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lov2travel
Joined: 21 Oct 2008
Location: South Korea
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 Posted: Sun Jan 04, 2009 4:34 pm Post subject: Banking in Korea |
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Hey all, I'm trying to find a decent bank in Korea.
I currently belong to Woori bank but there are very few Woori's where I live *in Incheon* and Woori closes it's Atm's at midnight every night!
So, I live next to an IBK and Shinhan. I've seen Shinhan all over Incheon but I've also heard KB bank is very popular and efficient for foreigners.
I would like to be able to do online banking so I can either transfer money home easily (cheapest) or better yet, pay my loans/ bills with my online bank account.
So which of these banks would give me that possibility?
Also, a bank that has wide availability is nice for when I'm traveling around Korea.
The last thing which I wasn't able to get at Woori bank for some reason was a debit card that lets me charge to my bank account. I could only use it for ATM's. I'd like a card that I can use here in korea and also in other countries.
So, what's in your wallet??[/b] |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Sun Jan 04, 2009 6:27 pm Post subject: |
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| KEB Bank offers all of these services and an international ATM card to boot. They have been good to me.... |
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lov2travel
Joined: 21 Oct 2008
Location: South Korea
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| Posted: Sun Jan 04, 2009 9:47 pm Post subject: |
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Alright, I've been told KB is #1. My only problem is that there are none within walking distance to my house.
I was told Shinhan is also good but does it offer all of these services as well? I've seen Shinhan and different offshoots of it in other places so I know it's widely available.
Anybody have info on Shinhan? |
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tefain
Joined: 19 Sep 2007
Location: Not too far out there
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| Posted: Sun Jan 04, 2009 10:05 pm Post subject: Re: Banking in Korea |
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| lov2travel wrote: |
| I currently belong to Woori bank but there are very few Woori's where I live *in Incheon* and Woori closes it's Atm's at midnight every night! |
Get used to that fact of life in Korea. Most all banks shut down their ATMs at midnight. The good news is some of the ones in convenience stores can still be used after midnight (though I've had mixed results with this). Make sure you make that cash run before midnight in K-land! |
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lov2travel
Joined: 21 Oct 2008
Location: South Korea
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| Posted: Sun Jan 04, 2009 10:14 pm Post subject: Re: Banking in Korea |
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quote]Get used to that fact of life in Korea. Most all banks shut down their ATMs at midnight. The good news is some of the ones in convenience stores can still be used after midnight (though I've had mixed results with this). Make sure you make that cash run before midnight in K-land![/quote]
Actually, I've noticed many a couple of banks *IBK for example* that have their atm section open all night. There are several other banks as well that I saw with atm's late at night on the weekend. However when I went to the Woori bank, it was locked up tight.
So, do you have any info about the other stuff? |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Mon Jan 05, 2009 4:21 am Post subject: |
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| lov2travel wrote: |
| Alright, I've been told KB is #1. My only problem is that there are none within walking distance to my house. |
Not KB .... KEB! They are different banks. |
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lov2travel
Joined: 21 Oct 2008
Location: South Korea
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| Posted: Mon Jan 05, 2009 5:06 pm Post subject: |
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Different Banks? I did not realize that.
I'm not sure where there is a KEB around here.
I think I'll have to go with Shinhan as it's the second highest recommended by colleagues and is just across the street from me |
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Juregen
Joined: 30 May 2006
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| Posted: Mon Jan 05, 2009 7:40 pm Post subject: |
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KB Kookmin Bank
KEB Korea Exchange Bank |
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tigercat
Joined: 10 Oct 2008
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| Posted: Mon Jan 05, 2009 11:33 pm Post subject: |
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I just came back from Nong Hyup and Shin Han. I HATE banking in Korea... it's absolutely my biggest pet peeve here.  |
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Xuanzang
Joined: 10 Apr 2007
Location: Sadang
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| Posted: Mon Jan 05, 2009 11:43 pm Post subject: |
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| tigercat wrote: |
| I just came back from Nong Hyup and Shin Han. I HATE banking in Korea... it's absolutely my biggest pet peeve here. |
Why what happened there? |
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tigercat
Joined: 10 Oct 2008
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| Posted: Tue Jan 06, 2009 1:36 am Post subject: |
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| Xuanzang wrote: |
| tigercat wrote: |
| I just came back from Nong Hyup and Shin Han. I HATE banking in Korea... it's absolutely my biggest pet peeve here. |
Why what happened there? |
It's been a long day of hearing conflicting stories about whether foreigners can/can't obtain international ATM cards. I even tried contacting the lady at Seoul Global Centre like other threads suggested... but it's just been a waste of time. I'd go to KEB Bank, but there isn't a branch in my town. 
I just don't understand why banks in Korea are so stupid. Like why can't I check my transaction history online during weekends and holidays? And why can't I transfer money online after 11:30pm? *sighhhh*
*counts down to vacation...* |
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Xuanzang
Joined: 10 Apr 2007
Location: Sadang
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| Posted: Tue Jan 06, 2009 1:45 am Post subject: |
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With KEB internet banking you can do all of those things. I cant speak for Hana or Woori or KB internet banking but KEB`s has been pretty decent for me. I dont like the nprotect internet security program garbage but it`S to be expected.
Try SC Standard Chartered. Allegedly I got an international bank card from them. I`ll see how it works end of next week when I go on vacation. Every city usually has at least one KEb branch. You must be out in the stick sticks huh? If you come to Seoul then just visit one in Myeongdong or Hongdae and sign up for an account and their internet banking. |
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tigercat
Joined: 10 Oct 2008
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| Posted: Tue Jan 06, 2009 1:50 am Post subject: |
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| Xuanzang wrote: |
With KEB internet banking you can do all of those things. I cant speak for Hana or Woori or KB internet banking but KEB`s has been pretty decent for me. I dont like the nprotect internet security program garbage but it`S to be expected.
Try SC Standard Chartered. Allegedly I got an international bank card from them. I`ll see how it works end of next week when I go on vacation. Every city usually has at least one KEb branch. You must be out in the stick sticks huh? If you come to Seoul then just visit one in Myeongdong or Hongdae and sign up for an account and their internet banking. |
Yeah... there's no SC in my town either. I'm not really out in the sticks, just in a small city. It seems to have every bank except for KEB and SC. 
I'll definitely head to KEB the next time I'm in Seoul! Sounds like it'll prevent another one of those self-loathing (why did I come to Korea???) days. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Tue Jan 06, 2009 2:16 am Post subject: |
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Banks cite non-existent law on expat cards
By Kim Soe-jung and Park Yeon-soo, JoongAng Daily (January 28, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2885625
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The difficulties foreigners living in Korea have obtaining international debit cards and local credit cards are a perpetual source of frustration for expatriates. While some banks even tell customers that "new" Ministry of Finance regulations prevent them from issuing international debit cards to foreigners, there are no such rules, according to a ministry official....
...,a public relations officer at Kookmin Bank, said, "If foreigners withdraw money with their ATM card overseas, we cannot control the limit. So our bank does not issue the card to foreigners."
But there is almost no consistency, even within the same bank.
A branch of Korea Exchange Bank in southern Seoul said that it does not issue the overseas card to foreigners. A branch of Shinhan Bank near City Hall said a foreigner has to wait for three months after opening an account to receive the card. But a Shinhan branch in Wonju, Gangwon said it can issue the card immediately.
A Woori Bank branch near City Hall said it issues the card to foreigners as soon as they open an account.
"The ministry gave us vague answers, saying each bank should set its own policy," said Hong Gang-ho, an official at the federation of banks.
Such random policies also apply to credit cards.
"I could not get a credit card from a bank where I had an account for years...." |
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Xuanzang
Joined: 10 Apr 2007
Location: Sadang
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| Posted: Tue Jan 06, 2009 2:24 am Post subject: |
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| Itaewon has English speaking reps but it`s always crowded as expected. I`ve heard KEB even has Saturday banking hours but I`m not sure if that`s true or not. Could be helpful to you friend. |
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