Korean Job Discussion Forums

Metsuke · Joined: 13 Jan 2005 Location: Seoul, South Korea

Does anybody know if there are any Canadian Banks that are represented in Korea? Banks such as TD Canada Trust, Scotia Bank, Royal Bank, and so on?

Thanks,

T

peppermint · Posted: Sun Jan 23, 2005 11:55 am Post subject:

Nope, but you can access your Canadian accounts from some ATMs for a pretty low fee.

canadian_in_korea · Joined: 20 Jun 2004 Location: South Korea

There is a Scotiabank...the last time I checked it was only for business banking....which kind of sucks...
Terry Bell
Vice-President & Country Head
Phone: (82-2) 2020-2340, (82-2) 2020-2351
Fax: (82-2) 2020-2344
Mail: 16th Floor, Dong-A Media Centre
139, Sejongno, Jongno-gu,
Seoul, Korea
E-mail: [email protected]
SWIFT: NOSCKRSE

ThePoet · Posted: Sun Jan 23, 2005 3:26 pm Post subject:

If you need to send money back to Canada via Money Order, the Korean Exchange Bank has a bank in Toronto and they also draw funds from Bank of Montreal and Toronto Dominion. What that means is that your money order, although made here, is paid from, or processed, via a Canadian bank, and therefore there is no 25 business day waiting period to access the funds from the money order.

Poet

Metsuke · Joined: 13 Jan 2005 Location: Seoul, South Korea

You guys are awesome! FN eh! Laughing

T-Bone

Manner of Speaking · Joined: 09 Jan 2003

Although I've never done this myself, people on this board have mentioned in the past that a cheap way to send money back to Canada is to open an account at Korea Exchange Bank, then courier the ATM card to a relative back home. Then phone them and tell them the PIN number. Korean ATM cards will work in Canada, and the only fee is the ATM withdrawl service charge back home. This cuts out the international transfer fee.

peppermint · Posted: Sun Jan 23, 2005 5:29 pm Post subject:

I did the ATM thing for a while and it worked fine with two minor caveats:

1. make sure you give the card to someone you really trust. they'll have the ability to clean out your account at home and here- not good.

2. Regular Korean ATM cards don't work overseas- you have to ask for an international one, and they'll only let you have one at a time. This means that if you go overseas, you either can't access your money here, or you have to cancel the card that you sent to Canada.

Manner of Speaking · Joined: 09 Jan 2003

chaq · Joined: 10 Jan 2005 Location: back in da T-Dot

Peppermind, Manner of Speaking:

Did U guys use accounts in your own name? Just wondering if its possible to open an account at the KNB in Toronto under a family members name and wire money back to them to minimize my ties to Canada.

Appreciate your help with this.

poker player · Joined: 27 Sep 2004 Location: On the river

Mailing the ATM card back to a trusted person in Canada works very well and is definitely a cheaper way of handling the exchange issue but it is sometimes a pain in the butt if you don't have a card here. I haven't tried asking for a duplicate but I'm guessing that they only allow 1 per account and if you ask for another, it will make the 1 back in North America null and void.
Anyone know?