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  • gnomococ
  • Waygookin

    • 14

    • July 19, 2016, 01:35:56 pm
    • Seoul
Bank account
« on: July 28, 2016, 11:59:35 am »
Hey guys.

Do you guys use your bank account back at home or make a new one here?

If making a new one, would you recommend any?


  • solveit
  • Super Waygook

    • 369

    • December 09, 2014, 03:52:02 pm
    • Korea
Re: Bank account
« Reply #1 on: July 28, 2016, 02:03:09 pm »
If you're working in Korea you'll need a Korean bank account. While I still keep bank accounts at home, and transfer my savings into them, for day to day use a Korean account is much easier. Plus, that's where your employer will pay your wages - it's a lot more straightforward and cheaper than trying to transfer money internationally, which isn't instant and incurs fees.

I bank with KB, and I've never had any problems - I have 2 bank cards, one which is only for use in Korea and can also be used as a transport card, and the other is for use internationally and overseas. I regularly send money home, and have received money a few times without any problems.

Most of my friends are all with different banks - a lot of people are taken by their employer to open a bank account and so just go with whoever their employer banks with.

No-one I know has ever had any problems with their banks, aside from the difficulty in getting a credit card.


Re: Bank account
« Reply #2 on: July 28, 2016, 02:06:07 pm »
Hey guys.

Do you guys use your bank account back at home or make a new one here?

If making a new one, would you recommend any?
Don't understand the question.

When you come to Korea to work you should open a bank account here.  This makes it extremely easy to get paid, pay bills, use the ATM, and go shopping.  If you used your account back home you'd end up paying a lot of fees (some people do this anyway), plus your employer won't enjoy paying you by international transfer.

When you open an account here usually you will open one that is convenient for your employer to pay into (usually the same bank they use to avoid or reduce their fees).  In that way you don't really have a choice.  However you can open additional accounts at other banks for your own convenience.

(Hey!  Snap!)


  • oglop
  • The Legend

    • 2254

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: Bank account
« Reply #3 on: July 28, 2016, 03:48:50 pm »

When you open an account here usually you will open one that is convenient for your employer to pay into (usually the same bank they use to avoid or reduce their fees).  In that way you don't really have a choice. 


...what?


Re: Bank account
« Reply #4 on: July 28, 2016, 04:51:57 pm »

When you open an account here usually you will open one that is convenient for your employer to pay into (usually the same bank they use to avoid or reduce their fees).  In that way you don't really have a choice. 


...what?
Say "what" again.  I dare you.

My meaning is clear.  Your handler (hagwon boss/public school teacher) will help you open your bank account.  You will open one in the bank they take you to.  The bank they take you to is the one they like to deal with, not the one you'd necessarily choose (although frankly they all suck equally).


  • oglop
  • The Legend

    • 2254

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: Bank account
« Reply #5 on: July 28, 2016, 05:07:37 pm »
you can choose whichever bank you want. they aren't not going to pay you because you're with keb and your employer is with kookmin


Re: Bank account
« Reply #6 on: July 28, 2016, 09:15:45 pm »
you can choose whichever bank you want. they aren't not going to pay you because you're with keb and your employer is with kookmin
You can choose whichever bank you want, yes.  They aren't not going to pay you because you are with a different bank to them, correct (sort of).  However, the newly-minted NET fresh off the boat is going to have no idea which bank is best, and will be taken to the bank of their employer's choosing.

I have heard of NETs being told to open a new account at a specific bank just for the purposes of getting paid, despite the fact that they already have an account somewhere.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Bank account
« Reply #7 on: July 28, 2016, 10:49:26 pm »
Some of the comments in this thread sound a bit bizarre.

I suppose it depends on the maturity, independence, and the initiative of an individual, but I don't know of anyone who has been "taken" to a bank, though I do know a couple of foreigners who were escorted to immigration ages ago.

Whether it be going to the store, the hospital, the post office, etc. most are capable of navigating these places and eager to do so, on their own.

In my experience, schools will simply ask you for a copy of your bank book, so they know where to make the payments (I've never heard of them taking someone by the hand and forcing them to open an account at a different bank).

With accurate information so readily available for the uninitiated, it begs question.


  • solveit
  • Super Waygook

    • 369

    • December 09, 2014, 03:52:02 pm
    • Korea
Re: Bank account
« Reply #8 on: July 29, 2016, 12:21:10 am »
All of my friends were taken to the bank by their boss to open their bank account when they first came to Korea, and it wasn't down to a lack of maturity or initiative, simply the employer helping a newcomer get settled in Korea.

People who already have bank accounts established in Korea don't need that help, but when you're first here it's really useful.


Re: Bank account
« Reply #9 on: July 29, 2016, 07:54:41 am »
I don't know of anyone who has been "taken" to a bank

This is incredibly hard to believe. I guess people just haven't told you or something. The vast majority of people I know here were taken to a bank by their employer (or co-teacher) on their first contract.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Bank account
« Reply #10 on: July 29, 2016, 08:08:51 am »
Well, I don't know many people, so it's not saying much ;)

It sounds like it could just be a hagwon thing.


  • Pecan
  • The Legend

    • 3769

    • December 27, 2010, 09:14:44 am
    • Seoul
Re: Bank account
« Reply #11 on: July 29, 2016, 08:17:56 am »
What would be the point?

In the future, if you had any banking needs would you bring along your boss?

I mean, if no one at the bank could help you in English, would it be wise to open an account there?

Again, this could be like the NEIS and thing.  Some learn how to use it via watching YouTube, while others have always had it done for them.


  • JNM
  • The Legend

    • 4086

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Bank account
« Reply #12 on: July 29, 2016, 10:49:16 am »
All of my friends were taken to the bank by their boss to open their bank account when they first came to Korea, and it wasn't down to a lack of maturity or initiative, simply the employer helping a newcomer get settled in Korea.

People who already have bank accounts established in Korea don't need that help, but when you're first here it's really useful.

I have also heard a few stories of said boss setting himself up as a signatory on the account.

 :shocked:


  • gnomococ
  • Waygookin

    • 14

    • July 19, 2016, 01:35:56 pm
    • Seoul
Re: Bank account
« Reply #13 on: July 29, 2016, 11:59:02 am »
Thank you for the comments.
I'll try to clear my questions next time.. Sorry