Korean Job Discussion Forums

Ronnie555 · Joined: 15 Jan 2010

just curious is there any advantage to doing this? I have a small local bank here in America, but I'm thinking of switching to Citi Bank cause they have branches in Korea too. I'll talk to both banks obiously and see what advantages,if any, this would provide me. But I figured I'd ask here too.

sarbonn · Joined: 14 Oct 2008 Location: Michigan

No advantage because they're not linked to each other. At least that's what they told me when I went into a Korean branch, inquiring about the same thing you are, thinking that the same name would mean they were linked together.

Someone might correct me on this, but this is what I discovered by asking a Citibank in Korea while I was there last year.

jvalmer · Joined: 06 Jun 2003

General rule, banks don't link accounts in different countries. Although some banks may make it easier transferring money from one bank account from one country to another.

Ronnie555 · Joined: 15 Jan 2010

aww that sucks. I had fantasies about having an awesome international account and being able to travel all over the place with 1 bank, etc

Back to reality for me I guess. I'll go into CITI tomorrow to ask but I suspect you guys are right.

Kikomom · Posted: Thu Jan 21, 2010 7:27 pm Post subject:

Ronnie, if you find that Citi does do international transfer from a Korean Citi bank account, ask them about web banking. Don't bother closing your hometown account, Get ALL your accounts set up online, and you'll be able to set up bill pay (for student loads) and make bank to bank transfers. Possibly without paying the outrageous wire fees.

Get their ATM debit cards too, which you can use as credit cards overseas, only having it deducted from your balance. Then with web banking you can keep track of your account balances online.

SeoulMan99 · Joined: 02 Aug 2009 Location: Seoul

I spoke with Citi just this week about this very thing and they told me I would have to open a new account in Korea. I'd keep the one in the states open as well. If there are any transfer fees, I would think they would be less between Citi -> Citi than from Citi ->whatever bank.

Ronnie555 · Joined: 15 Jan 2010

thanks for the responses guys. I know that no banks do accounts across countries. Like no american account will ever work in Korea, I know I'll have to open a Korean account.

Was just hoping that it would be easier and less fees if I did it with the same bank. I'm not sure of that at this point though, it might not even matter. The Citi bank here might be so seperate from the one in Korea that it would be the same as any bank in Korea.

my local bank said the fee for wiring money is 40 USD aproximately. I'll ask Citi tomorrow, if it's less than I'll switch my accounts

spyro25 · Joined: 23 Nov 2004

UKfag here,

citi only has two branches in central london (i'm in cambridge now) - so its a no go.

Kikomom · Posted: Fri Jan 22, 2010 6:04 am Post subject:

Kikomom · Posted: Fri Jan 22, 2010 6:04 am Post subject:

...dbl post

Ronnie555 · Joined: 15 Jan 2010

Kikomom · Posted: Fri Jan 22, 2010 6:16 am Post subject:

Ronnie, don't switch accounts. Just open a new one with Citi if you deem it advantageous. Keep your old account, get it online, and get an ATM card for it for times when you may need to use an ATM that will charge you to use the Citi account (like when you're back home visiting). You can always transfer bank-to-bank with web bank functions to keep a checking or savings account growing.

Keep those accounts in good standing and you can use them for future credit references. I've had the same hometown bank for over 30 years, been banking online for over ten, and paying bills online for 8 or 9 years now. The savings in stamps and writing out checks alone is worth it.

It's good that you are asking these questions. Dealing with (home side) financial matters is something everyone should have figured out before taking off for a year overseas. Make the banks work for you.