Korean Job Discussion Forums

[Trevor]

What if something unlikely but not impossible happens and we have to leave Korea in a hurry -- possibly without our money?

For instance: some sort of unexpected war breaks out; a natural disaster; some other form of political unrest; a manmade disaster; terrorism, the list goes on. It is not uncommon for foreigners to be evacuated from countries in which civil unrest is disrupting the natural order of things.

All of these are implausible but certainly not impossible. What if we leave, can't come back for the foreseeable future and our money is sitting in a banking system that doesn't have the hottest reputation for keeping track of what's what?

I'm actually wondering because, other than a small booklet and a page on a website, I have no other proof that my life savings belongs to me. In three years, my trust in Korean administrative integrity has not improved. How do I generate further proof regarding my accounts?

[Jandar]

If the sh!t hits the fan you can forget about anything left in a bank her.

If you are "saving" you should be wiring it to a home account, because your home currency is far more stable than the won and your home bank is safer and probably pays better.

As far as getting out quick, I believe it is estimated that Seoul will fall within hours if attacked, Busan is the fall back point.

Good luck finding a boat.

Consider heading North.

[crossmr]

you've been on daves for 3 years and you're just contemplating that now?

[whatever]

^ seconded to an extent...but...the guy's got a point. if you don't care to answer it, then stfu, no?

[Xuanzang]

You could set up a remittance account and as soon as you hear about the North Koreans breaching or on the border, etc - transfer all funds and wire it home. Provided the internet still works.

[Css]

Why did you choose to keep it in korea rather than sending it home?

Do korean banks have a problem with keeping track of money?

I wouldnt worry about a war or anything...Its not gonna happen that suddenly. There will be lots of time for you to get your money out..and get yourself out.

[hugekebab]

Scaredy cat.

[Korussian]

To help insulate against situations like this, I set up internet banking with the ability to transfer to my account back home.

My local Nonghyup didn't know what they were doing, but KEB works splendidly, albeit via Internet Explorer & activeX.

The usefulness of this requires that you have a day or two of warning before a major disaster that may separate you from physical access to your cash.

However, you can just easily use this process to transfer money out of Korea even when you are no longer in the country, assuming Korea's internet & financial infrastructure are still operating by the time you're gone.

[Teelo]

Switzerland.

[sojourner1]

I'm not sure whether the US or Korean banks are more secure as it's possible America will see a run on the banks and then collapse more than FDIC can handle. I believe America would collapse before the NORKS invade South Korea. (in our time period) What's in it for the NORKS to invade when they know they'll lose? The NORKS are not coming yet, but a failed bank due to economic downturn going too far is a more realistic issue to plan for.

If America fails, then the world economy as we know it will fail so neither neither side of the big pond is safe. We've already seen that China is having issues now that America is not buying as many of it's exports. We've seen Ireland almost fail. If you have to leave all your savings in this country, then you'll be displaced and having a very hard way to go.