Korean Job Discussion Forums

[ForeverWanderlust]

After researching, this appears to be the best bank to use. Zero atm fees ANYWHERE in the world. Mobile banking and deposits. No monthly fees ect.

Only downside I see is its not as easy to transfer money from other banks.

Anyone have a Schwab checking account and how the transferring works ect?

Gonna open up a KEB account in Korea and transfer money to Schwab account.

[RobertGR]

Unless things have changed in the past year:

Schwab doesn't have a SWIFT (international transfers) code. Transfers using SWIFT go through Citibank to Schwab with a memo directing them to your brokerage account.

I found both KEB and Daegu bank can send money to the checking account using the standard routing codes.

Schwab works pretty well for me. The free bill pay (including sending an individual a check) is useful.

[s10czar]

I've been banking at Schwab for several years now. Back home I think they're the best bank around. Out here....

I wouldn't have Schwab as your only bank back home, especially if you live in a rural area. I would go with a larger bank like Citi.

On the plus side- they (Schwab) continue to pay for all ATM fees even when you're traveling internationally. I spent a month in Vietnam last year and paid ZERO ATM fees even though I was taking small amounts of cash out almost daily.

On the neg side- the other poster mentioned this and it's important: Schwab Bank DOES NOT accept international transfers (well, unless it's from an international bank that does significant business in the USA. Forget it if you're banking in Korea.)

You can wire money back but it's a 2-step process that routes initially through Citibank then into your brokerage account (not checking.)

Complicating the matter, you are not not the named account owner on your schwab brokerage account- schwab is the account owner and the account is for your benefit. If you live in a rural area you WILL HAVE trouble getting Koreans to understand this and you MUST HAVE Koreans helping you with the translation -at least the first time you try to wire money back home.

I'm also having problems getting a Global Check Card from my Korean Bank that might have been mitigated if I had an account at Citi then opened a Citi account over here.

Good luck.

[shostahoosier]

From what I've read on Daves (and someone correct me if I'm wrong) the Citibank branches here in Korea arent that closely linked to the ones in North America, so I'm not sure if that would help you get services here.

I live in a rural and was easily able to get my bank (KEB) to route money to Schwab using the Citi SWIFT number. I've been doing it for over a year.

Banks are hit or miss on whether they'll give you an international check card. KEB definitely offers an international ATM card, and if you're a public school teacher they'll give you a credit card too.