Korean Job Discussion Forums

winterfall · Joined: 21 May 2009

There's a lot of threads for this. But, I've got a weird problem. I just signed off with SMOE and came to Korea earlier than most. I have an F-4 Visa and already have my ARC card. I want to get everything settled before orientation. I'm just anal, one of those do it now types.

I don't speak Korean. And the Branch English Speakers aren't really English Speakers.

I've got a few questions:

1. Can I open my bank account now? Or should I wait to find out my School's preferred bank?

2. KEB looks like the best for sending remittances. But they don't have too many branches. Is it worth it to open 2 Korean accounts. One for Korean expenses and the other for wiring money home?

3. My home bank doesn't charge fees for an incoming, international transfer that is in USD. Are there more fees for setting up a multi-currency account? Is it worth it?

Auslegung · Joined: 14 Jan 2009 Location: MB, SC

Personally, I would wait to find out my school's bank of choice. I wouldn't want to have to open an account, then have to open another. As to if it's worth it or not, idk what your definition of "worth it" is, but it isn't for me.

Sometimes the school will tell you where to go to open an account because everyone uses that bank, and so they'll only deposit your money into that account. If you have an account opened already at the "wrong" bank, you may have to open another account.

When I transfer money back I can do it through the ATM. When it asks for what I want to transfer it asks how much USD I want, not Won. This makes me think the currency enters my American bank as USD, though I may be wrong.

The fees for Shinhan Bank is W8,000 for a transfer. Then, I think they charge W5,000 for 0-1 mil, W10,000 for 1 mil-2 mil, etc, but I'm not 100% sure about that breakdown. I have Bank of America and I think they charge $20 or less, something like that. When I was moving here I was under the impression it'd cost like $100 to transfer money, and I was pleasantly surprised.

winterfall · Joined: 21 May 2009

Thanks. Do all the Korean banks let you do international wire transfers online?

If the exchange rate is bad, when I leave Korea. I'm gonna leave my account open.

Auslegung · Joined: 14 Jan 2009 Location: MB, SC

I don't do any banking online so idk. I just do it through the ATM. The exchange rate has gotten steady since March and has actually slowly slowly climbed up. Some forecasters are calling for the same trend, just a very slow climb. If that happens then you may make a few extra bucks by waiting a few months, but nothing significant. Of course, they could be wrong.

winterfall · Joined: 21 May 2009

I don't mind leaving it open for a few years. If the exchange rate ever gets back down to under 1000 Won per dollar

licorice · Joined: 13 Mar 2009 Location: Seoul

I have 2 bank accounts here.

At orientation, reps from Hana Bank were there offering to set up an account, but I waited until after I got to my school because I wanted to use a bank that was close to my school and apartment, so I opened a Woori account. So far I've been pleased and I pay all my bills through internet banking, just make sure you school helps you set it up initially.

I also opened a KEB account to wire money home because when I went to my Woori bank, they didn't seem to know what to do with me and no one spoke any English. I opened an account at the KEB Itaewon Branch and set up internet banking and internet wire transfers. They have people at the Itaewon who speak English really well and have no problems answering any questions I have and their help number also has really good English speakers.

Now that I'm leaving and I'm planning on closing my Woori account but leaving my KEB account open so I can collect my lump sum pension refund and wire transferring it over at a later date.

Hope this helps!

wakingup · Joined: 20 May 2009

I have two bank accounts, too. The one with my school (the only one they'll put money in) and a KEB account I use to send money home. KEB is just much friendlier and easier for sending money, in my opinion.

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

Woori has English online service, but I hate their anti-foreigner rules on ATM cards that can't be used overseas.

big_fella1 · Joined: 08 Dec 2005

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

big_fella1 · Joined: 08 Dec 2005

oldtactics · Joined: 18 Oct 2008

Is there a particular reason why you don't want to do internet banking? My normal account and my remittance account are through KEB and I do everything online. The number of branches is irrelevant, I haven't been back to the brick and mortar bank since I signed up 6 months ago.

brainfreeze · Joined: 04 Jul 2009

Mysteriousapien · Joined: 14 Jun 2009

Anybody here have a HANA bank account? I have that account right now and I'm trying to find a location but their website is written in Korean.

ThingsComeAround · Joined: 07 Nov 2008

to the OP
You may open a bank acc w/ your ARC or passport. The ARC is recommended.
School's preferred bank? If they have one, you may still use your own bank for whatever.
Since you have an F-4 visa, you are already half way there to getting an international debit card. They give less crap to F-4 visa holders than they do E-2, E-1, non-gyopo visa holders.
I've never sent money home using KEB as of yet, however setting up differing acc for one bank acc and another at home was very easy. At KB it was like pulling my fingernails out with a pair of pliers.
Your home bank MAY still charge you. Double check.