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ektan
Joined: 18 Aug 2009
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 Posted: Wed Aug 26, 2009 11:43 pm Post subject: Opening Bank Account in Seoul when not domiciled there |
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Hi all,
I am going to Seoul for a couple of months for studies next year so am looking to open a bank account there.
The thing is, I am going on a short trip there this year and would like to open it while on this trip instead of doing it only next year. Would like to deposit some won in there first instead of bringing a wad of cash next year. So I am wondering:
1) Would the bank allow me to? Because I am not "residing" in Korea yet.
2) Which bank would you guys recommend? Checked out the other thread on banking and found a myriad of opinions. With limited Korean, would like to find one where there's an English speaker and ATM card that I can use overseas.
3) What is needed to open a bank account?
4) Are there terms that one should particularly take note of?
Thank you sooooo much!!! It's been troubling me for a while :S |
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CA-NA-DA-ABC
Joined: 20 Jun 2006
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| Posted: Wed Aug 26, 2009 11:48 pm Post subject: Re: Opening Bank Account in Seoul when not domiciled there |
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| ektan wrote: |
Hi all,
I am going to Seoul for a couple of months for studies next year so am looking to open a bank account there.
The thing is, I am going on a short trip there this year and would like to open it while on this trip instead of doing it only next year. Would like to deposit some won in there first instead of bringing a wad of cash next year. So I am wondering:
1) Would the bank allow me to? Because I am not "residing" in Korea yet.
2) Which bank would you guys recommend? Checked out the other thread on banking and found a myriad of opinions. With limited Korean, would like to find one where there's an English speaker and ATM card that I can use overseas.
3) What is needed to open a bank account?
4) Are there terms that one should particularly take note of?
Thank you sooooo much!!! It's been troubling me for a while :S |
1) really depends from branch to branch, but I personally know someone who opened a bank account with only a passport at Nonghyup. The branches of Shinhan, KB and Woori that I visited all asked me for registration.
2) Again this is more of a branch issue. Branches in Itaewon are your best bet, and I would try KEB first.
3) Passport and ARC.
4) Not really. |
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ektan
Joined: 18 Aug 2009
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| Posted: Thu Aug 27, 2009 12:16 am Post subject: Re: Opening Bank Account in Seoul when not domiciled there |
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| CA-NA-DA-ABC wrote: |
| ektan wrote: |
Hi all,
I am going to Seoul for a couple of months for studies next year so am looking to open a bank account there.
The thing is, I am going on a short trip there this year and would like to open it while on this trip instead of doing it only next year. Would like to deposit some won in there first instead of bringing a wad of cash next year. So I am wondering:
1) Would the bank allow me to? Because I am not "residing" in Korea yet.
2) Which bank would you guys recommend? Checked out the other thread on banking and found a myriad of opinions. With limited Korean, would like to find one where there's an English speaker and ATM card that I can use overseas.
3) What is needed to open a bank account?
4) Are there terms that one should particularly take note of?
Thank you sooooo much!!! It's been troubling me for a while :S |
1) really depends from branch to branch, but I personally know someone who opened a bank account with only a passport at Nonghyup. The branches of Shinhan, KB and Woori that I visited all asked me for registration.
2) Again this is more of a branch issue. Branches in Itaewon are your best bet, and I would try KEB first.
3) Passport and ARC.
4) Not really. |
Hmmm sorry..what is ARC? |
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CA-NA-DA-ABC
Joined: 20 Jun 2006
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| Posted: Thu Aug 27, 2009 12:17 am Post subject: |
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littlelisa
Joined: 12 Jun 2007
Location: Seoul
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| Posted: Thu Aug 27, 2009 1:01 am Post subject: |
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| I've opened bank accounts with only a passport. I think it depends on what branch you go to. |
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ektan
Joined: 18 Aug 2009
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| Posted: Thu Aug 27, 2009 1:04 am Post subject: |
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| littlelisa wrote: |
| I've opened bank accounts with only a passport. I think it depends on what branch you go to. |
Hi there, can you advise which bank and branch? I am still quite clueless with regards to locations so details would be dearly appreciated.
Thank you so much! |
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Carla
Joined: 21 Nov 2008
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| Posted: Thu Aug 27, 2009 5:12 am Post subject: |
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| ektan wrote: |
| littlelisa wrote: |
| I've opened bank accounts with only a passport. I think it depends on what branch you go to. |
Hi there, can you advise which bank and branch? I am still quite clueless with regards to locations so details would be dearly appreciated.
Thank you so much! |
You can open it with a passport only. Whatever ID you open it with is usually the one you have to show to access your account. I've heard of people who open them with passports, but then couldn't use their ARC as proof of ID, so they would have to drag their passport to the bank everytime. If you were actually staying in Korea, it would be your best interest to open it with your ARC, but you aren't so no worries. Just use your passport. |
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ektan
Joined: 18 Aug 2009
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| Posted: Fri Aug 28, 2009 2:31 am Post subject: |
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| Carla wrote: |
| ektan wrote: |
| littlelisa wrote: |
| I've opened bank accounts with only a passport. I think it depends on what branch you go to. |
Hi there, can you advise which bank and branch? I am still quite clueless with regards to locations so details would be dearly appreciated.
Thank you so much! |
You can open it with a passport only. Whatever ID you open it with is usually the one you have to show to access your account. I've heard of people who open them with passports, but then couldn't use their ARC as proof of ID, so they would have to drag their passport to the bank everytime. If you were actually staying in Korea, it would be your best interest to open it with your ARC, but you aren't so no worries. Just use your passport. |
Oh that's great...is there any bank/branch you would recommend?  |
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littlelisa
Joined: 12 Jun 2007
Location: Seoul
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| Posted: Fri Aug 28, 2009 9:09 am Post subject: |
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| Pick one close to where you'll be staying, if it doesn't work, try another. I'd suggest trying one of the bigger banks, or KEB. KEB is the most foreigner-friendly one, but there are fewer of them around. |
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madoka
Joined: 27 Mar 2008
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| Posted: Fri Aug 28, 2009 11:27 am Post subject: Re: Opening Bank Account in Seoul when not domiciled there |
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| CA-NA-DA-ABC wrote: |
2) Again this is more of a branch issue. Branches in Itaewon are your best bet, and I would try KEB first.
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I tried doing the exact same thing OP wanted to do earlier this year, and I can tell you it's a no-go at the KEB Itaewon branch. I own a vacation home in Seoul and wanted to drop off about $1500 I had left over from my last trip. I first tried the Itaewon branch figuring it would be the most foreigner-friendly. Not only did they not speak much English, they kept refusing to open an account based off my passport alone even though I own a place in Korea. Finally the bank manager told me that they have problems with money laundering from Americans so they can't open an account for me. I protested that $1500 was a pretty trivial amount, but he refused to budge. I ended up having to drag a native Korean I knew to vouch for me. Only then did they open an account for me.
From everything I've read, it's really hit-or-miss depending on the bank staff. |
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