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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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 Posted: Sun May 30, 2004 8:49 pm Post subject: |
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| PEIGUY wrote: |
| now, what about a Canadian Credit Card? i am planning on getting one before i leave just to have as an emergency sort of thing. If i got a credit card from the Royal Bank lets say would it be accepted in Korea?? |
There is no reason for a Korean retailer not to accept a non-Korean credit card, but nothing obligates them to either. You may also find that it is difficult to get a Korean bank to facilitate a cash advance on a foreign credit card.
One thing you should worry about is that Royal Bank will pre-block overseas purchases without warning you. If you have a credit card that you never use, or use infrequently, many North American banks will assume that if someone in Seoul, Istanbul, Paris, or Buenos Aires suddenly tries to use it, that it's been stolen and will block the purchase. And it can be very difficult to try to convince your bank back home that it is you calling them from Korea, trying to use your card.
What you should do is tell your bank before you leave that you will be in Korea and that they therefore should not block any charges originating in Korea. |
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peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
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| Posted: Sun May 30, 2004 9:07 pm Post subject: |
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| I've got one from CIBC that I use rarely- never had a problem. I think as long as it's got a widely recognized connection- like VISA, you'll be fine here. |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Mon May 31, 2004 12:12 am Post subject: |
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| Also, many people do not know that Korea has debit cards. |
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PEIGUY
Joined: 28 Mar 2004
Location: Omokgyo
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| Posted: Mon May 31, 2004 7:58 am Post subject: |
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| dogbert wrote: |
| PEIGUY wrote: |
| now, what about a Canadian Credit Card? i am planning on getting one before i leave just to have as an emergency sort of thing. If i got a credit card from the Royal Bank lets say would it be accepted in Korea?? |
There is no reason for a Korean retailer not to accept a non-Korean credit card, but nothing obligates them to either. You may also find that it is difficult to get a Korean bank to facilitate a cash advance on a foreign credit card.
One thing you should worry about is that Royal Bank will pre-block overseas purchases without warning you. If you have a credit card that you never use, or use infrequently, many North American banks will assume that if someone in Seoul, Istanbul, Paris, or Buenos Aires suddenly tries to use it, that it's been stolen and will block the purchase. And it can be very difficult to try to convince your bank back home that it is you calling them from Korea, trying to use your card.
What you should do is tell your bank before you leave that you will be in Korea and that they therefore should not block any charges originating in Korea. |
thanks for the info..
| kangnamdragon wrote: |
| Also, many people do not know that Korea has debit cards. |
i never knew that the Korean banking systme had debit cards, are the machines widely used amongst retailers? what are the service fees like for using them? |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Mon May 31, 2004 4:16 pm Post subject: |
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| PEIGUY wrote: |
| i never knew that the Korean banking systme had debit cards, are the machines widely used amongst retailers? what are the service fees like for using them? |
Some Korean banks issue debit cards, usually "offsale" debit cards (these are the type similar to secured credit cards).
Debit cards were somewhat popular until the credit card issuers started giving away credit cards to just about anyone, at which time debit card usage fell drastically. Now, it's picking up again, primarily due to their use in cellular phones.
Debit cards can only be used between the hours of 8 a.m. and 11:30 p.m., whereas credit cards can be used 24 hours a day.
In North America, the rise in debit cards in the late 1980s and early 1990s was accompanied by a proliferation of "point-of-sale" terminals at places from gas stations to Taco Bell, that allowed you to use your "onsale" debit card (i.e., one that cannot be used like a credit card, but like a cash card) to make cashless purchases. At first, most were free, but then started to charge typically USD0.20 - 0.25 per transaction.
Because the legal basis for this system came later to Korea, a POS system never developed to a great extent. Instead, there has been more effort put into implementing the "MONETA" system, which allows individuals having debit-card (via a "smart chip") equipped cellular phones to use them for retail purchases. This has not exactly caught on like wildfire, but it exists.
Within the past several months, major Korean banks have been promoting "m banking", which allows customers who purchase special cellular phones (sold at banks at subsidized prices) access to wireless banking services, including money transfer.
There is also a smart-card system known as "K Cash", which is basically a rechargeable smart card that holds up to KRW500,000 in stored value. However, like regular debit cards, these were basically blindsided by the rapid explosion in credit card issuance.
Regarding fees, in Korea the fees are typically split between the banks and the retailers; however, certain banks may charge their customers a fee as well. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Thu Jun 17, 2004 12:18 am Post subject: |
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So, it can be difficult for non-Koreans to get credit cards here.
Just out of interest I tried this evening and got one. They said that other foreigners would be welcome.
All I needed was my ARC, bank account number and my business registration number (I am self-employed). I think employer's name would be the equivalent question. There seemed to be no question on the form about income.
This is a Lotte Card and the desk is in the Lotte Department store (Myong-dong), in the fountain plaza near Lotteria and line 2 subway station. I think B1 floor. |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Thu Jun 17, 2004 12:45 am Post subject: |
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| PEIGUY wrote: |
| kangnamdragon wrote: |
| Also, many people do not know that Korea has debit cards. |
i never knew that the Korean banking systme had debit cards, are the machines widely used amongst retailers? what are the service fees like for using them? |
I am actually referring to the debit cards which have the "Visa" logo on them and are used just like credit cards, 24 hours per day. I am not referring to point of sale debit cards. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Thu Jun 17, 2004 12:47 am Post subject: |
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| kangnamdragon wrote: |
| PEIGUY wrote: |
| kangnamdragon wrote: |
| Also, many people do not know that Korea has debit cards. |
i never knew that the Korean banking systme had debit cards, are the machines widely used amongst retailers? what are the service fees like for using them? |
I am actually referring to the debit cards which have the "Visa" logo on them and are used just like credit cards, 24 hours per day. I am not referring to point of sale debit cards. |
Well, what about them? |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Thu Jun 17, 2004 12:51 am Post subject: |
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they exist in Korea
I have one from Korea First Bank and can use it anytime of the day. I can also "charge" it to use it as a transportation card. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Thu Jun 17, 2004 12:54 am Post subject: |
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| kangnamdragon wrote: |
they exist in Korea
I have one from Korea First Bank and can use it anytime of the day. I can also "charge" it to use it as a transportation card. |
Yes, we know that.
Next. |
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Adam2446
Joined: 02 Jul 2004
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| Posted: Sat Jul 03, 2004 10:36 am Post subject: |
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| Are you sure that your credit card use in Korea will can have no affect on your credit back in your home country. If I go home and apply for a credit card I would think that they could look into my Korean Visa history. I know its Korea, but Visa is still Visa. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Sat Jul 03, 2004 12:55 pm Post subject: |
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| Adam2446 wrote: |
| Are you sure that your credit card use in Korea will can have no affect on your credit back in your home country. If I go home and apply for a credit card I would think that they could look into my Korean Visa history. I know its Korea, but Visa is still Visa. |
I'm positive, at least as far as U.S. credit agencies are concerned. Keep in mind too that I'm referring to credit cards issued by Korean banks. This obviously does not apply to use of U.S.-issued credit cards in Korea.
FAQ Farm |
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Mon Jul 02, 2012 9:15 pm Post subject: |
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| edit: i found the answer to my question |
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