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Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« on: April 22, 2011, 10:32:41 am »
Man, the Korean banking system is the bomb! I just spoke with LG trying to pay my cell phone bill and the lady told me I can xfer the payment to their bank account.  "But wait," I said.  "However will they know the payment is from me?"  "Oh, we set-up the account specifically for you," she replied.  "So we'll know that it's your payment."

Then my co-teacher explains that here, companies set-up individual account numbers for each of its customers. So when you get your bill, you xfer your payment from your bank account to any of the bank acct numbers they set-up for you, and voila! Bill paid!.

I wonder how this works on the accountant's end though. Why set up millions of account numbers?

*Shrug*

Sure makes my life easier.


Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #1 on: April 22, 2011, 10:41:52 am »
Yeah, similar thing happened with me. Wasn't able to use Giro, so paid a gas bill for my apartment by direct bank transfer, and even though my place is registered in someone else's name, and I'd had no previous dealing with the gas company, they knew it was from me.  One of the few benefits of everyone having their personal info shared around with little regard for privacy...
« Last Edit: April 22, 2011, 10:48:30 am by willinkorea »


  • Andyroo
  • Expert Waygook

    • 676

    • February 09, 2011, 12:49:41 pm
    • Korea
Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #2 on: April 22, 2011, 10:43:47 am »
Man, the Korean banking system is the bomb! I just spoke with LG trying to pay my cell phone bill and the lady told me I can xfer the payment to their bank account.  "But wait," I said.  "However will they know the payment is from me?"  "Oh, we set-up the account specifically for you," she replied.  "So we'll know that it's your payment."

Then my co-teacher explains that here, companies set-up individual account numbers for each of its customers. So when you get your bill, you xfer your payment from your bank account to any of the bank acct numbers they set-up for you, and voila! Bill paid!.

I wonder how this works on the accountant's end though. Why set up millions of account numbers?

*Shrug*

Sure makes my life easier.

We have a similar system in oz, though they don't creat separate accounts just an automatic reference number applied to the payments that you don't have to concern yourself with.

They give you a code you enter once (BPAY) that's normally on your first bill and from then on you just select there name with a single click and put in the amount you want to pay them.


  • DMZ
  • Super Waygook

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    • December 16, 2010, 08:34:43 pm
    • Incheon
Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #3 on: April 22, 2011, 10:46:59 am »
Yip it's called a giro number... you can pay most of your bills like this. It's basically just a fancy reference number system.


  • gookie
  • Super Waygook

    • 333

    • August 31, 2010, 12:03:12 pm
    • Daegu
Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #4 on: April 22, 2011, 10:55:03 am »
I thought your bank account is tied into your ARC so they can identify your bank account that its you. Isn't this why every time you sign up for something, they need to write down your ARC #?


  • Koenji
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    • December 03, 2010, 02:43:17 pm
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Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #5 on: April 22, 2011, 11:20:46 am »
yep, the bank transfers via ATM is really convenient.....my country (UK) is a bit behind the times to say the least.

ATM deposits are still in the experimental stage  ::)


  • CellarDoor
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    • February 22, 2011, 04:25:08 pm
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Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #6 on: April 22, 2011, 11:55:47 am »
Oh, is THAT how billing works?!  I got a gas bill weeks ago and my coteacher looked at it, said, "Uhhhh... My wife usually pays these so I don't know.  I will try to find out sometime." And then he forgot.  I tried to pay my bill but there was no account number on my bill!  I checked my neighbors' bills (shhh!), but they all had different numbers to pay into.

It all makes sense now!  So I just need to get a co-teacher to help me call to set this up, right?  Ahhh!  Yeah, that's pretty cool.  ...Can't believe it took me this long to figure it out.  :-[


  • Ley_Druid
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Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #7 on: April 22, 2011, 12:01:54 pm »
I thought your bank account is tied into your ARC so they can identify your bank account that its you. Isn't this why every time you sign up for something, they need to write down your ARC #?

I think they are talking about the account number that you pay TO, not yours. I am not sure if that really works that way. I say that cause I paid that way for one month on my gas bill, and the next month, it said it was never paid. Money disappeared. Thats why I use the billpay on KEB's online banking. Giro won't allow me to change my address. Jerks!


  • Davox
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    • February 05, 2011, 03:01:13 pm
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Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #8 on: April 22, 2011, 12:53:56 pm »
Oh, is THAT how billing works?!  I got a gas bill weeks ago and my coteacher looked at it, said, "Uhhhh... My wife usually pays these so I don't know.  I will try to find out sometime." And then he forgot.  I tried to pay my bill but there was no account number on my bill!  I checked my neighbors' bills (shhh!), but they all had different numbers to pay into.

It all makes sense now!  So I just need to get a co-teacher to help me call to set this up, right?  Ahhh!  Yeah, that's pretty cool.  ...Can't believe it took me this long to figure it out.  :-[

If you are ever not sure, walk into a bank, hold the bill and look around with a confused look on your face.  Someone will help you.  For real.


  • Janitor
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Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #9 on: April 22, 2011, 01:20:53 pm »
There are two systems at work here. The first is the direct transfer system. You simply transfer that amount in the the account for that bill or whatever it is that you are paying. Gmarket does the same thing, in case you were ever wondering.

It is not a "real" account but rather a payee account where you can only deposit in and can't take out. They are found on your bill and each bill will have about 5 from various banks and they all work and are for you account.

They other system now is that they have a machine that usually is located next to the atm but only works during business hours. This one is really cool. You simply press the bill pay icon and then swipe your card. You then feed your bills into it and pay them all at once. Done.. very cool now if they would only have it open later...


  • rahzel
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    • April 01, 2011, 12:42:48 pm
    • Korea
Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #10 on: April 22, 2011, 01:25:21 pm »
Banking in Korea has its ups and downs. There are things you can't do back home that is possible here, but the main sticking point I have with Korean banking is that they charge a fee (albeit a small fee) to withdraw your own money at an ATM. Ridiculous.


  • eskimo6
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    • March 28, 2011, 11:30:45 am
    • Seoul
Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #11 on: April 22, 2011, 01:52:06 pm »
I wholeheartedly agree. I am pretty much in love with my bank here... and dreading having to regress to PAPER CHECKS (PAPER CHECKS!! WTF?!?!) when I get back to the States. What is this, the Ice Age?


  • atmosphere
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    • April 12, 2011, 09:41:05 pm
    • Sanbon-dong, Gunpo-si, Gyeonggi-do
Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #12 on: April 22, 2011, 01:57:39 pm »
I fob all my bills off to my girlfriend since I don't ever have time to visit the bank. Why the hell do banks close at 4:30/5:00pm (it's the same in Britain)?!!?!


Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #13 on: April 22, 2011, 02:08:42 pm »
A friend just explained this to me:

"They open Virtual accounts, not the real accounts ... a virtual account is just giving you a tracking number ... which is software generated and its easy to track you with th...e help of that number ... Once you deposit the amount in that virtual account which is tagged with u, the money goes to their bank account with your virtual account number, which contains ur info .... so its like a giving you a tracking number permanently .... its easy n sensible system :)"


  • Adamski
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    • 63

    • January 31, 2011, 10:44:21 am
Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #14 on: April 22, 2011, 02:10:08 pm »
Man, the Korean banking system is the bomb! I just spoke with LG trying to pay my cell phone bill and the lady told me I can xfer the payment to their bank account.  "But wait," I said.  "However will they know the payment is from me?"  "Oh, we set-up the account specifically for you," she replied.  "So we'll know that it's your payment."

Then my co-teacher explains that here, companies set-up individual account numbers for each of its customers. So when you get your bill, you xfer your payment from your bank account to any of the bank acct numbers they set-up for you, and voila! Bill paid!.

I wonder how this works on the accountant's end though. Why set up millions of account numbers?

*Shrug*

Sure makes my life easier.

Yeah, pretty cool. But im afraid i have little grumble. Why do cards often stop working at around 12am -2am? I've had a few awkward moments when my card has been rejected at bars, restaurants and even in cabs. And then you cant go to an ATM either. Annoying. Especially in a country where people use cards a fair bit compared to cash.


  • weirdgirlinkorea
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Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #15 on: April 22, 2011, 02:19:04 pm »
This doesn't happen with KEB cards, change banks. I have ShinHan (SMOE had us open it at orientation) but my main account is KEB. When I first got paid it went into my ShinHan and I had this problem. After I opened my KEB never had this prob again.

Man, the Korean banking system is the bomb! I just spoke with LG trying to pay my cell phone bill and the lady told me I can xfer the payment to their bank account.  "But wait," I said.  "However will they know the payment is from me?"  "Oh, we set-up the account specifically for you," she replied.  "So we'll know that it's your payment."

Then my co-teacher explains that here, companies set-up individual account numbers for each of its customers. So when you get your bill, you xfer your payment from your bank account to any of the bank acct numbers they set-up for you, and voila! Bill paid!.

I wonder how this works on the accountant's end though. Why set up millions of account numbers?

*Shrug*

Sure makes my life easier.

Yeah, pretty cool. But im afraid i have little grumble. Why do cards often stop working at around 12am -2am? I've had a few awkward moments when my card has been rejected at bars, restaurants and even in cabs. And then you cant go to an ATM either. Annoying. Especially in a country where people use cards a fair bit compared to cash.
Ignoranţa este adesea o boală fatal şi cretin nu poate fi vindecata.


Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #16 on: April 22, 2011, 03:15:54 pm »
I fob all my bills off to my girlfriend since I don't ever have time to visit the bank. Why the hell do banks close at 4:30/5:00pm (it's the same in Britain)?!!?!

You can pay your bills at your bank's ATM!  OMG, I love Korea's banking system!  LOL....Your acct # is on the bills so have your GF translate the bank names, go to your bank's ATM and do an xfer there.  Voila.  Bill paid!


  • Adamski
  • Adventurer

    • 63

    • January 31, 2011, 10:44:21 am
Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #17 on: April 22, 2011, 05:22:52 pm »
This doesn't happen with KEB cards, change banks. I have ShinHan (SMOE had us open it at orientation) but my main account is KEB. When I first got paid it went into my ShinHan and I had this problem. After I opened my KEB never had this prob again.

Man, the Korean banking system is the bomb! I just spoke with LG trying to pay my cell phone bill and the lady told me I can xfer the payment to their bank account.  "But wait," I said.  "However will they know the payment is from me?"  "Oh, we set-up the account specifically for you," she replied.  "So we'll know that it's your payment."

Then my co-teacher explains that here, companies set-up individual account numbers for each of its customers. So when you get your bill, you xfer your payment from your bank account to any of the bank acct numbers they set-up for you, and voila! Bill paid!.

I wonder how this works on the accountant's end though. Why set up millions of account numbers?

*Shrug*

Sure makes my life easier.

Yeah, pretty cool. But im afraid i have little grumble. Why do cards often stop working at around 12am -2am? I've had a few awkward moments when my card has been rejected at bars, restaurants and even in cabs. And then you cant go to an ATM either. Annoying. Especially in a country where people use cards a fair bit compared to cash.

yeah ive been here a few years and have been with woori bank the whole time. never bothered to change it as most my friends have the same problem. leaving soon anyway.


  • Adamski
  • Adventurer

    • 63

    • January 31, 2011, 10:44:21 am
Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #18 on: April 22, 2011, 05:27:34 pm »
I fob all my bills off to my girlfriend since I don't ever have time to visit the bank. Why the hell do banks close at 4:30/5:00pm (it's the same in Britain)?!!?!

You can pay your bills at your bank's ATM!  OMG, I love Korea's banking system!  LOL....Your acct # is on the bills so have your GF translate the bank names, go to your bank's ATM and do an xfer there.  Voila.  Bill paid!

with utilities? if this is the case, then im ashamed of my stupidity haha. ive been here a good while and my first ever boss took me to the bank and helped me pay my gas and electricity using a special machine. u slide your bill in and put your card in. this is a machine inside the main bank, so u have to go during working hours. because of this ive always assumed this is the only way to pay!


Re: Kudos to YOU, Korea. Your Banking System is the Shiznit!!!
« Reply #19 on: April 23, 2011, 05:56:21 am »
Yea utilities.  I just paid my electric bill via ATM.  If you look at the bill, maybe toward the bottom, there are a list of bank names, probably in korean with acct #s.  Those are your acct #s and you can xfer your payments to any one you choose.   ;D