Korean Job Discussion Forums

[marlow]

Would it be useful to bank with them in Korea?

They have a branch in Busan as well as one in Halifax, Nova Scotia.

Do you suppose this would solve any sort of financial logistical problems for living in Korea at present but intending to return to Canada in the distant future?

[tzechuk]

Things might have changed in the last few years, but when I first arrived, I enquired about setting up an account there and they wanted a minimum of 1m deposit at all times... and that they wouldn't do cash transfer free of charge - I bank with them in the UK and thought that it would be useful if I did the same here to transfer funds... but they said that they were not really
a personal banking bank in Korea, so they didn't have any policies set up regarding international banking blah blah blah.

I haven't asked since, things might have changed, like I said.

[peppermint]

Don't have any concrete facts, but they were doing a big promo thing near Jongnak station last weekend, so I'd guess they have opened it up to regular customers

[Wrench]

HSBC is great because you can open an international account and have access to your cash anywhere you can find a HSBC..

[deessell]

[Captain Corea]

I teach at HSBC and have asked about this. They gave me an answer more in line with what Tzechuk was saying. Anyone got facts otherwise?

[Cymro]

I heard/read reports a couple of weeks ago that HSBC intended to buy the KEB (Korea Exchange Bank). If that happens, and all KEB branches change their names to HSBC and operate as HSBC then it'll surely be great news.

[Wrench]

My parents have an international account ofcourse it was setup in Canada.

[Wangja]

Compatibility between overseas brnaches of a foreign bank is often a myth.

My main bank is Standard Chartered in Jersey. I have an international debit card. In Taipei, it worked fine in every bank.

Except Standard Chartered.

[plato's republic]

I also bank with HSBC in the UK and would be really interested in hearing if anyone has been able to open an account with them here or even send money home without having to pay transfer fees.

[marlow]

I guess no one really knows.

I'll look into it when I get time.

I think someone on another thread said something about being able to open Canadian dollar accounts in Korea with HSBC. This would at least allow me to keep my money safe in dollars without putting it all in a Canadian bank and getting slammed with taxes. It would be hard to claim non-residency for tax purposes if I was funneling all my money to a bank in Canada.

[Wangja]

There is a lot of confused thinking on this thread.

First, on the very last point, pretty well any bank in Korea will open a CAD account, I have had one myself. You don't need a foreign-owned bank to do that.

Second, HSBC and the like are indeed banks - banks with a foreign name and foreign ownership. But they are, necessarily, Korean banks. Standard Chartered used to be called Chae-il bank (in fact still is Standard Chartered Chae-il).

They are Korean companies operating as banks in Korea. The fact that they heppen to be foreign-owned is beside the point. Although owned by the holding company, they are individual legal entities and there is no reason why they should give away for free the service of international transfer simply because one happens to hold accounts in both countries.