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cj1976
Joined: 26 Oct 2005
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 Posted: Thu Nov 20, 2008 3:45 pm Post subject: Which banks allow overseas withdrawals? |
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Does anyone know for definite which Korean banks allow foreigners to withdraw cash overseas? I'm with KB and I know that they don't allow it.
I want to open an account before i go on vacation.
Thanks. |
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Davew125
Joined: 11 Mar 2007
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| Posted: Thu Nov 20, 2008 3:59 pm Post subject: Re: Which banks allow overseas withdrawals? |
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| cj1976 wrote: |
Does anyone know for definite which Korean banks allow foreigners to withdraw cash overseas? I'm with KB and I know that they don't allow it.
I want to open an account before i go on vacation.
Thanks. |
If you're living down on the south coast you can use Kyeongnam bank. I'm with them and managed to get an international cash card, withdrawls cost $4. |
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Omkara
Joined: 18 Feb 2006
Location: USA
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| Posted: Thu Nov 20, 2008 4:05 pm Post subject: |
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| Do these accounts make an automatic conversion? Would you recommend this kind of account to hold your savings in for when you go back home, in order to wait for the won to recover? |
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Davew125
Joined: 11 Mar 2007
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| Posted: Thu Nov 20, 2008 4:43 pm Post subject: |
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| Omkara wrote: |
| Do these accounts make an automatic conversion? Would you recommend this kind of account to hold your savings in for when you go back home, in order to wait for the won to recover? |
The converstion rate was pretty complicated for me ( i'm from the UK ) the bank converts the the won into (US)dollars and then into pounds ( i'm not an expert but i think thats a bad way to do it at the moment, for me anyway).I think the fee was a flat rate for any amount you take out.
Regarding using it as an accout to hold money in waiting for a recovery, i cant see why that wouldnt work, though the bank doesnt offer internet banking in English so it would be hard to keep track of your money. I've only had this card for a few months and the main reason i got it was to send it back home so my mother could take money out of my account for bills and the like, and as such by pass the international transaction fees. The withdrawls were also limited to 200pounds per day as well. |
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Omkara
Joined: 18 Feb 2006
Location: USA
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| Posted: Thu Nov 20, 2008 5:01 pm Post subject: |
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| Thanks for the info. The 200lb limit would add up to a large sum of flat rate accumulation. |
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Louie
Joined: 12 Oct 2008
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| Posted: Thu Nov 20, 2008 7:00 pm Post subject: |
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KEB is the best.
I've withdrawn money using my ATM card in China, Japan and the US without any problems. The best thing to do is to make sure your card has the PLUS or CIRRUS logo on it. If it has one of the two logos on it and if the ATM you want to withdraw from accepts cards with those logos, you're good. |
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cj1976
Joined: 26 Oct 2005
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| Posted: Thu Nov 20, 2008 7:25 pm Post subject: |
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My KB card has the Cirrus logo but I couldn't use it in The Philippines. When I got back to Korea, I complained about it at the bank. The clerk then told me that I couldn't use it overseas because I am a dirty foreigner.
He didn't actually say 'dirty', but he might as well have done. |
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Louie
Joined: 12 Oct 2008
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| Posted: Fri Nov 21, 2008 7:08 am Post subject: |
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| Actually, sometimes it just pays to carry some cash with you during your trip....you can always invest in a money belt..... |
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Omkara
Joined: 18 Feb 2006
Location: USA
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| Posted: Fri Nov 21, 2008 3:10 pm Post subject: |
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The problem with that is that they'll probably not have W100,000 bills, so the volume of cash that I'd have to carry makes that less than practical.
Minimum, I'll have to carry 20 million. I'd look awkwardly pregnant. That's a big part of the problem. |
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Louie
Joined: 12 Oct 2008
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| Posted: Sun Nov 23, 2008 12:56 pm Post subject: |
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How about Traveller's Cheques?
They have $1000 denominations.
All you have to do while you travel is to make sure you go to a national bank or a large hotel in the place you're traveling to and cash what you need. They're insured against theft, so they are alittle more secure to carry around than cash.....
In the case of the philippines, most major hotels and most banks can cash traveller's checks there..... |
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DCJames
Joined: 27 Jul 2006
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| Posted: Sun Nov 23, 2008 2:05 pm Post subject: |
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| cj1976 wrote: |
My KB card has the Cirrus logo but I couldn't use it in The Philippines. When I got back to Korea, I complained about it at the bank. The clerk then told me that I couldn't use it overseas because I am a dirty foreigner.
He didn't actually say 'dirty', but he might as well have done. |
We are trash in this country and KB wants to remind us of this fact by denying us a basic service given to any Korean. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Sun Nov 23, 2008 2:36 pm Post subject: |
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SC Firstbank will issue a VISA checkcard to foreigners and this will work in ATM's overseas. I have used mine in Hong Kong, Japan, New Zealand, and Australia. Woori will also issue a VISA checkcard that they say will work in ATM's overseas but I have not tested this.
KEB will issue an international VISA checkcard BUT they want you to sign a form making them your only International bank meaning they will cancel International access on your other banks cards including other banks credit cards. There is no legal requirement for this despite what they tell you. I don't even know if they can block your other banks cards as I decided not to take the risk. |
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kiteflyer
Joined: 27 Jan 2008
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| Posted: Sun Nov 23, 2008 4:30 pm Post subject: SC Jeil |
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Like the above poster said: SC Jeil (Standard Chartered First Bank) issues foreigners a Global ATM card which DOES NOT EXPIRE. It apparently works at all Maestro and Cirrus
The strange thing is -- the bank rep. tells me I can withdraw up to 700,000 won per ATM transaction [which is not saying much, given the FX rate] and up to 6,000,000 won per day. That's more than 8 trips to the cash machine in ONE DAY! |
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Mr-Dokdo
Joined: 16 Nov 2008
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| Posted: Sun Nov 23, 2008 4:35 pm Post subject: |
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| Woori will issue a CIRRUS card, but you have to ask and some branches will claim it is impossible. Try a university branch, e.g. Yonsei. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sun Nov 23, 2008 4:35 pm Post subject: Re: SC Jeil |
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| kiteflyer wrote: |
Like the above poster said: SC Jeil (Standard Chartered First Bank) issues foreigners a Global ATM card which DOES NOT EXPIRE. It apparently works at all Maestro and Cirrus
The strange thing is -- the bank rep. tells me I can withdraw up to 700,000 won per ATM transaction [which is not saying much, given the FX rate] and up to 6,000,000 won per day. That's more than 8 trips to the cash machine in ONE DAY! |
How do you figure that is 8 trips? Make ONE trip and the number of transactions that you need right there. And it's not often that people need to carry 6 million won around anyway. |
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