Korean Job Discussion Forums

[charlieDD]

If you are thinking of buying some travelers checks in Korea before taking your winter vacation, . . . be advised: While the T/C's that Korean banks sell may be Visa or American Express travelers checks, I have learned, the hard way, that Korean banks, . . at least KEB for sure . . . do not participate in the guarantee and protection from loss systems that Visa or American Express offer. If you lose a T/C issued by a Korean bank, you deal with the Korean bank, not Visa or American Express, and the Korean bank decides whether to refund you or not.

I bought quite a few Visa T/C's from KEB when I was headed back to the U.S. last spring since I was going to be traveling in a few other countries along the way. In August, I lost one; a $1,000 one. Actually, I accidentally destroyed it while shredding some documents. Also lost were two $100 Visa T/C's issued by a bank in Taiwan that I picked up while there.

I called Visa T/C, the loss/refund office, which turned out to be in London. They took the report, gave me a case number for each case, the KEB $1k T/C and the two $100 T/C's from Taiwan. They instructed me to go to a bank in the city I was in and I could get the refund on the two $100 T/Cs. However, as for the $1k KEB T/C they told me that was all they could do and that I would now have to take it up with KEB. It was explained to me that KEB and, as far as the VISA rep knew, all other Korean banks, do not participate in the loss protection / refund program - - you know, the very program that makes carrying T/C's safer than carrying cash.

In my first call to the KEB office in Seoul the clerk who took the call, after listening to my report, said to me "I don't believe you."

He then to tell me that foreigners have bought T/Cs in Korea, sold them to someone in another country, then reported them as lost and after the bank had refunded them, the T/C showed up a few weeks later having been used to make a purchase somewhere.

He simply refused to take any further action on this.

Fortunately, I was able to turn to a good Korean friend and he was able to get the KEB guy to agree to process the refund, but only after waiting a period of time to ensure the T/C didn't show up. Well, . . here we are four months later and I'm still without the refund. I believe I will get it, but only because my Korean friend has the influence to get it done. I'm in no hurry for it, but it's not exactly nice to have $1k in limbo, especially when the limbo gatekeeper is KEB !

So, . . if you're thinking of getting T/C's from a Korean bank . . . ( you know, since they won't let you have an international ATM ) . . you may want to think twice.

Perhaps there are other Korean banks who participate fully in the Visa or American Express services, not simply sell T/C's like they are "soo pyos" (those Korean checks that some people use).

[victorology]

Thank you for the tip. I guess that renders Korean Travelers Checks useless.

It seems you can order American Express Travelers Checks online.

http://www10.americanexpress.com/sif/cda/page/0,1641,11533,00.asp?us_nu=leftnav

I would also think there would be a place in Korea where you could order them in person.

As for Korean Airlines policy, I will have to side with the airline on this one. First of all, they are a member of SkyTeam. Asiana is a member of Star Alliance. I am a very frequent flier with status on the airlines. It's much easier for members of U.S. airline frequent flier programs to rack up miles than it is for Koreans.

Since I am a Star Alliance Gold member, I get a 100% bonus on my miles. So if I fly a 9,000 mile round trip, I will be credited with 18,000 miles. Koreans don't get this opportunity. Also, the redemption rates for U.S. airlines are much lower. Like you said, I can get an intra-Asia Economy award on United for 20,000 miles but if I want it on a carrier like Singapore , Thai or Asiana, I'm going to have to pay 30,000 miles. You could buy a First Class award trip and have say, SFO-ICN in First on United but ICN-SIN would be in Business on Singapore Airlines even though they have a First Class.

[Bibbitybop]

I'll repeat myself as in other threads:

Most korean banks are garbage and don't treat foreigners with respect.

Don't use them. Head over to Standard Chartered (SC First Bank/Jaeil) and open an account with them. They treat foreigners right.

[Mr. Pink]

[Milwaukiedave]

The other option, if you qualify, is to get a credit card and simply pay everything off when you get back. I was recently able to get one through KEB, although I had to deposit 1m won in a certificate account. They gave me a 1.3m won limit.

The traver's check thing sounds like a pain in the ***. When I went home last time, I took a wad of money with me and got traver's checks at my mom's banks (in fact for free). Yes, there's a big risk in traveling with cold hard cash, but I guess you have to look at it versus the risk of dealing with getting tc here. It doesn't seem worth the hassel according to the op's experience.

[newton kabiddles]

[hogwonguy1979]

I have had problems with moneychangers in thailand taking keb visa t/cs, they say they have had problems with those being reported stolen

i usually get amex from woori

[sojourner1]

I had my doubts on Korean T/C's being accepted worldwide since the Won is not a major world currency.

So what if you took cash with you and upon arriving somewhere else like Bangkok, or another place, you bought AMEX T/C's?

This is something I need to figure out myself very soon.

[charlieDD]

[Wisconsinite]

This is true, I got my traveler checks stolen in Canada and was SHOCKED that I had to call KEB to get a refund. I had to call while living in America and basically if I didn't fax them my police report, I am sure I would have been screwed. To top it off, the person I talked to didn't speak English very well, it was always hard to get someone on the phone and I had to call direct, no 1-800 number. I racked up $20 in phone calls. So long story short, do not get travelers checks from KEB, it sucks if something goes down.

[Julius]

much better to get your travellers cheques at the airport, I find.

[SeoulMan6]

I bought AMEX traveler's cheques from Nonghyup Bank and when I lost them I only dealt with American Express. I did have to go to Seoul for some paperwork and to get new checks, but I lost them in Korea.

[thegadfly]

Thanks for this information -- I have been doing the KEB cheque thingy for years...never lost one, so was not aware of this....