Korean Job Discussion Forums

muss8813 · Joined: 24 Oct 2007

What is the best/easiest way to open a new account in Seoul? Best bank with decent/reliable service? I will be living near Hongik Univ.

Will a handful of cash & my US passport be sufficient? Will I be able to get an ATM card right away? Peace!

stvwrd · Joined: 31 Mar 2005

You should just need the passport and some money for an initial deposit. It's helpful, if you plan to be sending money overseas, to also have a certificate of employment from your company and some way to verify your monthly income.

Watch out for them trying to sign your passport and enter in how much money you're sending overseas.

I cannot recommend KB Bank at all, but KEB Bank seems to be developing it's services for expats. They seem to be the go-to bank for migrant workers anyway, and they're leading the country in terms of promoting their female employees.

I'll be signing up for an account there as soon as I get my renewed passport back from the embassy, because they recently opened a new account type that automatically transfers money to a designated overseas bank as soon as you put money it it. They also seem to be taking an active interest in reaching out to expats in Korea.

I wrote about this extensively a coupe days ago here:

http://seoulsteves.com/2008/01/07/korea-exchange-bank-the-reason-skinny-cant-stop-smiling/

Also, if you want to take the KEB survey about how to improve banking in Korea for all of us, go here:

http://www.zoomerang.com/recipient/survey-intro.zgi?p=WEB2273MRKEJJF

stvwrd · Joined: 31 Mar 2005

I've also heard that Standard Charter (CS) and Shinhan banks have decent service, but that's purely word of mouth and I have no experience at all with them.

Bibbitybop · Joined: 22 Feb 2006 Location: Seoul

1. There are restricted banking laws for people who've been here less than 3 months. Do a search, I don't have a link handy. Or someone else who knows them will probably explain them.

2. Make sure your bank will issue you an international ATM card. Make sure you ask if it will work in the all the countries you plan on visiting, especially your home country.

If they won't give you that, go elsewhere, it's a big problem these days for foreigners. Many people are reporting SC (Standard Chartered) bank is issuing them.

stvwrd · Joined: 31 Mar 2005

Excellent points.