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Cerebroden
Joined: 27 Dec 2006
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 Posted: Sat Dec 30, 2006 12:48 am Post subject: Banking Questions??? |
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So I'm wondering how most teachers in Korea do their banking?
Do you have a korean bank account set up?
Are you paid with a check or direct deposit?
Can I get direct deposit to an american bank?
Do you have issues with the currency conversion from Won to Dollars?
I'm looking in to starting teaching here in Seoul, but I would like to figure out my banking issues first. |
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B-Teacher
Joined: 09 Nov 2006
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| Posted: Sat Dec 30, 2006 12:59 am Post subject: Re: Banking Questions??? |
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| Cerebroden wrote: |
So I'm wondering how most teachers in Korea do their banking?
Do you have a korean bank account set up?
Are you paid with a check or direct deposit?
Can I get direct deposit to an american bank?
Do you have issues with the currency conversion from Won to Dollars?
I'm looking in to starting teaching here in Seoul, but I would like to figure out my banking issues first. |
*Disclaimer: The following are my own experiences with specific bank branches and school. The best source(s) of information would be your recruiter and school.
Generally, your boss will set up your account for you when you start your job and will pay you via direct deposits. I've sent money overseas several times and have never had any problems (its there within 24 or 48h I believe). You'll need your bank address (back home), your bank info (account #, transit #, bank #) and passport to do transfers. I bank at Shinhan bank in Korea and TD Canada Trust in Canada... don't know what the different procedures are at the other banks.
I'm not sure what the regulations are with the American banks, but I doubt that the hakwon would do direct deposit to a foreign bank. Doesn't hurt to ask them though. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sat Dec 30, 2006 1:14 am Post subject: |
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| Quote: |
Do you have a korean bank account set up?
Are you paid with a check or direct deposit?
Can I get direct deposit to an american bank?
Do you have issues with the currency conversion from Won to Dollars?
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Every teacher I have ever known has had a Korean bank account (usually set up with their employer's help).
People are paid either by direct deposit or with an envelope stuffed with cash. Koreans don't really have checks like you are thinking of.
I've never heard of anyone getting direct deposit to an American bank.
What do you mean 'issues'? The problem people have is with transfering money out to their home bank. You need to take your contract and a pay receipt along with your passport to the bank when arranging to send money out. Some banks seem to handle this in a more efficient and no-hassle way than other banks. |
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freethought
Joined: 13 Mar 2005
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| Posted: Sat Dec 30, 2006 4:35 am Post subject: Re: Banking Questions??? |
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| Cerebroden wrote: |
So I'm wondering how most teachers in Korea do their banking?
Do you have a korean bank account set up?
Are you paid with a check or direct deposit?
Can I get direct deposit to an american bank?
Do you have issues with the currency conversion from Won to Dollars?
I'm looking in to starting teaching here in Seoul, but I would like to figure out my banking issues first. |
You will find no employer who will transfer to a foreign account, and off hand I believe it's illegal for them to do that, though I could be wrong. You can set up an account as soon as you have your arc card. If you want a card that you can use around the world/on travels, avoid KB.
As said, direct deposit or envelope stuffed with cash are the two methods of payment you'll encounter.
You will have no issues with conversions, though I would use a site like xe.com to see when the best time to convert is. |
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Cerebroden
Joined: 27 Dec 2006
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| Posted: Sat Dec 30, 2006 4:30 pm Post subject: |
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thanx for your info.
Part of the issues I was talking about is that I currently have a Community Bank Account, and they will only allow you to deposit $400.00 u.s. worth of won per day (I'm not sure about withdrawls) So I was wondering if there was a way around that rather than opening up a new account.
Not to mention I was told that wire transfers from Community Bank to Korean Banks would take weeks or more. |
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heydelores
Joined: 24 Apr 2006
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| Posted: Sat Dec 30, 2006 8:27 pm Post subject: |
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| Cerebroden wrote: |
thanx for your info.
Part of the issues I was talking about is that I currently have a Community Bank Account, and they will only allow you to deposit $400.00 u.s. worth of won per day (I'm not sure about withdrawls) So I was wondering if there was a way around that rather than opening up a new account.
Not to mention I was told that wire transfers from Community Bank to Korean Banks would take weeks or more. |
If that's really how your bank handles deposits/transfers, I'd consider opening an account at another bank. You can find a better situation than that. |
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