Korean Job Discussion Forums

[MollyBloom]

Are there indeed HSBC banks in Korea? Wouldn't it be easier just having an account that is already established in the US so in Korea I don't have to wire money back home? Anyone know info about this? Thanks.

[soviet_man]

In my opinion HSBC are actually quite good. Mainly because unlike other foreign banks here, they actually have 7 or 8 HSBC branches in Seoul, so it at least gives some flexibility.

But like all banks in Korea, they are only open Mon-Fri.

You do need to deposit a minimum of 1 million SK won to open an account with them.

Their fees are a little higher than domestic SK banks. But it is probably worth it - if you wanted to set up a single multi-currency account with them to link with any account in your home country.

[MollyBloom]

thanks, I will definitely look into that. what do you mean about their fees being higher than domestic SK banks..can you give am example or explain what you mean..I know nothing about it. Also, do you know if they have branches all over Korea, such as in Busan?

[soviet_man]

There is 1 HSBC in Busan. The rest are in Seoul (1 in Bundang. 2 in Gangnam. 2 in Jongno and 1 or 2 branches elsewhere in the city).

But with banking - it really depends what services you need. I mean the local Korean banks can do most things. In general they do have low account keeping/transaction fees - but the downside is your savings won't make much interest (at least that has been my experience during the past year).

With HSBC you do have peace of mind that all your money is in one bank, rather than spread out over 2 or 3 different banks. Their interest is also higher than Korean banks, but so are their transaction fees (eg. number of times you can withdraw money per month for free).

[dogbert]

http://www.kr.hsbc.com/kr/

[MollyBloom]

I went to my HSBC bank in NY to ask about it, and they said that although it is the same bank, the branches in the US and in international cities do not do business together.

So, basically, if I want to open an account in Seoul, I'd have to open a new account.

I'm kind of disappointed because I thought I was discovering an easy way out of wiring money home.

[Yesanman]

You could open a US dollars account at HSBC in Korea and then use that to wire money to your account in the US. I did that with an account in Canada but you will need to have $1000 to open the account but you don't have to leave it in the account.

[tzechuk]

*Think Global, Act Local* is HSBC's slogon. That's why they don't do business internationally, unless you are a corporate client.

I was a little surprised to see that there is a HSBC in Daejeon - I might just go and ask about opening an account there!

[Milwaukiedave]

There is also a branch near Hongik University subway station.

[dogbert]

Most countries have some level of restrictions/regulations on the inflows and outflows of their currency, not to mention strict anti-money-laundering regulations. This is what makes it difficult for a customer to have seamless connections between his bank accounts in different countries, even if they are with branches of the same bank.

[Milwaukiedave]

dogbert,

Good point, think of them essentially as seperate companies.

I remember a long time ago moving to California and opening a bank account down there. I wanted to use the same bank as I did in Oregon. However, they made me open a diffrent account. Basically I had to withdrawl all my money and put it in the new account.

I'm not sure if this is still the case. I would think banking laws are getting tougher these days to prevent money laundering and possible funding of terrorism.

[RJjr]

I don't know if foreigners can open an account at Korean branches of HSBC. I know from personal experience that we can't at the Bangbae branch in Seoul.