Korean Job Discussion Forums

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

My next podcast will be an interview with a gentleman from Prime Bank in Korea: www.primebanking.co.kr

I am looking for your questions about high-rate savings accounts. Many teachers don't know that you can set up a high interest rate account here, and your money is protected (up to $50 million won, last I heard) by the Korean government. How high a rate? Click on the website above for rates. I got 8.29% by stepping into their branch in the basement floor of Technomart (just to the right after coming in the underground entrance). You get a higher rate by going there, sometimes. This was for a 1 year deal (interest paid at the end) but there are other accounts you can get into where interest is paid monthly, but at a lower rate in the 7.9 range, currently. You can also set up automatic transfers from your other bank to this account.

What questions do you have that I could ask this gentleman?

Draz · Joined: 27 Jun 2007 Location: Land of Morning Clam

Where is this bank now?

Draz · Joined: 27 Jun 2007 Location: Land of Morning Clam

Oh yeah, and what's the minimum investment, and what's the charge to take money in and out? Can you put money in every month or is it a lump sum at the beginning of your year-long term?

bm2008 · Joined: 23 Mar 2008 Location: Seoul, Korea

What documents are required to open an account?

What are the penalties for taking your money out early?

Do they expect to continue with this rate, even when stocks are tumbling all over the world?

pkang0202 · Joined: 09 Mar 2007

What's the "catch" in getting these accounts? (prior employment period, type of job, etc...)

Is it easy to monitor/check up on the account (via web access).

Also, if Prime Bank could setup a service that is foreigner friendly with English website, English documents, and English help-line, I think they could capture a niche market.

All of us have money jsut sitting around in the bank. The guy you're interviewing could spearhead this movement.

I have high hopes and dreams. In the meantime, I'm just interested in the Who, what, when, how of making money off of my money.

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

Thanks guys.

I'll ask those. I will be meeting with the assistant manager of one of the bank locations. We planned a meeting for Sunday, so maybe I'll get a podcast out on this Sunday night.

By the way, my wife helped me set this up initially, but you don't have to be married to do this. I can't remember if I needed an ARC or just my passport to set up the account originally. I think all they need is a passport, but I'll be asking about that for sure.

FYI, I invested the money I got back from a few years in the national pension program. The national pension program asked me to please take it out, since I have moved on and haven't been putting into it. They weren't able to transfer directly to Prime Bank (wasn't on their list) but they did transfer to Woori, and Woori was able to transfer to Prime. I had about 4,200,000 won from the pension, and put it in for a year at 8.29 percent. I got that rate at the bank (not listed on their site).

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

Last chance bump, in case anyone missed this yesterday.

poet13 · Posted: Thu Oct 30, 2008 5:37 pm Post subject:

Can a person set up an account, like a TD or CD that will automatically renew itself year after year?

What about access to the funds from another country. My bank, KB, won't allow me to transfer between international accounts. Does his bank allow this?

How are taxes handled for people not in the country. Does the bank have a program whereby an account can be automatically renewed, the dividends reinvested, and taxes paid?

Is our money insured to 50,000,000 for each account holder, or 50,000,000 per account?

Hanson · Joined: 20 Oct 2004

Can people who don't live in Seoul set up an account? Are there offices outside of Seoul?

Are there variable interest rate options, or are the interest rates locked in?

How do their rates compare to other banks/institutions?

scott · Joined: 15 Jan 2003

space

red_devil · Joined: 30 Jun 2008 Location: Korea

What are the fee's associated with this account - either monthly maintenance fee's, starting fee's, etc.?

Thanks for doing this - it should be very helpful and hopefully this bank realizes there's significant market potential in supporting the foreign population here.

ytuque · Joined: 29 Jan 2008 Location: I drink therefore I am!

I understand that most banks have investment plans where you can buy mutual funds etc. An explanation of investment options would be helpful for me.

Easter Clark · Joined: 18 Nov 2007 Location: Hiding from Yie Eun-woong

May be beyond the scope of this interview (or easily answered, I don't know), but can foreigners on an F-2 or F-5 apply for auto loans or key money loans for apartments if their credit is good enough? And how does a resident foreigner build up their credit?

harryh · Joined: 16 Jan 2003 Location: south of Seoul

ifa79 · Joined: 29 Dec 2004

I am (unfortunately) using a macbook so does his internet banking work with Firefox or Safari?

Currently I have my WON in HSBC Direct (4-5%) and it's pretty good up to an extent but like all Korean websites, only like Explorer and some sketchy security system I have to install.