Thu Mar 10, 2011 9:35 pm Post subject: |
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| C00LAS1CE wrote: |
| Could someone who has actually done their research post their findings? I was going to go with Tomato since it looks English-friendly but it looks like they don't have any branches in Seoul...if someone could post a comparison for each bank's savings account interest rate that would be extremely helpful and save others from having to do a ton of research. |
Dude- there are banks that service Seoul
One in Myeongdong, and another in Gangnam for starters. This isn't a corner bank like KB/Shinhan so you have to work to find one..
or use the Daum/Naver map and enter 토마토 저축은행 |
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C00LAS1CE
Joined: 14 Feb 2010
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| Posted: Fri Mar 11, 2011 12:24 am Post subject: |
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| ThingsComeAround wrote: |
| C00LAS1CE wrote: |
| Could someone who has actually done their research post their findings? I was going to go with Tomato since it looks English-friendly but it looks like they don't have any branches in Seoul...if someone could post a comparison for each bank's savings account interest rate that would be extremely helpful and save others from having to do a ton of research. |
Dude- there are banks that service Seoul
One in Myeongdong, and another in Gangnam for starters. This isn't a corner bank like KB/Shinhan so you have to work to find one..
or use the Daum/Naver map and enter 토마토 저축은행 |
Wow, I have no idea how I missed that, thanks. The one in Gangnam is super close to me. I can't figure out how to tell what the non-CD savings accounts are for these banks...how does Tomato compare with the others? |
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C00LAS1CE
Joined: 14 Feb 2010
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| Posted: Sun Mar 13, 2011 11:20 pm Post subject: |
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| Anyone? And this might be a long shot, but does anyone know if Tomato (or any others) are open Saturdays and what their hours of operation are? It doesn't say on the website. |
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