Choosing an International Bank (Korea Edition)

[beach9000]

Hi There.

I guess this question involves other posts, like the one about local Japanese Banks and the one about banks in UAE for expats but there's nothing specific to Korea.

So: I am a professional who has been given the possibility of transferring to Korea where I’ll be part of a base dealing with the rest of Asia. And dealing with the rest of Asia will mean some travelling to various parts including Japan, China, India, etc. Also, I’ll be leaving a family in Canada home during a transition period so does anybody know of a foreigner friendly financial institution that handles:
1. The Korean Won
2. Korea to Canada Transfers (maybe an inter-institution transfer or something like a shared account?)
3. Easy access for when I’m travelling outside of Korea.
Now, #2 and #3 are the real selling points for me since I will be, in effect, keeping straddling an ocean or two.

And from previous trips I kept on seeing Citibank and HSBC peppered across the landscapes so does anybody have any *detailed* experience with these?

Thanks!

[synthia]

Originally Posted by beach9000

Hi There.

1. The Korean Won
2. Korea to Canada Transfers (maybe an inter-institution transfer or something like a shared account?)
3. Easy access for when I’m travelling outside of Korea.

And from previous trips I kept on seeing Citibank and HSBC peppered across the landscapes so does anybody have any *detailed* experience with these?

Thanks!

I've always heard good things about HSBC, and am considering using them myself.

Korean banks will handle won. That is not an issue.

You won't be able to have anything link a shared account. I assume your employer is going to make a direct deposit into your Korean account. Ask if part of your pay can initially be deposited in your Canadian account. By the way, keep it open. Otherwise you can do wire transfers, and there will be fees involved, even from one Citibank account to another. They are really separate banks, because of each country's banking laws. If they have PayPal in Korea, one option would be to transfer money through a PayPal account.

Your account should come with an ATM card that you can use all over the world. Choose a bank that issues one affiliated with Visa, as this is the most common. ATMs abound in most Asian countries.