Korean Job Discussion Forums

[MoonArisa]

Having had this question come to mind recently, I've been hearing that most schools set up your bank account for you when you arrive.

That said, do they go to a specific bank or are you able to choose one?
If you can choose one, what are have been your best experiences?
Also, do all banks have English speaking clerks?
Have you found transactioning between a Korean bank and a Foreign (be it Canadian, American, etc.) easy?

Thanks in advance!

[jondepoer]

All you need to know is this: if at all humanly possible deal with KEB (Korean Exchange Bank). All of the other banks, without exception, are notoriously difficult to deal with, have atrocious English service and almost impossible-to-use online banking. You will find some small exceptions to this rule, but nobody who has used KEB would ever go back.

I was with KB for one year before making the switch, and I truly can't believe that my school signed me up with anyone else other than KEB.

Insist on it - as a foreigner on an E2 visa, you are legally allowed to open a bank account at any Korean bank. Don't let them tell you that it's more convenient for them to be at Hanagooksagae bank or something

[oldtactics]

KEB. KEB. KEB.

I opened my accounts with them over two years ago, set up internet banking, and haven't stepped foot in a branch since then. Fantastic customer service, straightforward English website, and low transfer fees. Highly recommend.

[waynehead]

If your boss/school insists on using another bank, you can always set up a separate account with KEB and just transfer your money there after you're paid. Transferring is easy and reasonably cheap, you can do it from any ATM.

[Caffeinated]

KEB has been my best customer service experience in SK by far. Go to the KEB desk at the Seoul Global Centre or at the Itaewon branch to get set up.

[RobertGR]

The place where I work set up an account where they bank. I had no choice in the matter. I later set up an account with KEB and simply transfer money there after I get paid.

[PatrickGHBusan]

[conrad2]

KEB is being bought out by Hana Bank. I wonder if this will have a negative impact on KEBs service?

[MoonArisa]

That's really interesting; thank you for all the notes!!
I'll definitely shop around, but will likely end with KEB (as most mentioned it as best).

Good to know you don't have to stick with the bank the school picks and be stuck with it.

[Michaela]

Hey guys, since we're on the subject of banking: how difficult is it to get a credit card in SK? I like to shop online which is why I want one. I get paid in cash and I'm wondering if I should open an account - if I can't get a credit card I might not bother.

[Deja]

If you have regular income, you can get an SK CC. The clerks will not be happy to do it, because of English, but will do it.

On the subject of banking, does EVERY SK bank charge a 3% cash fee for EURO cash? Regardless of whether I want to just deposit it on the account or transfer it, Woori is charging 3% for processing of EUROs. It does not seem to apply do dollars but that's of no help to me.

[Michaela]

Thanks for the info Deja

[donkey]

How many free ATM transactions/monthly does KEB offer?

Also how much do they charge for transfering funds overseas?

Thanks for any replies.

[def PD]

Can I walk into any bank and get a currency exchange without having an account set-up, or do I have to go through a place where they specialize in that?

[nathanrutledge]

A brief rundown on KEB and my experiences in the past few months:

I needed a new bankcard as my old one expired. They texted me a reminder and asked that I make sure my address was current. I texted back my address (as the message asked) AND I stopped into the local branch. They STILL sent it to my old address, despite having changed the address when I moved, and checked twice with them on this.

My new bankcard didn't work when I tried to use it at a store AND at a KEB ATM in the bank. They checked the card and said it was fine. Of course, it worked when I tried it in front of them, but a week later it wouldn't work at the store again. I ended up on a trip in Yeosu relying on my emergency bank account I keep at Nonghyup because the card just wouldn't work anywhere at all.

I replaced the bankcard with a new one with the T-Money option on it. At KEB, the T-Money option ONLY gives you 50,000 a month. Considering I live in Bundang and ride the intercity bus to Seoul and back at least 3 times a week, plus local bus riding and stuff around in Seoul while there, I need more like 70k a month. No way, no how, cannot do it. Even when I am within the limit, sometimes the card won't charge properly and I'm left feeding the coin box.

The branch near my house has spotty English service at best.

Now, don't get me wrong - overall, it's been a decent bank. Their online banking has been great, they actually gave me a card backed by Visa, I can always find an ATM when I need to, etc. BUT, there are better options out there.

I'm switching to Woori Bank. They offer a better selection of bank/credit cards than what KEB has at this point, at least for what I need and want. All my coworkers and many of my friends are at Woori and when I mentioned I was at KEB, they all seemed surprised and amazed that I was there. Considering the whole Hana/Lone Star thing and the decline in service I've noticed over the past 6 months, I'm going to give Woori a try.