Korean Job Discussion Forums

philthy · Joined: 02 Sep 2005 Location: Incheon

I talked to my co-teacher about accessing my Korean account outside of Korea. She called Wooribank and was told such a card does not exist, even for Koreans.

Is this true? I have a hard time believing you can not access funds while travelling abroad.

RACETRAITOR · Joined: 24 Oct 2005 Location: Seoul, South Korea

I've had enough difficulty accessing foreign cards within Korea. It sounds plausible. Maybe there's a credit card, however?

Bee Positive · Joined: 27 Oct 2005

You've brought up an amazingly tricky and confusing topic!

My KEB ATM/debit card (Korea Exchange Bank) has worked for me both in Thailand and the States. It was issued about a year and a half ago, and I last used it outside of Korea about six months ago. The occasional ATM in Bangkok wouldn't accept it; others did, and promptly spat out a wad of baht together with a receipt showing my account balance in THB. No problems back home in the States.

There have been reports on this board that such cards are no longer being issued, or will not be reissued. I don't know whether this is true.

I had something of a bizarre experience with HSBC here in Korea about a year back. (Some people will mistakenly tell you that this is a commerical bank only; they do offer personal accounts.) However, they told me that it would be *absolutely impossible* to withdraw any of my money from outside Korea. They cited government regulations, though why such regs wouldn't apply to all banks equally makes no sense (unless, I suppose, you allow for "Korean logic").

As with so many other things in this country, it seems to be a case of "nobody really knows, including those who are responsible for knowing." Just like going to five different Immigration officers and getting five different answers on whether you can extend your visa.

Oh, I almost forgot. One of my former students was branch manager at a major Seoul Kookmin Bank branch. I asked if I could get such a card (an international ATM card, that is), and he . . . didn't know. He promised that he'd look into it and get back to me. He never did.

Try KEB, I'd suggest.

BEE POSITIVE

Grotto · Joined: 21 Mar 2004

My KEB card works fine here in Canada.

No problem using it to get funds out .....it just doesnt give me a balance.

philthy · Joined: 02 Sep 2005 Location: Incheon

So maybe I should transfer my funds to KEB, or is that going to be as big a problem as getting an international card?

I'm with Wooribank which I thought was one of the biggest banks here.

Maybe they don't get the idea of international banking yet, or refuse to be part of the global market.

merrilee · Joined: 13 May 2003 Location: South Korea

Everyone here always touts KEB, though I've had several problems with them. The magnetic strips on their cards wear out so quickly! I keep mine in the special plastic casing and still have to get it replaced every few months.

Consequently, last month at a KEB in Seoul I went in to get a replacement international ATM card. For some reason the teller couldn't explain, it was going to be a big ordeal, so she had me leave and come back 30 minutes later.

A few days later when I went to use the card, the ATM machine informed me, "This is a domestic card, not an international card." So I don't know what's up with KEB, especially since I was told it was an international card.

tm_faerie · Joined: 04 Dec 2005

i worked for a canadian bank for a while, the symbols on the back of your card should match the symbols on teh bank machine in order fro your card to be supported, ie a cirrus symbol on the back of a visa or bank card can be used at any bank machine with a cirrus symbol. your card may work in machines that don't have a matching symbol but if something goes wrong your bank may not be ablel to help you. so if you choose to withdraw $ 40 and the bank machine gives you nothing, but still debits your account, the bank may not be able to negotiate on your behalf. Most banks reccomend using a credit card as they are more recognized internationally and then paying it off as you use via internet banking, you can also get pay as you go cards, depending on the bank/credit card company

cruisemonkey · Posted: Sun Dec 11, 2005 3:08 pm Post subject:

I got a MasterCard credit card from Nonghyup Bank (BC Card). The word 'International' is printed on the front, top left corner and I've had no trouble using it on the internet for booking a hotel in Thailand and a tour/hotels in Cambodia - the charges were in US dollars.

To get the card, one must have worked in Korea for at least three months and make over W2,000,000/month. I had to give the Bank a copy of my pay records and my teacher certification from the district Education Office.

merrilee · Joined: 13 May 2003 Location: South Korea

I have a BC card from Hana Bank, though I'd prefer to actually be able to access my cash out of the country instead of charging on a credit card that will convert funds to US before taking them from my account.

Incidentally, I don't think I can actually use my card internationally, as my name on the card is spelled "Meeeilee." I asked Hana Bank to correct it and issue me a new card but was told, "No, it would take a long time, it's too complicated, and your name is not important."

Of course, I can use it in Korea with no problems.

Keepongoing · Joined: 13 Feb 2003 Location: Korea

I am now in sunny, beautiful Thailand where both the KEB abnd KB Star cards have been used successfully. Both were acquired over 2 years ago. When I went to Kookmin Bank they checked the code on the vard and said it would allow me to access funds outside of Korea. This code is NOT on the card but on the computer. She basically told me that some work and some don't. Yes there is a directive and they will tell you one thing, but you may find another thing to be the case.

A colleague had to take his laptop to KEB and have some software installed that would allow him to transfer funds whilst overseas.

Jcolin · Joined: 27 Nov 2005

I have an international ATM card from Woori bank that I have used all over Asia, South America, and the USA. I got it about two years ago and it still works.

DHC · Joined: 15 Jan 2003

I have a Kookmin Bank Int'l. Mastercard and it works outside Korea for charges or ATM.

Ya-ta Boy · Joined: 16 Jan 2003 Location: Established in 1994

This was in today's JoongAng Ilbo:

KEB service to allow ATM transfers abroad
December 16, 2005 �� Korea Exchange Bank customers here can now remit funds to foreign bank accounts using an automatic teller machine, the bank said yesterday. This is the first such service available in the country.
Customers must set up the service in advance, naming remitting and receiving accounts. Once that is done, the bank said, its customers can use the bank's automatic teller machines to send cash whenever the ATMs are open for business, including evenings and holidays.
The bank did not give the cost of the remittances; banks here charge about 20,000 won ($19) for a conventional wire transfer and the receiving bank usually charges an additional fee.
The bank said the service would be available only at five locations in central Seoul during a three-week trial run, after which it would be a part of all its ATMs.

deessell · Joined: 08 Jun 2005

Today I went to five banks looking for an international ATM card. The answer is NO. NO. NO.

I'm going to get an offshore account with HSBC.

philthy · Joined: 02 Sep 2005 Location: Incheon

Thanks for all your help people!

I went to Korean Exchangey Bank two days ago and got an international ATM card and a credit card. The problem with the Visa is that you can only spend 80% (internationaly) of what you put down as a deposit. You don't have access to the deposit until you cancel your card. It's like a "secured" credit card back home which is based on your credit history and not the colour of your skin like here. The ATM uses the "plus" logo just like my Scotiacard from Canada. I needed my co teacher with me to translate and about two hours to jump through all the hoops, but it was worth it.

Ciao.