Korean Job Discussion Forums

Coffeeprincess · Joined: 19 Sep 2007

I went to the bank today to wire some money home (like I normally do every month) and for the first time ever since I arrived in Korea, they asked me for a photocopy of my passport. But they didn't make any notes in my passport or anything. When I asked why they needed this copy, they told me that starting in 2008, it's a new law. Are there any other new banking laws for foreigners that we should know about?

shaunew · Joined: 17 Apr 2007 Location: Calgary

Yes foreigner are not allowed bank accounts anymore. We will be paid in rice and kimchi. Upon leaving Korea the center of the universe we must give back any left over kimchi and rice. It is a privilege to live among Koreans we do not deserve to be paid cash for it.

pesawattahi · Posted: Wed Jan 02, 2008 5:15 am Post subject:

Why don't you try citibank? They are virtually everywhere and you should be able to transfer funds online without the hassle. And the loss in exchange should be less.

nobbyken · Joined: 07 Jun 2006 Location: Yongin ^^

KYC · Joined: 11 May 2006

Strange. I wired money back home today and wasn't asked for a photocopy of my passport. She did stamp in my passport and wrote down how much I wired back home.

gmat · Joined: 29 Jan 2003

laogaiguk · Joined: 06 Dec 2005 Location: somewhere in Korea

RJjr · Joined: 17 Aug 2006 Location: Turning on a Lamp

Young FRANKenstein · Posted: Wed Jan 02, 2008 2:42 pm Post subject: Re: NEW BANKING LAWS FOR 2008?

stephensessions · Joined: 11 Sep 2007

Will I need anything other than a passport to set up a new bank account when I arrive in Korea?

Bibbitybop · Joined: 22 Feb 2006 Location: Seoul

stevieg4ever · Joined: 11 Feb 2006 Location: London, England

hahaha on form today shaunew

Young FRANKenstein · Posted: Wed Jan 02, 2008 10:34 pm Post subject:

Milwaukiedave · Joined: 02 Oct 2004 Location: Goseong

All snarky comments aside...

The truth is that different bank branches will apply rules that they see fit to whether they are the law or not. If you have problems with a specific branch or bank, then try another one.

As to the issue of the passport, I've let me bank copy my passport for their records and have no problem with it. Only once have I had a bank put a stamp in my passport and that was when I transferred a large amount of money last year. They put two stamps (I transferred some money and then did a money exchange) and it was on the back page. The stamps were not that big. In my experience, usually they don't stamp your passport, but certainly it's not worth fighting with them over.

I'd rather see people fight to allow us to have international debt cards, but that's a whole different topic.

CentralCali · Joined: 17 May 2007

Yesterday, I had to go to Standard Chartered bank on Itaeweon to convert some money into dollars. The clerk said she needed my passport to write in the amount converted. I told her that she could look at it to verify that the visa mentioned on my ARC is the same and demanded to speak to the bank manager about her insisting on writing on my passport.

The bank manager wasn't there, but the assistant manager was (it was the mgr.'s lunch time). She started telling me that the law both required her to write the amount in and limited me to 10,000 US dollars per year. I told her I didn't believe either of those and that it's okay for her to admit to me that's her bank's policy.

I then reminded the asst. mgr. that I'm not some tourist here and told her again where I work (down in Busan). She said that the limits are different if I have my pay statements. So, I showed her my Korean bank book entry for my monthly pay. All of a sudden everything was cool.

All for a lousy $500 transaction.