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Korean Job Discussion Forums "The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
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dreddly

Joined: 04 Sep 2006 Location: Seoul
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Posted: Mon Sep 04, 2006 8:07 pm Post subject: Another banking question |
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I have been through the FAQ, and I am still not clear on this.
Unlike most people, I am headed to Seoul for the next 3 months to do some political research and work on my dissertation, I will not be making money while I am there, just living off existing resources.
Like many long-term grad students, my credit rating is junk and I no longer have a credit card.
I have arranged a room in a boarding house, but it appears the landlady prefers electronic payments/banking.
My question is should I get an account at the KEB here in Toronto to facilitate things? Will I be able to use my (Royal bank) debit card in most places enough to get by? I have heard lots of problems about transferring money out of the country, but how about electronic banking while I am there?
If anyone could advise, I suspect I am being overly paranoid because I am stressing about leaving, but if it would be easier to have a KEB account before I go, I would rather do that now. My expenses are such that I do not believe I will have enough to get a secure CC while I am there, but should have enough for monthly.
thanks in advance... |
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kat2

Joined: 25 Oct 2005 Location: Busan, South Korea
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Posted: Mon Sep 04, 2006 8:10 pm Post subject: |
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I would go talk to the KEB in toronto and see if their accounts are accessiblei n Korea. Citibank here is not connected with citibank in America. If KEB canada and korea work together, then get one while you are in canada. Doing it in English will be much easier. Bank transfers are a way of life here, so it will make everything much easier. Also, your debit card from Canada may or may not work here. My first year, I never found an ATM that would accept it. Now i am with a different american bank and have no problems. Both cards had VISA on them. There is just no way to tell. |
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ttompatz

Joined: 05 Sep 2005 Location: Kwangju, South Korea
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Posted: Mon Sep 04, 2006 8:27 pm Post subject: Re: Another banking question |
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dreddly wrote: |
I have been through the FAQ, and I am still not clear on this.
Unlike most people, I am headed to Seoul for the next 3 months to do some political research and work on my dissertation, I will not be making money while I am there, just living off existing resources.
Like many long-term grad students, my credit rating is junk and I no longer have a credit card.
I have arranged a room in a boarding house, but it appears the landlady prefers electronic payments/banking.
My question is should I get an account at the KEB here in Toronto to facilitate things? Will I be able to use my (Royal bank) debit card in most places enough to get by? I have heard lots of problems about transferring money out of the country, but how about electronic banking while I am there?
If anyone could advise, I suspect I am being overly paranoid because I am stressing about leaving, but if it would be easier to have a KEB account before I go, I would rather do that now. My expenses are such that I do not believe I will have enough to get a secure CC while I am there, but should have enough for monthly.
thanks in advance... |
You can find "PLUS" system ATMs in Seoul. You may have to hunt around a bit but they are there. You cannot use interac here. They are NOT setup for it. Wrong network.
I do NOT think that KEB in Canada does much retail/consumer banking and they are primarily set up for commercial stuff. The same is true with the Korean branches of Canadian banks (Scotiabank). They do NOT do retail banking (consumer banking) and are strictly for commercial transactions.
You can set up a bank account here. It is easy to do and there are few or no service charges. You just need your passport. KEEP your receipts for currency (dollar to won) transactions. You can export more than $10 thousand without difficulty if you have the receipts to show that you imported and exchanged the money and it was NOT earned here. |
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