March 26, 2017, 04:29:59 AM


Author Topic: Can I leave my bank account open after turning in my ARC?  (Read 510 times)

Offline yirj17

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Can I leave my bank account open after turning in my ARC?
« on: March 20, 2017, 12:44:30 PM »
Has anyone left Korea for a few months with the intention of returning? I'd like to take a few months off after my contract and then return on a different (student) visa.  Instead of sending all my money back home and then sending a chunk back (thus wasting money on exchange rate and fees), I'd rather just leave enough to tide me over when I return for a few months to study. 

Just wondering if anyone has experience with this before.  I'm not sure if turning in my ARC card would somehow cancel my bank account.  Though it looks like if people leave, automatic withdrawals for bills can still continue, so it seems as if there wouldn't be an issue?

Offline Pattinsons

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #1 on: March 20, 2017, 01:11:03 PM »
I had a secondary account with KEB when I first arrived. When my hagwon contract was completed the school closed the account when they helped me transfer my balance. I turned in my ARC when I left. I still have the KEB account.

So no it shouldn't be an issue.

Offline oglop

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #2 on: March 20, 2017, 01:44:20 PM »
i left korea and came back a year later. i used the same account that i had left open. no problems.

Offline yirj17

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #3 on: March 20, 2017, 01:50:37 PM »
Sweet, thanks all!

Offline Piggydee

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #4 on: March 20, 2017, 02:51:18 PM »
As long as you leave at least 10,000won in the account, yes it can be done!  I've done it. Same acct. since 2008 :cheesy:

Offline nzer-in-gyeongnam

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #5 on: March 20, 2017, 02:57:11 PM »
Bank accounts are good for 5 year inactive. After that time they will close.

To be inactive the balance has to be below 0 as interest accrues every month that there is money in your account so you could potentially have it open a very long time. But I think its 5 years with no money being put into it physically that the account is closed for good.
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Offline pkjh

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #6 on: March 20, 2017, 06:20:10 PM »
Bank accounts are good for 5 year inactive. After that time they will close.

To be inactive the balance has to be below 0 as interest accrues every month that there is money in your account so you could potentially have it open a very long time. But I think its 5 years with no money being put into it physically that the account is closed for good.
I believe it's no activity for 5 years. That includes deposits, or withdrawals.

Offline Mezoti97

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #7 on: March 20, 2017, 08:20:07 PM »
It's not exactly the same situation posed in your question and may not even apply to you (depending on how long you plan to stay in Korea in the future and how quickly you are able to get a new visa), but just be careful if your debit card expires while you no longer have an ARC or a work/student visa. Your bank account will still be open (it will close after 4-5 years of no bank activity such as deposits, withdrawals, etc.), but if your debit card expires in the meantime while you are without an ARC, the banks will not issue you a new debit card (a friend of mine experienced this/learned this the hard way recently).

One way to avoid this potential problem is to get a cash card that allows you to use ATMs (for things like deposits, withdrawals, transfers, etc.), since cash cards don't have an expiration date, so it will allow you to access your bank account as long as your bank account still remains open. A debit card, on the other hands, has an expiration date, so after it expires and if you are without an ARC at that time, the banks will refuse to issue you a new debit card (or even a cash card at that time). So it might be wise to get a cash card while you still have an ARC, just in case, to ensure that you'll be able to access your bank account without having to worry about an expiration date or being visa-less. Just a tip.

Offline KimDuHan

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #8 on: March 20, 2017, 08:36:53 PM »
Bank accounts are good for 5 year inactive. After that time they will close.

To be inactive the balance has to be below 0 as interest accrues every month that there is money in your account so you could potentially have it open a very long time. But I think its 5 years with no money being put into it physically that the account is closed for good.
I believe it's no activity for 5 years. That includes deposits, or withdrawals.

If you have enough money to gain interest each month than the account will not be inactive. You need 5 years of no activity for an account to close. Checking the balance and/or interest counts as activity.

Offline yirj17

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #9 on: March 20, 2017, 08:41:40 PM »
Thanks for the tip, Mezoti.  I doubt that I would get into that situation, but I wonder if one could still use their balance book in order to withdraw funds?  I don't believe there's an expiration date on those though I could be wrong.  I've gotten new ones easily and for free just by showing them my old one that's filled up. 

Offline Mezoti97

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #10 on: March 21, 2017, 10:37:05 AM »
From what I've been told by a bank customer service rep on the phone in the past, bank books aren't all automatically "set" to be able to be used in place of a debit/cash card at an ATM; according to the bank customer service rep I spoke to in the past, you have to specifically request the bank teller to "set" your bank book to be able to function so that it can be used at an ATM at the time when you request a bank book.

As for getting new bank books when all the pages in your old one get all filled up, you still need to show your ARC -- or I guess they may issue a new bank book without an ARC, but they won't let you sign the inside cover of the bank book and won't stamp it unless they see your ARC (I think they need to see your ARC in order to be able to let you sign the inside cover of the bank book and then stamp it before covering it with the clear sticker thing, to verify your identity). I once forgot to bring my ARC with me when I went to the bank to get a new bank book; the bank teller did issue me a new one but told me to come back with my ARC so that I can sign it and she can stamp it -- that was my experience, at least. Another friend of mine wasn't able to get a new bank book at all without his ARC.
« Last Edit: March 21, 2017, 10:38:46 AM by Mezoti97 »

Offline Ajahya

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Re: Can I leave my bank account open after turning in my ARC?
« Reply #11 on: March 21, 2017, 10:43:49 AM »
Bank accounts are good for 5 year inactive. After that time they will close.

To be inactive the balance has to be below 0 as interest accrues every month that there is money in your account so you could potentially have it open a very long time. But I think its 5 years with no money being put into it physically that the account is closed for good.

I don't know about this. My Shinhan account that I opened in 2014 appears to gave closed itself.

 

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