Korean Job Discussion Forums

[sjane1234]

I am going to Seoul in 3 weeks to teach english - I am wondering about banks over there, is it difficult to open a bank account?
Which bank is the best to open a current account?
What document will I need?

[polonius]

I hear Standard Charter, especially the one in Itaewon is very foreign friendly, as is KEB. Your school might ask you to open a specific account, as they could do direct deposits, and if you have the same branch as they deal with, it simplifies things for them.

All you need is a passport to open an account. However, if you then choose to purchase a cell phone, you will have to give your bank information and ARC number. So, once you get your ARC, you need to go to the bank and have them change the document from your passport number to your ARC number.

I think SC allows for international internet money transfers. Or at least international transfers through the bank machine. I hate have to go to a teller and transfer money. Often they try to make me give them my passport, and try to stamp the amount transferred in it. I tell them no, they are not putting anything in my passport, only immigration official can.

[Real Reality]

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

[Kikomom]

Remember to have your financial affairs in order before you leave too.

Setting up internet banking at your home bank is wise so that you can do bill paying online, and watch your balances, especially when transferring/remitting money--you can see it in real time and never have to open a bank statement again. The bank you choose may have various ways to get money back home, from wire services to web bank transactions, to ATM overseas remittance options. But you need a way to check that the transfer made it there; that's where web banking comes in.

Bring the routing/account numbers with you when you set up your K-banking services.