Korean Job Discussion Forums

[hexagonsun]

I've been thinking about opening up a Citibank account for the mere fact they have tons of branches in South Korea where I can get an ATM card for money I have stockpiled at home (just in case) and I can wire money home to the account in the States.

Would you recommend this strategy?

What did you guys and gals do for ATM cards when you got to Korea? A more general question is, what do you do for banking in general? And what would you recommend? I know your school will help you out with the banking portion, but what are the alternatives?

I would like to wire money home or send via traveler's cheques/money orders occasionally. I've been reading the posts about people having issues with the Korean banks and getting THEIR money out. I want to avoid that situation as much as possible.

I've run a search on this topic. Some OK information, but I really don't feel like trolling through 500 posts. Plus, I think this topic would help a lot of people who are well on their way to SK for the first time, like myself.

Thanks in advance everyone. On a side note, so far all the questions I've asked have been met with some incredible responses, so thanks for that too, I appreciate it all.

[potin14p]

All the information is really in those other posts. It would be nice if someone wanted to condense it down and make it a sticky.

When you first come bring an international debit card (Something with a Visa or Master card logo) so you can access your money at home to start with.

Citibank here is NOT Citibank anywhere else. It's Citibank KOREA and, as they've told me many times, they do not have better access to my Citibank accounts overseas than any other bank here would. (I have student loans I'd like to pay without spending 50$ for each wire transfer). Even if I opened a seperate account with them they offer no discounts to transfers to their international branches. (I've had really unfriendly service at two branches here so I do not recommend them).

On the Other hand..

It was easy for me to open a bank account here. Most banks have someone who can speak enough English to show you where to sign. Banking costs are pretty much non-existent for me. (I get charged fifty cents for using the ATM late at night but that's it).

Most banks WILL give you an ATM card as you wait.
Most banks WILL NOT give you an international ATM or credit card. (although I've heard chartered bank offers foreigners international cards.)

Wire transfers take 3 days and the cost break down (as explained to me)
is
20,000 Won Local Bank Wire Charge
20,000 Won International Wire Transfer (This is taken from the amount tranfered. Some banks, like KEB, do not take this. Some posters say it's only taken out when your local bank incorrectly wires your money and an international branch has to re-wire it)
10,000 Won My crapper bank at home charges me for recieving the money.

Getting a cashiers check is just as easy and cheaper.

My bank charges me 18,000 won for a check. I hear KEB only charges 8,000. You can drop the check in regular mail for about fifty cents if you don't mind waiting a week or two. Express mail costs 8,000 I think and gets most places in three or four days. Or you can Fed-Ex it for 20-30,000. This is still cheaper then my wire transfer. I hear cashiers checks are refundable if lost or stolen. You'd be dealing with your bank or the Bank Of New York (this is the bank name on most of the cashiers checks).

Anyway that's the way I get money home. It's a pain in the ass to do it regularly but pretty simple if you only have to do it every few months.

Get an International credit or ATM card before you come.