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cj1976
Joined: 26 Oct 2005
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 Posted: Wed Nov 09, 2005 11:03 am Post subject: Will I need to open a Korean bank account? |
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| Can anyone give advice on banking/money issues related to living in Korea? Will I need to open a Korean bank account or can i use my UK account? I'm a complete newbie so any help or insight would be most appreciated. Many thanks! |
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Red
Joined: 05 Jul 2004
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| Posted: Wed Nov 09, 2005 11:07 am Post subject: |
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Yes, you'll have to get a local account. Mostly because a lot of bank machines here are damned liars when they display that they'll give you money with an international bank card. And the hagwon will likely be sending you your pay via direct deposit, so they want to keep transaction fees down. And I think there's some banking laws or something that wont let you deposit internationally anyway, but that may just be nonsense.
But don't worry about it. The banks here are just as trustworthy as the ones back home.
...
On second thought, maybe you should keep your money in a sock under your pillow. |
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cj1976
Joined: 26 Oct 2005
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| Posted: Wed Nov 09, 2005 11:18 am Post subject: |
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| Thanks Red. I was thinking of using an old coffee jar but your advice makes more sense. How easy/difficult is to set up an account with absolutely no knowledge of Korean? |
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Red
Joined: 05 Jul 2004
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| Posted: Wed Nov 09, 2005 11:34 am Post subject: |
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Your boss will, or SHOULD, go to the bank with you to get everything set up just as soon as you get your work visa and your Alien Registration Card. Which you should either have before you arrive, or you'll be sent of a visa-run within the first week you arriving.
Well, you should be sent within the first week. Don't take any crap about "I'll send you later" if you get it.
Oh yeah, bring enough money in pocket to get home and/or survive your first month here. Pay is monthly, and anything can happen during that time.
Last edited by Red on Wed Nov 09, 2005 11:38 am; edited 1 time in total |
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cj1976
Joined: 26 Oct 2005
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| Posted: Wed Nov 09, 2005 11:37 am Post subject: |
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I'm an alien, I'm a legal alien. Now I know how Sting must have felt!
Cheers Red - that is definitely good to hear. |
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Red
Joined: 05 Jul 2004
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| Posted: Wed Nov 09, 2005 11:39 am Post subject: |
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| So, you're in Korea? what's your situation right now? |
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cj1976
Joined: 26 Oct 2005
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| Posted: Wed Nov 09, 2005 11:44 am Post subject: |
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| Sorry Red - you misunderstand me. I'm not in Korea yet (I'm in the UK)but will be there in the next few weeks. I was quoting the Sting song "Englishman in New York" where he describes the feeling of living in a foreign country. Great track -highly recommended. Cheers for your help though.. |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Thu Nov 10, 2005 5:44 pm Post subject: |
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| I've heard that a passport is all you need to open a bank account. So you can do it before you get your ARC. |
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pdxsteve
Joined: 29 Sep 2004
Location: Bundang
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| Posted: Thu Nov 10, 2005 7:36 pm Post subject: |
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| Hater Depot wrote: |
| I've heard that a passport is all you need to open a bank account. So you can do it before you get your ARC. |
It's true, you can open a bank account before you get your ARC. However, I recommend getting your ARC first, then opening a bank account.
When you open a bank account before you have an ARC, the bank makes up a "phony" ARC number to associate you with the account. My bank used my birthdate and parts of my passport number. Thing is, I was a newbie back then and I didn't know anything about it, so I thought "no big deal".
Well, later it was a big deal. I had a lot of trouble getting my cell phone service and cable TV and credit card payments deducted automatically from my bank account. When I got a cell phone, I had the ARC, so I gave SKT that number as well as my banking information. Since the numbers didn't match with the bank, it didn't go through. Of course, I knew nothing about this until I tried to use my phone one day and the service was shut off due to non-payment.
I went to the bank to try to figure out the situation, but being that my Korean is poor, it was hard to communicate my request. It practically took an act of God to get the bank to change my ARC number to the correct one. But, after that, no problem. |
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