Questions & Answers

Money Matters

Why can't I use my Korean ATM card to access my account from outside Korea?

Sometime around 2007, Korean banks began blocking access to their Korean bank accounts from oiutside Korea to foreign account holders. Apparently this is not a government rule or regulation, but rather the way banks decided to protect themselves against any liability for foreign account holders withdrawing more than W10million a year.
There are a few branches of Korean banks that will allow foreign account holders to have the same access to their funds from abroad as Korean account holders have, while others will exempt certain people from the policy.
This practice has created a lot of complaints and unhappiness among members of the foreign community.

For more, go to http://www.korea4expats.com/article-opening-a-bank-account.html. As information will be added on this issue over time, you may want also to type ATM or bank services in the Korea4Expats search box. You can also got to the Daily Life tab and then look under Banking, Money Matters.


K4E Editor: Korea4Expats.com tries to ensure that the information we provide is accurate and complete, so should you notice any errors or omissions in the content above please contact us at info@korea4expats.com.



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