Korean Job Discussion Forums

[fakeplastiktree]

I'm leaving Korea in August and am wondering if I can keep my KEB account open, with no plans to return. I do some editing work for a Korean university and am paid into my Korean account, which is why I would keep it open. KEB appears to have branches in Canada, where I'm returning to, but I somehow doubt that would give me access to my Korean account. Am I correct about that? Can anyone advise me on my best course of action? Thanks!

[ttompatz]

[PigeonFart]

I think you should keep it open. It's always useful to have bank accounts in multiple currencies in multple countries. Why not contact KEB and ask them about it.

[Cedar]

i've been in the same situation, and had no trouble. but i'd ask KEB as things are always changing

[tatertot]

I remember hearing about a special account with KEB called a "Remittance Account" (I think). Basically, anything that gets deposited into that account is automatically wired to another account of your choosing. Perhaps it might be a good idea to open that account with KEB and change your work beneficiary account to the remittance account. Just a thought.

[fakeplastiktree]

Awesome... great advice, all! I shall contact KEB. Thanks for the input

[mkishon]

you can

[oldtactics]

You can keep it open but I'd recommend getting a new card before you leave with a later expiry date. Also, not sure where you're moving, but the KEB in downtown Toronto doesn't have access to your account & you can't use your card there, but you can use it at international ATMs.

The remittance account is the best idea, in my opinion - I send home money through mine every month and it's fast & cheap. I do it online and haven't gone into a branch since I set up my account.

[Big Mac]

I left my account open with KEB after leaving Korea and kept all my money in it and wired it to myself via online banking as I needed it while I was studying in Australia. I never had a problem. I just sent the last of the money to my account in Canada a few weeks ago. The automatic remittance account is the way to go.

If you ever run into a problem though (like a need to change a password), you'll be screwed.

My understanding is that you cannot access your Korean account from the KEB branches in Canada.

I also did some editing work while outside Korea and they deposited the money into that account. There may be some tax issues with that though, if it's ever discovered.

[nathanrutledge]

Of course, with a remittance account, you get paid 100k and all of a sudden you have 40 dollars back in Canada due to 1) wire fees and 2) a terrible exchange rate (hypothetically).

If you can set up the account to accumulate until a certain amount, or until you trigger it to send, then it's a good idea. Otherwise, depending on the size of your paycheck and the frequency of deposits, you could be losing HUGE chunks of money.

Just a thought.

[oldtactics]

The KEB remittance account isn't automatic - money gets deposited into your normal account and then you transfer as much or as little as you want into the remittance account, which then sends to your home bank. The KEB fees are only 7k per transfer. Home bank might have fees as well, but mine doesn't.

[nathanrutledge]

[Caffeinated]

Can you just ask for a new debit card with a later expiry date? Or would you have to conveniently not find it all of a sudden?

[wazope]

You are able to access your money from New York or Los Angeles KEB branches without an international ATM card. I was told you would need your bank book and your passport. Then they can get you your money.

[Patong Dong]

Actually you can get a new card sent you while out of Korea. In Thailand a number of the ATMs give you your money and then spit out your card, and twice my friend went to get more money while loaded and just walked away without his card. And both times he called up KEB's interenational assistance # and they sent him a new card. I am sure there was some charge.