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eslguyinsanbon
Joined: 22 Jul 2007
Location: Mokpo, South Korea
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 Posted: Mon Jul 07, 2008 6:07 pm Post subject: Foreigners not allowed to use Korean bank acct outside Korea |
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| Has anybody else heard about this? I'm in the process of getting things together for a trip to Egypt. Found out yesterday, through my bank, that there's been a new law put in place that says that Foreigners are not allowed to access their Korean bank accounts from outside Korea (like you'd normally be able to with a Plus/Cirrus logo on your card). So, I can send money home, but I can't withdraw money from my Korean account why in Cairo... Any advice? |
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spyro25
Joined: 23 Nov 2004
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| Posted: Mon Jul 07, 2008 6:42 pm Post subject: |
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take all of your money out of that account and open one at a bank that will let you do it.
also, there is no 'law'. its the bank being racist. ask them to show you this 'law' and i bet they can't find it. |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Mon Jul 07, 2008 6:51 pm Post subject: |
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You and everyone else needs to read this and the links it contains:
http://www.rjkoehler.com/2008/02/28/more-on-foreigners-and-banking/
Another poster recently said it was outdated and that many banks have changed their official policy to not allow foreigners access to their money.
Find a bank that will. Standard Chartered (SC First) bank has a good reputation for helping foreigners, so does HSBC.
If you can't do that, transfer your money to an overseas account and use it while you travel.
Korea wonders why it's failing economically and foreign investors stay away... |
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Tommy
Joined: 24 Aug 2005
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idiotinkorea
Joined: 25 Jun 2008
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| Posted: Mon Jul 07, 2008 7:21 pm Post subject: |
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| yeah, that's why i transfer most of my $ to swiss banks and keep the rest -only what is necessary to get me drunk- under my pillow. |
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Grab the Chickens Levi
Joined: 29 Apr 2008
Location: Ilsan
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| Posted: Mon Jul 07, 2008 9:24 pm Post subject: |
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| idiotinkorea wrote: |
| yeah, that's why i transfer most of my $ to swiss banks and keep the rest -only what is necessary to get me drunk- under my pillow. |
Yup. Why put your money in the bank so they can profit off of it when they wont do anything to please the customer?
Sparkling (not.) |
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Pooty
Joined: 15 Jun 2008
Location: Ela stin agalia mou
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| Posted: Mon Jul 07, 2008 9:32 pm Post subject: |
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| That's just racist. |
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CentralCali
Joined: 17 May 2007
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| Posted: Mon Jul 07, 2008 9:40 pm Post subject: |
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| Bibbitybop wrote: |
| Standard Chartered (SC First) bank has a good reputation for helping foreigners, |
Not with me, they don't. My sole experience with those bums was with their branch in Itaeweon. They were anything but helpful. They certainly were not professional or knowledgeable.
| Quote: |
| Korea wonders why it's failing economically and foreign investors stay away... |
Exactly. Lies to customers, refusal to enact anti-discrimination legislation (or even to enforce what little there is), attempts to take foreign corporations' directors--who aren't even working in Korea!--to trial in Korea, etc. just show that this country does not want to play fair.
Edited to add: The biggest problem is that there is no standardization here. Go from one branch to another of any outfit, except for the fast-food joints, and you are taking your chances.
Last edited by CentralCali on Mon Jul 07, 2008 10:07 pm; edited 1 time in total |
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hogwonguy1979
Joined: 22 Dec 2003
Location: the racoon den
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| Posted: Mon Jul 07, 2008 9:42 pm Post subject: |
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at the seoul town hall meeting back in april they said it was going to be resolved by the end of june
guess not
and they wonder why foreign investment is leaving this place in droves? |
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Grab the Chickens Levi
Joined: 29 Apr 2008
Location: Ilsan
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| Posted: Mon Jul 07, 2008 9:47 pm Post subject: |
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| Pooty wrote: |
| That's just racist. |
If you're being sarcy, you're not one of these samd types are you that thinks this board should all be
"oooh whoppie I'm having the time of my life whilst I 'discover myself' during my working holiday in Korea where the curious natives tell me I'm handsome and I bank lots of money, ooh the food is so traditional I'm soaking up the culture and it overwhlems me'
are you?
I mean these days it seems you can't discuss REAL issues and difficulties posed to foriegners here without people calling you a imperialist, cultural ignorati, Korea hater etc...
The real world is not all ha ha hee people. |
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icicle
Joined: 09 Feb 2007
Location: Gyeonggi do Korea
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| Posted: Mon Jul 07, 2008 9:59 pm Post subject: |
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Definitely incorrect ...
On the Seoul Global website Official regulations on this were changed in June this year.
Link: http://global.seoul.go.kr/global/view/community/com07_01.jsp
It says:
"Improved Regulations on Overseas Travel Expenditures, Newly Introduced
The Seoul Metropolitan Government has been in cooperation with Ministry of Strategy and Finance since January of 2008, working to alleviate foreigners' inconveniences when using their Korean funds overseas through credit cards etc. Finally, we have found a more convenient system regarding the ability to access such funds overseas. These improved regulations entered into effect beginning on June 2nd, 2008.
[Newly Introduced Regulations (2008.6.2.)]
Foreigners can access their Korean funds overseas using credit cards and other types of cards up to $50,000 a year in addition to the amount of taxed income earned in Korea, so that foreigners may feel freer when traveling overseas. "
So if your bank will not let you do it ... and bringing this to their attention doesn't change it ... Then transfer your account to a bank that will.
※ For further information, please contact Seoul Global Center
(Kang eun-sung, ☎02-2075-4146, Korea Exchange Bank Credit Card desk). |
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Pooty
Joined: 15 Jun 2008
Location: Ela stin agalia mou
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| Posted: Mon Jul 07, 2008 10:06 pm Post subject: |
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| Grab the Chickens Levi wrote: |
| Pooty wrote: |
| That's just racist. |
If you're being sarcy, you're not one of these samd types are you that thinks this board should all be
"oooh whoppie I'm having the time of my life whilst I 'discover myself' during my working holiday in Korea where the curious natives tell me I'm handsome and I bank lots of money, ooh the food is so traditional I'm soaking up the culture and it overwhlems me'
are you?
I mean these days it seems you can't discuss REAL issues and difficulties posed to foriegners here without people calling you a imperialist, cultural ignorati, Korea hater etc...
The real world is not all ha ha hee people. |
Nah, sarcasm is not one of my strong points. Samd? That guy is way out there.
My company just hired a new CMO (Marketing), a new CHO (HR), and a new CPO (Purchasing) all Americans - I'd like to know if they have the same experience with their debit cards. And I'd like to see their reaction to being treated like that. I think they'd go ballistic. |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Mon Jul 07, 2008 10:27 pm Post subject: |
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icicle, great info you posted.
If someone tries it, let us know the result.
CentralCali, you are right, the lack of standards is amazing and frustration. One branch from another will tell you different things, they seem to make it up as they go along. |
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nautilus
Joined: 26 Nov 2005
Location: Je jump, Tu jump, oui jump!
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| Posted: Mon Jul 07, 2008 10:35 pm Post subject: |
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| spyro25 wrote: |
| its the bank being racist. |
I wouldn't jump to that conclusion so quick. Its more likely that they are trying to limit themselves from having to do more work ...that is probably beyond their range of competence. |
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koreandefence
Joined: 05 Oct 2007
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| Posted: Tue Jul 08, 2008 2:29 am Post subject: |
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| spyro25 wrote: |
take all of your money out of that account and open one at a bank that will let you do it.
also, there is no 'law'. its the bank being racist. ask them to show you this 'law' and i bet they can't find it. |
Yes, it is the bank being racist. My god, are you for real? These banks deal with western companies on a day to day basis and you think they are racist? Clown. |
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