Shinhan Bank Opens Foreigner-Friendly Branch

From 10 Magazine.

Posted by 10 Media on March 28, 2010 · Leave a Comment

Any long-term resident of Korea has at some time had to deal with Korea’s distinctly foreigner-unfriendly banking system. Quite often you will hear, “I don’t think we can do that.” Translation: foreigners need not apply. That’s all changed with the opening of Shinhan Bank’s Seoul Global Center on the first floor of the Seoul Finance Center downtown. This is where you hear, “Sure, we can do that for you.” This is where the tellers speak English, Japanese and Chinese. This is where you can sign up for Internet banking all in English. This is where foreigners who qualify can actually get credit cards made from real plastic with honest magnetic strips and everything! If you’re a new resident to Korea, making the new Shinhan Seoul Global Center your first stop in Korea will make your entire adjustment to this country a whole lot easier.

I’m always weary when I see services that are ‘foreigner-friendly’.  Don’t get me wrong; it’s definitely great that banks such as Shinhan are taking a proactive step in making banking easier for foreigners in terms of setting up an account (which is actually pretty easy at ANY bank even if your Korean is limited or non-existent) and setting up internet banking.  However, I doubt that any E-2 Joe can just walk in and apply for a credit card.  Actually I’m willing to be that the restrictions are the same as any other banks and that apply for one would be restricted to ones’ visa or ability to pay a large deposit.  I know in the articles it does say to those ‘who qualify’ but it’s not like that those who qualify will only go to this foreigner friendly bank.  In fact, I believe that Samsung and other credit card companies have English-speaking representatives who will visit your office or school directly.