Korean Job Discussion Forums

[.res.ipsa.loquitor]

Hi, just sorting out some last-minute details in preparation for the commencement of my job in Korea (just outside Seoul) next week.

I have a MasterCard from Capital One in Canada that I'm planning to use mainly for emergencies, though I may purchase a laptop shortly after arrival. Though with the trouble people seem to have in obtaining a simple debit card, it may be used a lot more than that.

How bad are North American credit card exchange rates? Do they hit you with foreign transaction fees besides the rate itself? Am I insane to consider using one for day-to-day purchases?

I'd be interested in hearing from anyone who has used non-Korean credit cards in-country. Please be sure to mention the provider, type of card, and the country where it was issued.

[sugarloaf82]

You should call your credit card company and inform them that you'll be living abroad so they don't put a block on your account if they see you've been using it in another country, and at the same time just ask if there are any foreign transaction fees.

I have two US credit cards here, a USBank Visa and a CapitalOne Visa. My USBank Visa charges a 3% foreign transaction fee, but it has a good miles program, and my CapitalOne doesn't charge anything. They definitely came in handy during my first month here purchasing stuff for my apartment, etc. When I've checked my credit card statements online the exchange rate I've been given for my purchases has been pretty much exactly the same as that day's exchange rate.

[losing_touch]

You should probably check with Capital One. I have an American Capital One card that I have used from time to time here in Korea. They charge me no fees and no spread for the foreign currency transaction. My Bank of America card is a whole different story though.

[Missihippi]

My american Debit card (with a visa logo on it) that's attached to my checking account in the states charges $.07 per transaction for international purchases. My Citibank card (USA) is a mastercard and there is no fee for international uses.

Making payments on the credit card is the killer, because you have to send money to your respective countries' bank account at this aweful exchange rate.

[.res.ipsa.loquitor]

But Missihippi, if you avoid the interest by paying back what you spend before your grace period expires, you're not loosing any money - unless the WON drops against the CAD/USD.

For the vast majority of us who are getting paid monthly with so few expenses, getting the bill paid before the interest kicks in should be easy.

Now, when you're paying back interest accrued in your home currency with Korean won, then you're probably getting nailed.

Is my logic wrong here?

[No_hite_pls]

Chase charges 3%.

[NSMatt]

[.res.ipsa.loquitor]

---

[.res.ipsa.loquitor]

Ok, Matt, now I understand. If you simply spent your WON in Korea rather than using a North American credit card, you could avoid having to send money home - in the HOPE of a better exchange rate in the future. Gotcha.

I'm also interested to hear whether it's possible to apply for a Korean Visa/Mastercard. I think a Korean card that you could pay online through your Korean bank account would be the perfect solution.

[kasain]

Ok, for those who say it is hard to open a checking account and get a debit/check card here is my experaince.

It is easy to open an account and get an ATM card. I currently have three accounts oen with different banks here.

Now getting a debit/check card seems to be a problem for some people. It was for me for over a year. I do think the biggest problem though was due to communication. I kept asking for a debit card and would show them my debit/check card with mastercard/visa logos on them. They in turn kept thinking i wanted a credit card.

I learned ask for a CHECK card. They in turn will give you a Meastro card debit card. This is only good in Korea to my knowledge from what the bankers have told me in the bank and the fact i did try to use in USA over phone and register it on paypal and it wouldnt work.

I have Nohong, KB bank and Dague bank cards.

Now as for the credit cards you can get one at these banks but only as a secured credit card. If you give them 1,000,000+ won they will give you a visa/mastercard. This card is good internationaly, and can be paid through your checking account or just deducted as it is secured.

This saves you 15-30k won sending money home. And the fact the won keeps going down every week, making us purchases more and more. It seems to make it easier to keep track of your money.

You can also use the credit card to pay student loans while abroad.

Well thats my experaince.

[kasain]

double post

[kasain]

Ok, for those who say it is hard to open a checking account and get a debit/check card here is my experaince.

It is easy to open an account and get an ATM card. I currently have three accounts oen with different banks here.

Now getting a debit/check card seems to be a problem for some people. It was for me for over a year. I do think the biggest problem though was due to communication. I kept asking for a debit card and would show them my debit/check card with mastercard/visa logos on them. They in turn kept thinking i wanted a credit card.

I learned ask for a CHECK card. They in turn will give you a Meastro card debit card. This is only good in Korea to my knowledge from what the bankers have told me in the bank and the fact i did try to use in USA over phone and register it on paypal and it wouldnt work.

I have Nohong, KB bank and Dague bank cards.

Now as for the credit cards you can get one at these banks but only as a secured credit card. If you give them 1,000,000+ won they will give you a visa/mastercard. This card is good internationaly, and can be paid through your checking account or just deducted as it is secured.

This saves you 15-30k won sending money home. And the fact the won keeps going down every week, making us purchases more and more. It seems to make it easier to keep track of your money.

You can also use the credit card to pay student loans while abroad.

Well thats my experaince.

[kasain]

Ok, for those who say it is hard to open a checking account and get a debit/check card here is my experaince.

It is easy to open an account and get an ATM card. I currently have three accounts oen with different banks here.

Now getting a debit/check card seems to be a problem for some people. It was for me for over a year. I do think the biggest problem though was due to communication. I kept asking for a debit card and would show them my debit/check card with mastercard/visa logos on them. They in turn kept thinking i wanted a credit card.

I learned ask for a CHECK card. They in turn will give you a Meastro card debit card. This is only good in Korea to my knowledge from what the bankers have told me in the bank and the fact i did try to use in USA over phone and register it on paypal and it wouldnt work.

I have Nohong, KB bank and Dague bank cards.

Now as for the credit cards you can get one at these banks but only as a secured credit card. If you give them 1,000,000+ won they will give you a visa/mastercard. This card is good internationaly, and can be paid through your checking account or just deducted as it is secured.

This saves you 15-30k won sending money home. And the fact the won keeps going down every week, making us purchases more and more. It seems to make it easier to keep track of your money.

You can also use the credit card to pay student loans while abroad.

Well thats my experaince.