Korean Job Discussion Forums

[bithy75]

Hello,

For those of you who wire transfer your money home, how do you usually go about it? Do you take a Korean co-worker to the bank with you? Of course, simple transactions like a deposit are no problem without a translator, but it seems that an international money transfer might be very difficult if I went on my own. Each time I've gone, the tellers seem to have no clue how to do it, even with my Korean co-worker's explanation. I even bring the receipt from the previous money transfer so they don't have to recopy my passport and alien registration numbers (it should already be in their records), but it doesn't seem to help. The last time I went it took them about 45 minutes to figure it out, and this was at Kookmin Bank!

The reason I'm asking this is because I'm not comfortable sharing my bank account information with my co-workers. My company has a serious problem with gossip, and since I'm the only foreigner, they seem to be that much more interested in talking about me. I would really prefer to keep my private business PRIVATE! They just don't need to know how much money I have make or save.

[kangnamdragon]

Take a Korean friend or go to a different branch of the bank. There is probably one down the street. After the first time, just present them with the receipt to do it again.

[aussie col]

Yeah, just go to a different branch. I can't really remember how i went about it. I think the person I talked to knew a few words of english. But really they should work out what you want. Most expats only go to a bank to withdraw, deposit or transfer to home so they should be able to work out what you want even if they don't speak much english.

I opened 2 bank accounts, transfered money home and got travelers cheques with out help. for the travelers cheques i just got someone to write the Korean word for 'travelers cheques' on a bit of paper and that was all.

[cellphone]

Question, as a traveler in Korea who does not yet have an Alien Registration Card (ARC) but am here on a five year visa, is it still possible to open a bank account at any or most banks? Or is an ARC mandatory? (needed at time of account sign-up).

Also, in order to do wire transfers out of here and back to America, is an established bank account at that bank chain also required? Or could you just walk up to a bank for the first time simply with your passport and money and do a money-wire transfer?

[bithy75]

Thanks for the advice...but I've actually tried all your recommendations. I've gone to several different branches of Kookmin Bank, and they never seem to know how to do a wire transfer. Even the bank manager seems confused by it! They start looking things up in manuals, making phone calls, asking my co-worker a ton of questions, etc. It really surprises me because you'd think they'd know about wire transfers in a big bank in a city like Seoul. Each time, I bring the receipt from the previous transfer, but that seems to confuse them even more. I can't get a Korean friend to go with me because I work every day from 9-6 and there is no one who lives or works close to my company. I guess the banks are closed on Saturday too. Hmm...it seems I have no choice but to let my co-worker see my account info. Oh well..I'm leaving Korea in two months anyway...was just hoping to avoid some more gossip before then.

[crazylemongirl]

[Zark]

I went alone my first time and no real problem.

But, if a big problem take someone from work and transfer a small amount - say a million won. Then there's not much to gossip about.

SAVE the transaction receipt they give you and go alone the next time and just show them the paper and the new amount - should be no problem. The key is the transaction receipt - as it will show them everything they need to know. Account numbers, routing numbers - everything is right there.

Actually, you'll usually find them very helpful. But, yes, they are super slow at getting it done. Dressed nicely and showing proper respect you'll end up in the manager's office having tea while it gets done.

[t bear]

I went to kookmin yesterday, For the second time sent money home successfully. The standard tellers pass me on to someone else. no one speaks english there. But they did know remittance from the last time I went (there's a little sign with rimmitance and hanguel ttranslation on it at one of the counters). I barely spoke a word, drew a little diagram with 6million won going to NZ and gave them my bank number for NZ. didn't need passport this time, only passport number and ARC number. I live in a small town with only one small KB branch, so if they can do it here they can do it at any branch.

[aussie col]

You could always try a different bank. I was with KEB (Korea Exchange Bank) in daegu and never had any problems. In fact KEB even has internet banking (in English) that lets you do international transfers. I had to get a korean teacher to write a note saying that i wanted the login code, which is slightly different from you ARC number. then it was just a matter of logging on and transfering money when ever i wanted.

[peppergirl]

[schwa]

Banking procedures always seem to go much more quickly & smoothly without a Korean 'helper.' The staff just buckles down & gets it done without the endless dithering.

Note though that many smaller branches arent set up for international transfers, & you dont just go to a teller -- you need to go to the foreign exchange desk. Just indicate you want to 'transfah' & name your country -- 'wire transfer' just confuses them.

Different banks all use a standard form, its mostly in Korean but quite straightforward. You need your recipient's bank acct number of course, also their bank's address. You're supposed to fill in your recipient's home address & phone too but when I've gone unprepared I just made something up -- not important. Shouldnt matter if you bank there but they will want to photocopy your passport & ARC. Sorry, not sure what happens if you lack the latter. Then you hand over the cash.

I've done this without a hitch numerous times in different banks in a small town (& in the beginning with zero language skills). Maybe theres a tendency for some Korean staffers to get flustered & then so does the foreign customer & it all seems difficult, but it isnt. Stay calm & pleasant & the transaction should be too.

[Homer]

I use the same bank every month.

The guy there knows me and it now takes all of 10 minutes.

We chat, I ask about his kids, he asks about my wife...the money is sent and thats all she wrote for that month.

[canukteacher]

Once you find a bank you can deal keep going back. The thing I do, which I find makes life much easier, I get a supply of the the transfer forms. I always go to the bank with the form completed. Saves a lot of time and aggravation.

CT

[rudyflyer]

[kangnamdragon]