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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Thu Aug 09, 2007 6:58 pm Post subject: Banks Tighten Rules for Foreigners; starting this month |
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Banks Tighten Rules for Foreigners
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Foreign residents will find it more difficult to open bank accounts in Korea as banks adopt stricter guidelines this month.
The rules were initiated by the Korea Federation of Banks which says they are aimed at preventing foreigners from perpetrating financial fraud. Foreign fraudsters are reportedly calling up victims and telling them to wire delayed pension or credit card payments to their accounts. They then withdraw the cash from an ATM and flee Korea.
Expatriates are unhappy with the new rules. An English teacher in Jongno said, "Does this mean that all foreigners are potential criminals? There are bound to be bad people of any nationality."
"Steven", a Chinese-British banker said, "The rules flies in the face of the government's plan to make Korea into a global trade and business hub." |
Banks Tighten Rules for Foreigners
Chosun Ilbo (August 10, 2007)
http://english.chosun.com/w21data/html/news/200708/200708100012.html |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Thu Aug 09, 2007 7:04 pm Post subject: |
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"Steven", a Chinese-British banker said, "The rules flies in the face of the government's plan to make Korea into a global trade and business hub." |
Absolutely!!!!!
I took out my paper that I wrote 7 years ago for grad school on the banking system of Korea. There was one section on reform.
They did nothing they pledged to do. They just made it worse!!!! |
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just alittlecrazy
Joined: 30 Nov 2006
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| Posted: Thu Aug 09, 2007 7:35 pm Post subject: |
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Under the guidelines, a foreign national wishing to open an account at Korean banks must present a passport and a certificate of alien registration, issued by the Korean Ministry of Justice, or other forms of identification.
Even once the account is opened, foreigners face restrictions on the use of ATMs, internet banking services and other non face-to-face transactions for the first three months. This means that foreigners have to pay a visit to bank branches during business hours for basic banking transactions such as money transfers or withdrawals. |
according to the korea herald this shouldn't be a problem for foreign teachers as:
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| Those who present proof of employment or business interest in Korea, such as receipts of income tax or certificates of business registration, will have no such restrictions. |
https://www.koreaherald.co.kr/archives/result_contents.asp?id=200708090051&query=foreigners%20banking
time will tell |
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mikekim
Joined: 11 Aug 2006
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| Posted: Thu Aug 09, 2007 9:54 pm Post subject: |
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| Does this really matter to us. I think almost everyone here already has a bank account. And those coming over will have proof of employment. |
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uberscheisse
Joined: 02 Dec 2003
Location: japan is better than korea.
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| Posted: Thu Aug 09, 2007 9:57 pm Post subject: |
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i like how the first article in "related articles" links is
"Why Are Foreign Investors Turning Away From Korea?" |
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Atavistic
Joined: 22 May 2006
Location: How totally stupid that Korean doesn't show in this area.
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| Posted: Thu Aug 09, 2007 10:08 pm Post subject: |
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| mikekim wrote: |
| Does this really matter to us. I think almost everyone here already has a bank account. And those coming over will have proof of employment. |
A frog doesn't know its being boiled alive as long as you turn the heat up slowly. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Thu Aug 09, 2007 10:48 pm Post subject: |
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| uberscheisse wrote: |
| i like how the first article in "related articles" links is "Why Are Foreign Investors Turning Away From Korea?" |
And, the second article in "related articles" is "Foreigners Have a Hard Time in Korea -- Report."
Foreigners Have a Hard Time in Korea -- Report
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Because K is a foreigner, a clerk at the mobile phone company demanded that he either subscribe to the service under the name of a Korean national or pay a W200,000 (US$1=W941) deposit. He had a similar experience trying to subscribe to an Internet service. In the end, K paid the W200,000 deposit to the phone company and he found a Korean friend willing to sign him up for the Internet. But the episodes soured life in Korea for K. "There seem to be too many complicated procedures that foreigners have to go through to live here," he said.
"D", a 36-year-old English teacher from Canada, recounted his difficulties in signing a lease for a residential officetel in Yeonhui-dong, Seoul. The landlord demanded an advance of W9 million, a full year's rent, claiming that he might have a hard time tracking down D if he skipped out on his rent. D decided to try a boarding house in the neighborhood instead. But even some boarding houses don't accept foreigners, and it took D several tries before he found one willing to take him in.
A 34-year-old American expat called "J" said that credit cards presented undue stress in Korea. "I have never had a problem using my credit card in any other country. But here in Korea, merchants rarely accept it. And just because I'm a foreigner, it's impossible to apply for a cash card to withdraw my deposits." |
Foreigners Have a Hard Time in Korea -- Report
Chosun Ilbo (January 30, 2007)
http://english.chosun.com/w21data/html/news/200701/200701300016.html |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Fri Aug 10, 2007 8:21 am Post subject: |
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| Kim Hyun-joo, a senior researcher at the Korea Consumer Protection Board, ... For more information or counseling, foreigners are advised to call (02) 3460-3393. |
Foreigners Have a Hard Time in Korea -- Report
Chosun Ilbo (January 30, 2007)
http://english.chosun.com/w21data/html/news/200701/200701300016.html |
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wylies99
Joined: 13 May 2006
Location: I'm one cool cat!
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| Posted: Fri Aug 10, 2007 7:27 pm Post subject: |
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| The Korean government is demonizing foreigners. Time to plan your "exit strategy" from Korea, folks. |
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lastat06513
Joined: 18 Mar 2003
Location: Sensus amo Caesar , etiamnunc victus amo uni plebian
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| Posted: Fri Aug 10, 2007 8:28 pm Post subject: |
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I was thinking about this and I found a certain "loophole" that potential teachers (at least in the northeast) can try if they want to open a Korean bank account BEFORE they embark to Korea...
In NYC, there are branches of KEB and Woori banks and it might be possible to open an account there instead of opening one once you land in Korea and I am not particularly sure if the Korean branches of such foreign banks like CitiBank or HSCB would follow these rules as well for the good of their foreign clientel....
Any news on that? |
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sigmund
Joined: 11 May 2007
Location: Seoul
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| Posted: Fri Aug 10, 2007 11:37 pm Post subject: |
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| I would also like to know about anyone who has a dual Citibank or HSBC accounts. I am heading over to Korea at the end of the month and was wondering if there are any benefits to using a bank that has branches in Korea or does if it not matter at all. If nothing else I would imagine that cash cards would at least work at their own branch banks in Korea. |
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PeteJB
Joined: 06 Jul 2007
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| Posted: Sat Aug 11, 2007 12:18 am Post subject: |
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| I'm still guessing this doesn't affect students. Or I'm gonna chop some headz off!! |
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icicle
Joined: 09 Feb 2007
Location: Gyeonggi do Korea
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| Posted: Sat Aug 11, 2007 12:35 am Post subject: |
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| sigmund wrote: |
| I would also like to know about anyone who has a dual Citibank or HSBC accounts. I am heading over to Korea at the end of the month and was wondering if there are any benefits to using a bank that has branches in Korea or does if it not matter at all. If nothing else I would imagine that cash cards would at least work at their own branch banks in Korea. |
I know for HSBC that the banks in different countries are separate banks ... rather than branches of the one bank ... Because they are set up as banks in the countries in which they are established ... in line with the laws of the country concerned ... So there are not the benefits that you might expect .. One possible thing to look out for though is for whether there are partner banks to your home country bank in Korea ... That can reduce the fees which apply to using your overseas card in an ATM ... But the only way to really be sure is to ask the banks themselves .. I did ask HSBC before I came to Korea because I was thinking along those lines ... and had a good experience with HSBC as a bank when I was working in the UK ...
But what I have found has been most helpful is to establish Internet banking on both accounts my Australian account and my Korean account ... which makes it easy to do the things I need to do without needing to physically go into a branch ..
Icicle
Icicle |
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fibergirl
Joined: 01 Dec 2006
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| Posted: Sat Aug 11, 2007 6:41 am Post subject: |
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| Anyone know how this would affect me as I finish my contract next month but plan on returning in March to a different school? |
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GEOM
Joined: 04 Dec 2005
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| Posted: Sat Aug 11, 2007 8:47 am Post subject: |
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| PeteJB wrote: |
| I'm still guessing this doesn't affect students. Or I'm gonna chop some headz off!! |
I've been wondering about that. How does this effect foreign students in Korea? |
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