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wanderingsalsero
Joined: 23 Dec 2006
Location: Houston, TX.
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 Posted: Mon Oct 15, 2007 4:49 pm Post subject: Pay Pal coupled with a Korean bank......Can do? |
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I never realized until now how un-connected certain parts of the financial world are. I no longer have an active US bank account or credit/debit card. Rather I do a Nongyap Visa card and a Samsung Amexco card.
Lately I've discovered that I have been able to pay for most online purchases with one or the other of my new cards but with this friggin' Pay Pal it's a different story.
Pay Pal is supposed to be international.....isn't it?
For some reason I can't seem to enter either of my Korean based debit/credit cards into my profile with PayPal. Has anyone out here is ESL land ever connected PayPal to a Korean bank card?
Regards,
Art |
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JiH
Joined: 01 Sep 2007
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| Posted: Mon Oct 15, 2007 4:58 pm Post subject: Info |
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You cannot mate a Korean Bank Account without a Korean ID. No the ARC doesn't work.
I've e-mailed them and they've confirmed that at this time you cannot do it without the said ID. |
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gerald.in.korea
Joined: 15 Oct 2007
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| Posted: Tue Oct 16, 2007 5:36 am Post subject: legal structure of monetary transfers |
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I did a stint as a paralegal at a Law firm and Seoul and have had to deal with this issue for some clients before.
The transfer of funds into and out side of Korea is very tightly controlled.
Your Korean ATM cards will not work outside of Korea to prevent you from sending an ATM card to your home country and being able to transfer funds with out having a human check. The banks will tell you that you can only transfer 10,000 USD per year out of Korea but the true requirement is that you produce a tax receipt to the bank to prove that you have earned the funds legally and paid taxes on the funds to be transfered.
As for Korean Credit cards they are prevented from making payments to Pay Pal and other digital payment services to prevent online off shore gambling and other illicit activities by Korean residents.
The foreign credit cards will now only deliver goods to the address listed during the time of application. This will not prevent you from using your US credit card to pay the Pay Pal account.
The solution to your problem is in two steps:
1) transfer funds to your US credit card
2) Use your US credit card to pay your Pay Pal account
Cheers, |
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