Read 8398 times

  • cashclay
  • Super Waygook

    • 259

    • May 03, 2015, 03:51:12 am
    • seoul
KEB bank loans and credit cards to foreigner ???
« on: January 24, 2016, 07:39:34 pm »
Hi im thinking about switching over from woori to KEB due to the foreigner friendly service.  I ve heard from multiple sources that this bank  gives out bank loans to foreigners which is almost unheard of amongst the others.  Ive been told to open an account, wait 6 months and then ill be approved of both a credit card and a loan. All this seems like its too good to be true and just wanted some RECENT info that could support or disparage these claims. Thank you


  • kptko
  • Adventurer

    • 46

    • July 22, 2015, 08:26:15 am
    • Seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #1 on: January 24, 2016, 08:13:56 pm »
I received a loan from KEB, albeit I only requested 5 million won. They said if I wanted they would give me 10 million.

Although some other relevant info would be I am korean american, I have had a KEB account for 2 years,  and I work for one of the large korean conglomerates.


  • waygo0k
  • The Legend

    • 4451

    • September 27, 2011, 11:51:01 am
    • Chungnam
Re: KEB bank loans and credit cards to foreigner ???
« Reply #2 on: January 24, 2016, 08:37:49 pm »
KEB will offer you (foreigner) a loan if you work for for a publicly listed company.

If you don't work for a publicly listed company, you can still get a loan, but you'll need collateral (cash, property etc).


  • cashclay
  • Super Waygook

    • 259

    • May 03, 2015, 03:51:12 am
    • seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #3 on: January 24, 2016, 08:38:56 pm »
when you say i need collateral - cash ; how much cash is needed ? 70% of the requested amount ?


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #4 on: January 24, 2016, 10:25:47 pm »
You sound rather desperate for this loan that you have been seeking, if that translate during these visits, it might explain why you have been getting denied.

Typical lending institution policy, collateral needs to be equal to or greater than the loan.

If you want $10,000, you have to have $10,000 or something worth $10,000 or more.

Curious, are you trying to dine and dash, as I know some who have ran up a credit card and bailed?  What is your end game?


  • cashclay
  • Super Waygook

    • 259

    • May 03, 2015, 03:51:12 am
    • seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #5 on: January 25, 2016, 03:30:14 am »
my end game is not to dine and dash but rather to build up a reputable credit score.  I am in desperate need of a credit card.   


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #6 on: January 25, 2016, 06:23:24 am »
Arguably, one of the best and easiest ways to rebuild your credit is via a secured card.

Have you done that?


  • JNM
  • The Legend

    • 4780

    • January 19, 2015, 10:16:48 am
    • Cairo, Egypt (formerly Seoul)
Re: KEB bank loans and credit cards to foreigner ???
« Reply #7 on: January 25, 2016, 07:49:01 am »
Secured cards are only available to somebody with NO credit history, so if you have a post paid phone or a landlord that ran a check on you, you are out of luck on that front.

A small personal loan with cash as colateral might get you started though.  You need to find a bank manager who speaks English and wants your business.


  • waygo0k
  • The Legend

    • 4451

    • September 27, 2011, 11:51:01 am
    • Chungnam
Re: KEB bank loans and credit cards to foreigner ???
« Reply #8 on: January 25, 2016, 08:15:20 am »
when you say i need collateral - cash ; how much cash is needed ? 70% of the requested amount ?

As far as I know, 100% of the amount you need to borrow.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #9 on: January 25, 2016, 08:20:14 am »
Secured cards are only available to somebody with NO credit history...
No sure where you are from, but if you are referring to the United States or Korea, that is 100% untrue.


  • JNM
  • The Legend

    • 4780

    • January 19, 2015, 10:16:48 am
    • Cairo, Egypt (formerly Seoul)
Re: KEB bank loans and credit cards to foreigner ???
« Reply #10 on: January 25, 2016, 09:30:12 am »
That is what I was told, at KEB Gangnam station, about a year ago.  Also, the rules had recently changed.

I may have been lied to; wouldn't be the first time.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #11 on: January 25, 2016, 09:51:11 am »
It is a guaranteed source of revenue for card companies, with the points they take, unlike the risk associated with regular credit cards.

You do know what a "secured" card is, right?


  • JNM
  • The Legend

    • 4780

    • January 19, 2015, 10:16:48 am
    • Cairo, Egypt (formerly Seoul)
Re: KEB bank loans and credit cards to foreigner ???
« Reply #12 on: January 25, 2016, 10:11:24 am »
I know what they are, and had one many years ago in Canada.

About a year ago, I was told the rules had changed and I was not eligible because I had a credit rating (albeit a fresh one without much history) and this product (with an 80% security) was at that time only available to those without. Apparently a recent regulatory change prevented banks from making money with little risk.

Where are you getting your info?  It would be good to share if current.


  • cashclay
  • Super Waygook

    • 259

    • May 03, 2015, 03:51:12 am
    • seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #13 on: January 25, 2016, 10:14:55 am »
Im startin to believe that a secured card is my only option. Although im not sure woori bank is a good bank to do that with considering their lack of foreigner friendly services.  I guess ill have to go to KEB bank.


Re: KEB bank loans and credit cards to foreigner ???
« Reply #14 on: January 25, 2016, 11:13:08 am »
You do know what a "secured" card is, right?

I've heard about this rule too, no need to be condescending.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #15 on: January 25, 2016, 11:20:16 am »
No such tone taken.

That's just how you read it.


  • cashclay
  • Super Waygook

    • 259

    • May 03, 2015, 03:51:12 am
    • seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #16 on: January 25, 2016, 08:06:10 pm »
Ok if anyone has gotten a credit card from KEB recently please tell me what the requirements were.  thank you


Re: KEB bank loans and credit cards to foreigner ???
« Reply #17 on: January 25, 2016, 08:14:36 pm »
Ok if anyone has gotten a credit card from KEB recently please tell me what the requirements were.  thank you

jeez bro. how many times are you gonna ask the same thing? you were told repeatedly what the requirements were in that other thread where you were posting about this.

instead of asking randoms on the internet, why don't you just phone KEB and ask them? get it straight from the horses mouth.

I myself told you that Shinhan will give secured cards to foreigners, with a deposit of 2 million Won, although you may have to have a cheque account with them too, or at least open one first. and i told you to phone them and ask to be sure, and even gave you the English helpline number.

and yet here you are, still asking the same question again and again...


Re: KEB bank loans and credit cards to foreigner ???
« Reply #18 on: January 25, 2016, 10:32:30 pm »
KEB WAS a foreigner friendly bank. But they were bought out by Hana bank and it is slowly beginning to show.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: KEB bank loans and credit cards to foreigner ???
« Reply #19 on: January 25, 2016, 10:46:15 pm »
KEB has really gone down hill in so many ways since the buy out.

Not foreign friendly now, in the least.

Going to try SC or Citi? Anybody have a recommendation for a foreigner-friendly bank?