Korean Job Discussion Forums

[Majeh]

I'm dissatisfied with IBK's English language website and my numerous attempts to get a transfer PIN, so I'm planning to close my account with IBK and open a new account at another bank.

However, I have heard that foreigners in Korea can only designate one bank to remit money aboard. Does that rule apply during the duration of one's employment contract or for one calendar year (1 Jan - 31 Dec)?

[conbon78]

I agree with you. I changed my bank to Shinhan. I have to wait until March before I can send money from there though. So its one calendar year from the date that you first sent money.

[Poemer]

While it is true that you can only have one bank designated for wiring money abroad, it was my experience that all it took was a phone call from my new bank to my old bank, faxing a signed form to the old bank, and then setting up wire transfers with the new bank. 20-30 minutes total.

[skofe]

Im curious about this whole thing because I'll be sending money home every month.
How does this work. I know Im getting paid on the 10th of every month, thats all I know. Do they set me up with a Korean bank, and does that bank arrange to transfer the funds?
Act like Im a newbie at this and explain it if you could please