Korean Job Discussion Forums

[Clinton]

I am a US citizen and plan to go to Korea this year for business. I am only staying a very short time so I won't be using any visa.

Now here's the problem:

During my stay, I will need to hire and pay some independent contractors (i.e. one person will be translating Korean legal documents for me).

As far as I know, an American credit card is NOT an option unless someone can explain to me how this can work.

That leaves CHECK or CASH. Now the amount I will need to be paying, I really doubt carrying cash on the plane is a realistic option.

As for check, various Internet webpages say that you need a visa to create a bank account in Korea.

Any solutions?

[Clinton]

By the way, there are branches of Woori Bank in America... Could I open an account in the USA and access it at any Woori Bank in Korea?

Or is this one of those CitiBank has nothing to do with CitiBank Korea deals.

[Clinton]

Sort of doing my own research and answering my own question but...

It seems Woori America Bank allows ONLINE REMITTANCE. To Woori Bank in Korea, it is done in less than 24 hours. To other Korean banks, within 2 days.

http://www.wooriamericabank.com/eng/support/remittance_service.html

Limit is $15,000. For what timeframe, I don't know.

Cost is $15 for any amount above $1,000. $12 for anything less.

I will continue doing more research on other options, but this seems like a good one. If anyone else any input, please let me know.

For example, I have heard of friends paying rent via Bank of America Online Banking. Maybe international wire is possible online also with Bank of America...

[GoldMember]

Sorry dude, but if you can't figure out how to pay people in a foreign country (not very difficult), then maybe you had better stay away.
Just pay them the way everyone in Korea gets paid, with trochus shells.

[Clinton]

[tjinh200]

I cannot speak to Korea-remittance specifically, but I can remind you that you will want a paper trail for any payments for accounting and tax purposes wherever your business is based. Cash is not a good method for this.

It also depends on your type of business and the way in which your industry typically conducts operations. I assume you want the quickest and least amount of hassle method which would really include opening a Korean bank account. This, of course, may cause some accounting headaches, but compared to the alternative of paying in cash and then providing proof for that cash payment, it isn't too bad.

Using international remittance, as you stated, is an option, but is not the quickest of options, as you know.

[nate1983]

Call/email a bank and explain your situation, and ask to speak with a relationship manager. My bank has an online platform they may be able to onboard you with, and I'd imagine others do as well. It sounds like yours is just a temporary need, so I'm not totally sure how that would work though (most is set up for long-term clients, but I'd imagine they could set you up with something depending on the volume you're dealing with). This page will get you an idea of the services banks offer:

http://wholesalebanking.standardchartered.com/en/capabilities/transactionbanking/cashmanagement/Pages/paymentservices.aspx

[madoka]

Just how much do you expect to spend?

You can bring over $10,000 in cash without having to declare it. I understand that you can bring much more and they don't seem to care, but you do have to declare that.

I brought $10,000 without any problems. When I ran out, I had more wired to me. It cost about $50 and was available within hours at most every bank.

I did have problems opening a bank account with my remaining money though. The manager said that they are weary of money laundering among foreigners as the reason (KEB in Itaewon).

[Clinton]

Thank you everyone for your helpful replies!

[madoka]

[tardisrider]

Why does the OP think that he/she needs a bank account anyway?

[madoka]