Korean Job Discussion Forums

[big_fella1]

Sorry I have been slack following up Banking Issues. I don't read Korean so it has been slow.

Banks in Korea are regulated by The Bank of Korea (BOK), The Financial Supervisory Service (FSS), The Financial Supervisory Commission (FSC), and insured and supervised by the Korea Deposit Insurance Corporation (KDIC). This may change with the introduction of the Capital Market Consolidation Act (CMCA), effective January 2009 (sorry haven't got to that exciting read yet). To my knowledge not one of these groups require special conditions for foreigners in relation to bank accounts or access cards.

So who does?

Korean Banks have are member of the Korea Federation of Banks "a trade association that
represents and promotes the interests of the Korean banking industry." [source: http://www.kfb.or.kr/kfb_eng/overview/overview.htm ] This is the group that implemented the rules restricting foreigners access to bank accounts http://english.chosun.com/w21data/html/news/200708/200708100012.html as I mentioned in a previous post this would seem to be an issue for the Fair Trade Commission as this maybe collusion. I will make the call to them tomorrow morning.

There may also be a human rights issue here. I don't mind having a limit on daily withdrawals of 6 million won instead of 10 million won due to my average balance or credit (????) but I do object to such limit being imposed due to my being foreign.

Sorry for being long winded especially as it looks like many friends are leaving due the lack of real information on the E2 changes but if you require more light reading try http://www.kfb.or.kr/kfb_eng/law/law01.htm

for lots of documents in English, they might even make bank staff cooperative when you toss the printouts at them.

[Bibbitybop]

Thank the lord almighty for someone finding out some credible and cited information.

I think the biggest issue right now is Korea banks not issuing International ATMs to foreigners. The majority of foreigners travel to other countries for vacation. Personally, I am traveling when my pay day occurs and require an International ATM card to access my legally-earned money abroad.

I also believe, though I'm not an expert, that not issuing a foreigner an ATM card is illegal based on discrimination laws passed by the national government.

If Korean banks, or the gov't, want to keep people from accessing illegally-earned money by using an intl. ATM card, the simply require them to provide proof of employment. It's not a complex problem, Korea!

[Vlad Spinner]

This issue runs neck-and-neck with the new visa regs as a MAJOR reason for declining/getting out of Korea.

Spending a week in Bangkok in May 2007, I had no trouble withdrawing money, from an ATM, on the Kookmin international ATM/debit card which I'd been issued some months earlier.

Then in Qingdao, China, in September 2007 (a mere four months later), that same card (complete with Cirrus/Maestro, etc. labels) refused to issue me a dime at any one of the many cash machines where I tried it.

And I'd deliberately put 500,000 won into that account just before leaving to China, on the assumption that I might need access to a bit of extra cash.

But Kookmin had clearly reversed the international accessibility of the card within the previous months.

I'm now coming up on my last paycheck plus severance pay here in Korea. It'll all be directly deposited, by computer, into my Uri bank account (school-mandated). Uri refuse to issue me an international ATM/debit card, on the grounds that "waygookin an dwei-yo."

SC Jaeil DID issue me such a card, and I've asked the Pension office to deposit my refund with them in hopes that I'll be able to withdraw the money from overseas. But, as with all things Korean . . .

So what's the point in working here, if you can't take the money with you? (Or if taking the money out is made painfully difficult?)

[IlIlNine]

[Vlad Spinner]

[Bibbitybop]

[cdninkorea]

I think KEB has an option where they will automatically wire money (any amount you choose to anywhere you choose) whenever a deposit is made into it.
Look into it- by the sounds of it you could set up the account in advance to wire all the money home.

[articulate_ink]

I've been thinking about this topic. I'm probably leaving in late June, and my university will still owe me two paychecks and severance at that time. Plus, there's pension to think about.

Vlad: I'm glad you got the SC card. Mine has worked on two separate trips to Taiwan. So far so good. I'm optimistic it will keep working outside of Korea. In any case, will your pay be deposited after you've left? If so, and you haven't arranged your outward tickets yet, can you take a short holiday in the region and come back after your funds become available? Then leave for good? A couple of my friends have done that. Also, when I set up the account with SC, the teller told me there was a limit on withdrawals: 1 million per day, and a total of 3 million per month.

I've also heard about KEB's accounts that automatically wire money to foreign accounts. Maybe SC has them too?

Good luck sorting this BS out.

[tareze]

i had an international atm from nonghyup which used to work all over... then i lost my wallet.
i went to a nonghyup to get a replacement (bracing myself for the 'no' since i'd heard from friends that they were unable to get them) and sure enough they said no. i had already been told 'no' by KEB an hour before getting that replacement and in my possibly somewhat irrational instability (I CAN'T TAKE OUT MY OWN MONEY ON VACATION?!?! WHO'S MONEY IS THIS?!?), threw an absolute fit right there in the bank...i showed them my bankbook with withdrawals from thailand and vietnam and cambodia and the usa... they then walked me down to another branch of nonghyup down the street and reissued me a card with the little nyce, cirrus logos on it. however, i haven't been out yet to see if it will work and sigh, it will just blow if it doesn't.

[articulate_ink]

[I-am-me]

I had same probelem at nongyup. One branch refused while another a few blocks away gave me International card. Unfortunately it worked only a few months before it was also cancelled. I wonder how many dollars will pulled out of korea with these new E2 rules? Might have to hide money under my bed!

[MA_TESOL]

What happens if you leave Korea due to the new visa regs, or other reasons. You can get your pension sent to your home account, but what about other money owed. If I left, I would have a bonus, overtime pay and my housing deposit available only after I left the country. They would transfer this to my Korean account, but I would not be able to access it outside of the country. That would be over 2 million that would have to sit in my no longer used account.

To me Korea is like the Beverly Hillbillies. Ranked amongst the biggest economies of the world with a mindset very different than those in that same economic community.

[tareze]

[Paul_Zerzan]

[articulate_ink]