Korean Job Discussion Forums

[Darkeru]

From what I've heard, KEB is the bank of choice for foreigners, but I'm wondering what do I need to set up an account?

Will I need a Korean-speaking friend, or are there English speakers? Will I need my passport only or also an ARC? Will I need an address where I live or can I set it up before I move into the apartment? Anything else?

[oldtactics]

It's much easier with a Korean friend, but you don't NEED one. Bring your ARC & your passport. If you don't have an address, they can mail your paperwork to your school or to whatever other address you want to give them.

You CAN open a KEB account with only a passport, but it's limited and (as far as I was told) you can't get a debit card or do internet banking until your ARC is attached to the account.

If you want to open a transfer account to send money to an account back home, you'll need to bring all the information for that as well, including the bank address. There's information about that on the KEB website. I did everything in one visit, including setting up internet banking, and the only time I've gone back to the bank since then is to drop off change.

[Daniel1981]

Has anyone done any financial trading via a korean bank? Stocks, futures, etc?

[AHawk843]

So KEB is the best to go with?

[Kissmykimchi]

I second the KEB option!

http://kissmykimchi.com/2009/04/korean-banking-made-easy.html

[Reappropriated]

If you do not have a Korean speaking friend some KEB branches have people that speak passable English that can help. If you can go to the Itaewon branch there are people that speak English fluently and can set up the account for you with no problem.

I also agree that KEB is the best if you live close to a branch. Their internet banking works really well and if you get the expat account your bankbook will be in English.

[br1027]

[crossmr]

[oldtactics]

[shostahoosier]

I love KEB bank!

My branch has a guy who speaks fluent English. I think a lot of branches do as well (if you're near Seoul). If you call the bank's English line, they can refer you to your nearest branch that has an English speaker.

Also KEB has weekend hours at some locations which is really helpful. (keep in mind they cant do certain transactions on the weekend or after business hours).

I dont know about everyone else, but I think the address on your ARC will either be your home address or your school address (my ARC has my school's address)...so KEB can probably use that to mail you stuff, though I dont know how much they mail you. Learn your home address anyway though.

Try to set up all of your financial business on the first trip though as it can be a pain to come back to the bank during the school year if your school isnt lenient about you doing official business.

I had to specifically ask for an international ATM card, internet banking access, and I needed to give them all of my foreign banks' SWIFT info...and this was on my second trip because despite me saying it the first time there "must have been a misunderstanding". Take it all with you on the first trip, double verify it, and save yourself a lot of headaches!

[blackjack]

The woori in Beomgye is also excellent if you happen to live in the area

[djsmnc]

I never use KEB just to spite foreigners who can't comfortably communicate with the tellers at other banks. I get great deals and rates too! Ah, well, I do go to my lady friend at the Incheon airport KEB. She cuts me deals on exchange. No lie, folks! You just have to know people like uncle Mortimer used to tell me before saying "Nyah, here's ta' you kid" and making that click sound with a