Korean Job Discussion Forums

MollyBloom · Joined: 21 Jul 2006 Location: James Joyce's pants

I have had my bank account at Shinhan open since 2006. When I leave in a year for good, should I close it or leave it open with a little money in it? It's a checking account so it won't earn interest. The only reason why I ask is because I am wondering if my choice will effect my credit at all
(ie. I know that closing a credit card account looks bad on a credit report).

mekku · Joined: 22 Jul 2006 Location: daegu, korea

i've had quite a few bank accounts over the past 10 years, both at home and abroad, and bank accounts have no bearing on your credit whether open or closed. as far as credit in the u.s. anyway, not sure about other countries........

credit cards and any type of credit situation can affect you, but i have yet to hear of any checking account affecting anyone. since i haven't seen anything on my credit reports, i assume it would be the same for everyone.

MollyBloom · Joined: 21 Jul 2006 Location: James Joyce's pants

Thanks!

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

I wonder how many waygooks have come and gone and left a few won in their accounts without closing.

I bet the total of abandoned funds from all of these expats would add up to be a fair chunk of change...

jvalmer · Joined: 06 Jun 2003

Why close any bank account in any country? If it's just a standard checking/savings account. Just leave a few won in it. If you comeback in the future and the account doesn't work, just open a new one.

However, if it's a credit account, I'd try to shut it down.

maddog · Joined: 08 Dec 2005 Location: Daegu

[quote="MollyBloom"]I have had my bank account at Shinhan open since 2006. When I leave in a year for good, should I close it or leave it open with a little money in it? It's a checking account so it won't earn interest. The only reason why I ask is because I am wondering if my choice will effect my credit at all
(ie. I know that closing a credit card account looks bad on a credit report).[/quote]

Having a credit card that you use and pay-off regularly actually looks good on a credit report. Nothing looks better on a credit report than well-managed debt.

kasain · Joined: 25 Oct 2008

I came to Korea in August 2007. I Left shortly in November 2007 but did return in late December 2007. When I left I left my account open with about 40,000 won in it.

When I came back it was one less thing I had to do. Also if you do online banking you can easily transfer money from US to the won. I would say keep it open