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nyenglish
Joined: 16 Jun 2009
Location: the small peninsula
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 Posted: Mon Jun 29, 2009 3:40 am Post subject: ARC necessary to open a bank account? |
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| Can I use my passport? I've heard mixed reviews...anyone open an account without an ARC? |
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Straphanger
Joined: 09 Oct 2008
Location: Chilgok, Korea
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| Posted: Mon Jun 29, 2009 3:53 am Post subject: Re: ARC necessary to open a bank account? |
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| nyenglish wrote: |
| Can I use my passport? I've heard mixed reviews...anyone open an account without an ARC? |
I did, but after I got my ARC I had to go back and get my account linked to my ARC number so I can use either for identification. |
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Michael_75
Joined: 13 Oct 2008
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| Posted: Mon Jun 29, 2009 4:40 am Post subject: |
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| I opened an account with Kookmin with just my passport. They never asked for anything else and this was nearly a year ago. Think it differs from bank to bank, if I remember correctly I went to Kookmin as they were one of the only ones where it was possible. |
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PatrickBateman
Joined: 08 Jun 2009
Location: American Gardens Building, West 81st Street
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| Posted: Mon Jun 29, 2009 4:44 am Post subject: |
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| Yeah, my Hagwon set me up. |
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ppcg4
Joined: 16 Oct 2008
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| Posted: Mon Jun 29, 2009 8:12 am Post subject: |
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| I opened one at Shinhan without an ARC, just my passport. It was the branch in Apgujeong near exit 3, close to the 711. |
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Shaunad
Joined: 25 Jun 2009
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| Posted: Mon Jun 29, 2009 8:38 am Post subject: |
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| this is going to sound a silly question but whats an ARC? |
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chris_J2
Joined: 17 Apr 2006
Location: From Brisbane, Au.
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| Posted: Mon Jun 29, 2009 8:41 am Post subject: ARC |
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CeleryMan
Joined: 12 Apr 2007
Location: Seoul
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| Posted: Mon Jun 29, 2009 4:44 pm Post subject: |
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| The purpose of an ARC when opening an account is to officially log you into the National database. In the event you should qualify for a credit card and subsequently skip town on the balance owed, Korean Immigration will have your ass (no homo) should you re-enter S. Korea at a future date. |
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Geckoman
Joined: 07 Jun 2007
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| Posted: Mon Jun 29, 2009 6:43 pm Post subject: Re: ARC necessary to open a bank account? |
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| nyenglish wrote: |
| Can I use my passport? I've heard mixed reviews...anyone open an account without an ARC? |
A passport will do. No ARC required. I opened my bank account with just a passport and no ARC.
If an ARC was required that would be pretty dumb. ARC is only for residents of Korea. So if a bank limited accounts to only residents of Korea, they could not get money from overseas investors.
Imagine if the US or Switzerland or Singapore only allowed residents to open up bank accounts. Then they wouldn't be the "safe haven" they are today for foreigners' money.
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CeleryMan
Joined: 12 Apr 2007
Location: Seoul
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| Posted: Mon Jun 29, 2009 7:39 pm Post subject: Re: ARC necessary to open a bank account? |
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| Geckoman wrote: |
| nyenglish wrote: |
| Can I use my passport? I've heard mixed reviews...anyone open an account without an ARC? |
A passport will do. No ARC required. I opened my bank account with just a passport and no ARC.
If an ARC was required that would be pretty dumb. ARC is only for residents of Korea. So if a bank limited accounts to only residents of Korea, they could not get money from overseas investors.
Imagine if the US or Switzerland or Singapore only allowed residents to open up bank accounts. Then they wouldn't be the "safe haven" they are today for foreigners' money.
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"Dumb," counter intuitive, proprietary, unnecessarily going against the grain aka global banking standards.....
this is Korean consumer banking in a nutshell |
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madoka
Joined: 27 Mar 2008
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| Posted: Mon Jun 29, 2009 7:58 pm Post subject: |
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| KEB Itaewon absolutely refused to let me open an account with just my passport. I specifically went there thinking that they would be able to speak English since that particular branch is advertised as an English language friendly branch. All I wanted to do was open up a savings account so I wouldn't have to carry so much cash on me. When pressed, they told me in broken English that they have trouble with money laundering with foreigners. Eventually I had to have a Korean vouch for me before they would open an account. |
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Misera
Joined: 12 Oct 2008
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| Posted: Mon Jun 29, 2009 8:58 pm Post subject: |
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| madoka wrote: |
| KEB Itaewon absolutely refused to let me open an account with just my passport. I specifically went there thinking that they would be able to speak English since that particular branch is advertised as an English language friendly branch. All I wanted to do was open up a savings account so I wouldn't have to carry so much cash on me. When pressed, they told me in broken English that they have trouble with money laundering with foreigners. Eventually I had to have a Korean vouch for me before they would open an account. |
Dunno if it's a general KEB thing, but mine asked for my ARC. They made a copy of the passport and ARC. Everytime I need to do anything different to my account, I always show my ARC and passport~ |
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nyenglish
Joined: 16 Jun 2009
Location: the small peninsula
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| Posted: Tue Jun 30, 2009 5:24 am Post subject: |
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| very helpful...thanks all |
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Geckoman
Joined: 07 Jun 2007
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| Posted: Wed Jul 01, 2009 7:11 pm Post subject: |
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| I used KB bank and they did not require an ARC only my passport. |
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