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thbsp
Joined: 06 Dec 2008
Location: canada
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 Posted: Thu Sep 16, 2010 4:22 am Post subject: starting a korean savings accounts |
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what recommendations do people have regarding savings accounts or *low* risk investments in korea? is there something available that is set up to work for foreigners just as well as locals?
background: i've got some money saved up that i probably won't be needing for a while, enough to start a savings account or something similar for it. i'd like to have the money in korea to avoid dealing with exchange rates (and because it's better for the local economy), but my experiences with the nonghyup banking system have left me wary. their internet banking is garbage and breaks regularly, which isn't much good for me if i do need to leave the country for some reason. |
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BoholDiver
Joined: 03 Oct 2009
Location: Canada
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| Posted: Thu Sep 16, 2010 5:08 am Post subject: |
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I am doing a few right now. Short and long term.
Short: I pay 1,630,000 a month. After 1 year, I get 20,200,000. I gain about 600,000 in interest.
Long: I pay 203,000 a month for15 years. At te end I get 50 million. A net gain of 14,000,000 or so.
Both are no-risk investments. |
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mm
Joined: 01 Jul 2010
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| Posted: Thu Sep 16, 2010 5:35 am Post subject: |
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| I know nothing about investing, so excuse my question if it is stupid, but on both your plans, what happens if you pull out early? |
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thbsp
Joined: 06 Dec 2008
Location: canada
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| Posted: Thu Sep 16, 2010 5:58 am Post subject: |
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| mm wrote: |
| I know nothing about investing, so excuse my question if it is stupid, but on both your plans, what happens if you pull out early? |
well, that's the point. i might need to suddenly go back home and make use of that money i've saved, and my experience with nonghyup has told me that i might not be able to do that from overseas. (any non-routine action i've had to do by physically entering a bank branch and filling in paperwork.)
with a normal savings approach, either the money is locked away for a set time, such as with a savings bond (not what i want), or there's a penalty for early withdrawal (usually rate of return that's lower than what you would have gotten if you completed the minimum term (not what i want either). i want to find something that allows me to add money or remove money without too many limitations, and i'm willing to take a lower rate of return in exchange for that flexibility. |
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rowdie3
Joined: 22 Sep 2003
Location: Itaewon, Seoul
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| Posted: Thu Sep 16, 2010 9:28 pm Post subject: |
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I opened an 18 month investment at KEB bank. Basically, whatever I put in it gets 3.2% interest per year (prorated for part of year) at the end. I put between 500,000 and 1.5 in it per month depending on how the poker tables treat me  . I am allowed two withdrawels in that term (good for emergencies). If I withdraw a third time the whole thing is cancelled and the balance moved to my regular account. Took about 20minutes to set up at the Itaewon branch. |
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mm
Joined: 01 Jul 2010
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| Posted: Thu Sep 16, 2010 9:58 pm Post subject: |
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| Thanks Rowdie, I think I am going to visit KEB and ask for my options. I don't like the idea of money being locked away and difficult to withdraw if anything happens. |
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thbsp
Joined: 06 Dec 2008
Location: canada
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| Posted: Thu Sep 16, 2010 10:30 pm Post subject: |
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| 3.2% isn't a great rate of return, but i'm looking for something longer term to i could likely get a better rate. also, something indefinite would be nice, like a regular savings account. it's hard to know how long i'll be here. |
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rowdie3
Joined: 22 Sep 2003
Location: Itaewon, Seoul
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| Posted: Thu Sep 16, 2010 10:39 pm Post subject: |
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They can do that too.
My Dad works in a bank in Canada. He said 3.2 would have been bad pre-recession but is actually decent for these days. |
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Paladin Brewer
Joined: 25 Dec 2009
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| Posted: Thu Sep 16, 2010 10:42 pm Post subject: |
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| I also recommend KEB, especially if you are looking for internet banking. It's very easy to use their online banking for wiring money home and what not. |
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lowpo
Joined: 01 Mar 2007
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| Posted: Thu Sep 16, 2010 11:16 pm Post subject: |
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| Paladin Brewer wrote: |
| I also recommend KEB, especially if you are looking for internet banking. It's very easy to use their online banking for wiring money home and what not. |
Wow! The interst rates have came down a lot. We opened up a saving account two years ago at 6% interest for one year. |
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atwood
Joined: 26 Dec 2009
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| Posted: Fri Sep 17, 2010 5:19 am Post subject: |
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| BoholDiver wrote: |
I am doing a few right now. Short and long term.
Short: I pay 1,630,000 a month. After 1 year, I get 20,200,000. I gain about 600,000 in interest.
Long: I pay 203,000 a month for15 years. At te end I get 50 million. A net gain of 14,000,000 or so.
Both are no-risk investments. |
Who are they guaranteed by? |
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ThingsComeAround
Joined: 07 Nov 2008
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| Posted: Fri Sep 17, 2010 12:30 pm Post subject: |
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The gf recommended "True Friend" and Tomato bank, both of which have high interest rates... but these banks aren't everywhere. 4.3-5.5%
After having trouble with "True Friend"- they didn't want to give me *foreigner* net access to see my money online  I found myself marching to Tomato bank which offered 6% for a one-year investment.
ATM Tomato offers 5.5%.
True Friend 적금통장 www.kibank.co.kr
Tomato 토마토 저축은행 www.tomatobank.co.kr |
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