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chaz47
Joined: 11 Sep 2003
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 Posted: Sun Sep 24, 2006 8:46 pm Post subject: international bank account? how to? |
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I was recently informed that my student loans have come out of deferment and they want their money. I need to consolidate and all that jazz. I also want to set up an international bank account so that I don't need to rely on my dear mother to help me monitor my finances.
I was hoping that an international account would not require wire transfers... is this true? I was also hoping that the bloodsuckers... er financial institutions... would be able to do a monthly automatic deduction from an international account...?
Someone with some experience please help me connect the dots. |
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rawfooddan
Joined: 14 Sep 2006
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| Posted: Mon Sep 25, 2006 4:43 pm Post subject: what happens if you don't make payments on your student loan |
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what happens if you don't make payments on your student loan
Can they come and get you? What will they do to you? Can they revoke your passport? send you to guantanimo? Will John Ashcroft and Homeland security come and rendition you back to the mothership?
Just curious..... |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Mon Sep 25, 2006 5:41 pm Post subject: |
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An international account without transfers?
Bloody 'ell, you gonna visit and deposit in cash?
Jeeeeesus, Dave's just keeps getting funnier.
And funnier. |
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ilovebdt
Joined: 03 Jun 2005
Location: Nr Seoul
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| Posted: Mon Sep 25, 2006 5:53 pm Post subject: |
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At KEB in Itaewon you can set up a foreign currency account.
I don't believe it possible to set up a direct debit from an international bank account, I think you will still have to do transfers every month.
ilovebdt |
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chaz47
Joined: 11 Sep 2003
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| Posted: Mon Sep 25, 2006 7:55 pm Post subject: |
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| Wangja wrote: |
An international account without transfers?
Bloody 'ell, you gonna visit and deposit in cash?
Jeeeeesus, Dave's just keeps getting funnier.
And funnier. |
This was not helpful.
| ilovebdt wrote: |
At KEB in Itaewon you can set up a foreign currency account.
I don't believe it possible to set up a direct debit from an international bank account, I think you will still have to do transfers every month.
ilovebdt |
This was helpful. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Mon Sep 25, 2006 7:57 pm Post subject: |
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| chaz47 wrote: |
| Wangja wrote: |
An international account without transfers?
Bloody 'ell, you gonna visit and deposit in cash?
Jeeeeesus, Dave's just keeps getting funnier.
And funnier. |
This was not helpful.
| ilovebdt wrote: |
At KEB in Itaewon you can set up a foreign currency account.
I don't believe it possible to set up a direct debit from an international bank account, I think you will still have to do transfers every month.
ilovebdt |
This was helpful. |
If you consider KEB Itaewon branch an international bank, then maybe so. No transfers .... dunno .... waddya fink???? |
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noguri
Joined: 28 Nov 2005
Location: korea
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| Posted: Mon Sep 25, 2006 8:59 pm Post subject: |
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Before you "consolidate" your loans, get the details. there could be some unpleasant surprises. For example, if there is unpaid interest outstanding on your loans, the interest may be capitalized into the principal loan. That bloats your original loan and increases the amount of interest accruing.
Here's what $&@#!*ed me over: When you consolidate your loan, they take a weighted average of the interest rates on all of your loans. They set this so-called weighted average as the FIXED interest rate for the life of your loan. In my case, my loans had variable interest rates, and I consolidated them when interest rates were high. That means my variable rate loans were transformed into FIXED rate loans at very high interest rates.
I did it in 2000, when there was relatively little information about student loans available on the internet. These days there's all kinds of information. So do your homework before you take the plunge on consolidation. |
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ilovebdt
Joined: 03 Jun 2005
Location: Nr Seoul
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| Posted: Mon Sep 25, 2006 9:02 pm Post subject: |
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| Wangja wrote: |
| chaz47 wrote: |
| Wangja wrote: |
An international account without transfers?
Bloody 'ell, you gonna visit and deposit in cash?
Jeeeeesus, Dave's just keeps getting funnier.
And funnier. |
This was not helpful.
| ilovebdt wrote: |
At KEB in Itaewon you can set up a foreign currency account.
I don't believe it possible to set up a direct debit from an international bank account, I think you will still have to do transfers every month.
ilovebdt |
This was helpful. |
If you consider KEB Itaewon branch an international bank, then maybe so. No transfers .... dunno .... waddya fink???? |
No, I don't consider the KEB bank in Itaewon to be an international bank. I know it isn't. I was offering an alternative.
ilovebdt |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Mon Sep 25, 2006 9:03 pm Post subject: |
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| Fret not, wasn't writing to you ol' bean. |
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ilovebdt
Joined: 03 Jun 2005
Location: Nr Seoul
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| Posted: Mon Sep 25, 2006 9:06 pm Post subject: |
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That's alright then old chap 
ilovebdt |
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noguri
Joined: 28 Nov 2005
Location: korea
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| Posted: Mon Sep 25, 2006 9:09 pm Post subject: Re: what happens if you don't make payments on your student |
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| rawfooddan wrote: |
what happens if you don't make payments on your student loan
Can they come and get you? What will they do to you? Can they revoke your passport? send you to guantanimo? Will John Ashcroft and Homeland security come and rendition you back to the mothership?
Just curious..... |
yeah, if you default on your student loans and you have a bank account at home they can garnish your account. They can even make the bank front the money if there isn't enough in your account.
Your credit rating will be ruined forever. That might make it difficult to rent an apartment in a decent neighborhood, if you return to the U.S. In my experience, apartments always require a credit check.
consider this, if you stand to inherit money from your parents. Can the feds seize that inheritance? I imagine it is possible. I am trying to research this on the internet but I can't seem to come up with a factual answer.
Personally I have already sunk $30,000 into repayments and I'm not able to make a dent in what I owe. I'm thinking of giving the finger to John Ashcroft and the rest, and just stay in Korea for the rest of my life. But, as long as they are letting me take forbearances, I'll keep asking for them. I'll make a few token payments, then ask for another forbearance.
If you owe money to the U.S. Department of Education [Department of Exploitation!] then you can print the application for forbearance online, then mail it in to them. Other lenders let you submit the application online. |
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theatrelily
Joined: 03 Jun 2004
Location: Haeundae-gu, Busan
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| Posted: Mon Sep 25, 2006 10:38 pm Post subject: |
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hey...
If you were thinking of getting an international bank account here in Korea you may have some problems...
As of May 1 (or was it April?) 2006 Korean banks are no longer allowed by law to give international bank accounts to foreigners. 
I have had several friends bump heads with the KEB bank that my old school insisted we deal with over the matter.
Tried to go to a different bank and open a seperate account with other companies...same story every time.
Not 100% sure about it, but just a quick 'heads up'.
Cheers.  |
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JeJuJitsu
Joined: 11 Sep 2005
Location: McDonald's
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| Posted: Tue Sep 26, 2006 1:52 am Post subject: |
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| theatrelily wrote: |
hey...
If you were thinking of getting an international bank account here in Korea you may have some problems...
As of May 1 (or was it April?) 2006 Korean banks are no longer allowed by law to give international bank accounts to foreigners.
I have had several friends bump heads with the KEB bank that my old school insisted we deal with over the matter.
Tried to go to a different bank and open a seperate account with other companies...same story every time.
Not 100% sure about it, but just a quick 'heads up'.
Cheers. |
We need to get the K-style headbands printed up, and do a sit-in on the Blue House lawn. Have 10,000 teachers sign a petition that if they don't repeal the law, we quit teaching.
law would be changed within 5 minutes. |
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ilovebdt
Joined: 03 Jun 2005
Location: Nr Seoul
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| Posted: Wed Sep 27, 2006 6:49 pm Post subject: Re: international bank account? how to? |
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| chaz47 wrote: |
I was recently informed that my student loans have come out of deferment and they want their money. I need to consolidate and all that jazz. I also want to set up an international bank account so that I don't need to rely on my dear mother to help me monitor my finances.
I was hoping that an international account would not require wire transfers... is this true? I was also hoping that the bloodsuckers... er financial institutions... would be able to do a monthly automatic deduction from an international account...?
Someone with some experience please help me connect the dots. |
Chaz are you a Brit or a North American?
If you are a Brit you can defer repayment for another year of you earn less than a certain amount.
ilovebdt |
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ajuma
Joined: 18 Feb 2003
Location: Anywere but Seoul!!
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| Posted: Thu Sep 28, 2006 1:05 am Post subject: |
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| You might try to find a CitiBank (I know that there's one in Cheonan) or an HSBC branch. Before you try to open an account though, ask through their American website if what you want to do is possible. |
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