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theevilgenius
Joined: 10 Sep 2010
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 Posted: Tue Sep 21, 2010 6:36 am Post subject: Banking question!! |
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| Hey I am wondering what's the situation with setting up a bank account in Daegu, how did you all do it? Will I just get paid a cheque every month and have to lodge it into an account or will the hagwon owner set up the account and pay it into it every month? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Sep 21, 2010 7:01 am Post subject: Re: Banking question!! |
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| theevilgenius wrote: |
| Hey I am wondering what's the situation with setting up a bank account in Daegu, how did you all do it? Will I just get paid a cheque every month and have to lodge it into an account or will the hagwon owner set up the account and pay it into it every month? |
Are you here yet?
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Oliver
Joined: 19 Apr 2008
Location: Seoul, Korea
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| Posted: Tue Sep 21, 2010 7:18 am Post subject: Re: Banking question!! |
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| theevilgenius wrote: |
| Hey I am wondering what's the situation with setting up a bank account in Daegu, how did you all do it? Will I just get paid a cheque every month and have to lodge it into an account or will the hagwon owner set up the account and pay it into it every month? |
Setting up an account in Daegu is the same as setting up a bank account in any other town or city.
Your director will take you to the bank. You'll need your passport and most likely your ARC. After filling out some paperwork you'll have an account which the school will transfer your monthly salary to.
If you have a choice go with KEB and get a regular checking account and a transfer account to send money home from. You'll need details of your home bank account for that.
You'll ideally want to go with a bank where you can get a check card as carrying loads of won around can get annoying. |
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theevilgenius
Joined: 10 Sep 2010
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| Posted: Tue Sep 21, 2010 7:27 am Post subject: |
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| no, won't be there for another month or two! |
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sirius black
Joined: 04 Jun 2010
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| Posted: Tue Sep 21, 2010 2:21 pm Post subject: |
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My bank coincidentally is Daegu Bank. My director brought me there and set up the account. I get paid in cash so I don't have it deposited automatically but it can be if your school pays you that way. They also can wire money back home if you wish.
A word of advice though. If you plan on traveling outside the country, make sure they code your ATM card for withdrawals outside Korea. The mastercard/maestro logo on the back is what symbol youu have to look for in foreign ATMs.
My bank doesn't offer Western Union but I also have an account at KB bank and they have WU as well as wire transfers to my bank in the U.S.
However, they told me they either can't or won't provide me with access to monies outside Korea. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Sep 21, 2010 5:12 pm Post subject: |
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| theevilgenius wrote: |
| no, won't be there for another month or two! |
Basically it is the same as home (except that there are no "personal checking" accounts. Everything is passbook with ATM cards and/or check cards.
As described above, sometime in your 1st month, your director (or someone who can act as your translator) will take you to a bank to open your account. It will have LIMITED access (no ATM or internet banking) until you get your ARC.
Your pay will be direct deposited into your account on payday.
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theevilgenius
Joined: 10 Sep 2010
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| Posted: Wed Sep 22, 2010 6:54 am Post subject: |
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| Thanks for the replies also am wondering will my Maestro card work in the ATMs? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Sep 22, 2010 9:38 am Post subject: |
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| theevilgenius wrote: |
| Thanks for the replies also am wondering will my Maestro card work in the ATMs? |
It will work in a few machines (the international ones). It won't work in most of them (domestic network only).
Also you should be aware that the service charges for use of an "international" ATM card can be as high as $5 per transaction from YOUR bank + 1200-2000 won from the Korean bank (or machine company).
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