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r.
Joined: 06 May 2006
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 Posted: Tue Aug 15, 2006 6:37 pm Post subject: First payday/ opening a bank account? |
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| Payday is coming up....how does this work? I hear it is all direct deposit, so do I need an account first before I get the money? Can I open an account with 0 won??? |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Tue Aug 15, 2006 7:36 pm Post subject: Re: First payday/ opening a bank account? |
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| r. wrote: |
| Payday is coming up....how does this work? |
If all goes well, you'll either get an envelope full of 10,000 won notes, or a transfer to your bank account. Get a copy of your "pay stub" while you're at it - something that lists your gross salary, deductions, and net salary. If you get a direct transfer, you'll need to bring your bank book into school so that your director can get your bank account number.
| Quote: |
| I hear it is all direct deposit, so do I need an account first before I get the money? |
Yes. Visit your nearest bank and go to the new accounts desk. You'll want to bring a copy of your address, your ARC, and your passport. You'll also probably want to request an ATM card. They usually aren't given out by default. It's all pretty painless. Even if the teller doesn't speak any English, it's mostly just a matter of figuring out where to write your name, where to sign, and when to punch in your PINs.
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| Can I open an account with 0 won??? |
yes. |
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John Henry
Joined: 24 Sep 2004
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| Posted: Tue Aug 15, 2006 7:48 pm Post subject: |
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| your school should sort all that out for you. I got cash on my first payday tho because of standard "wait till the last minute" Korean planning. |
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Ekuboko
Joined: 22 Dec 2004
Location: ex-Gyeonggi
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| Posted: Wed Aug 16, 2006 2:39 am Post subject: |
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To open a bank account in Korea, you only need your passport - you do not need an ID card/ARC.
You are not required to deposit any money to open an account, either. |
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Dan The Chainsawman
Joined: 05 May 2005
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| Posted: Wed Aug 16, 2006 2:43 am Post subject: |
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| If you want a bank card or what not you will need some cash. |
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r.
Joined: 06 May 2006
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| Posted: Wed Aug 16, 2006 7:31 pm Post subject: |
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| and if I don't get a bank card, I assume I make withdrawals from teh teller, right? Any idea on how much bank cards usually cost? |
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Ekuboko
Joined: 22 Dec 2004
Location: ex-Gyeonggi
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| Posted: Wed Aug 16, 2006 8:18 pm Post subject: |
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ATM cards are issued to you free.
You also do not pay account fees, apart from ATM/transaction fees- e.g. if you withdraw money after hours or at an ATM that is not your own bank. |
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r.
Joined: 06 May 2006
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| Posted: Thu Aug 17, 2006 12:32 am Post subject: |
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| Thanks for your help everyone...I did this today and it took about 20 minutes. ATM card was free... |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Thu Aug 17, 2006 3:19 am Post subject: |
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| KEB bank said I needed an ARC today...just so you know. |
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dimnd
Joined: 19 May 2005
Location: Western USA
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| Posted: Thu Aug 17, 2006 8:40 am Post subject: bank account ..pay day |
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my office manager last year in bundang took me to the bank to open up the account and got my card and passbook
school should take u to do it...
they did for my son in two of his sc hools. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Mon Aug 28, 2006 10:53 am Post subject: ARC Card and closing of account |
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Someone said if you use the ARC card to open the accound they close it when you leave. How does closing an account work? In the us if you don't close an account they charge you fees until it is empty at most banks.
How does it work in Korea?
Do they charge a fee if you don't have direct deposit? |
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ChopChaeJoe
Joined: 05 Mar 2006
Location: Seoul
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| Posted: Mon Aug 28, 2006 2:45 pm Post subject: |
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| You can start a banik account in korea with zero money. They'll still give you a free ATM card. At least mine did. |
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