Recruiter In Korea

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Shinhan Bank Opens Foreigner-Friendly Branch

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From 10 Magazine.

Shinhan Bank Opens Foreigner-Friendly Branch

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.


Written by recruiterinkorea

March 28, 2010 at 10:18 pm

Posted in Uncategorized

2 Responses

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  1. I entered recently into korea with E3 visa and am working as a post-doctoral researcher in Hanyang University. My contract with the university is 1 year. When I visited the Shinhan bank branch of Hanyang university to open an account, I could open the account. However, the officer dynied my request to issue a credit card because he said my period of stay is 1 year. Is it not possible to issue a credit card with the validity of 1 year? Or is there other way to issue the creidit card?
    Hope to hearing the response from the bank side.

    Many thanks in advance!

    NK Shrestha

    July 15, 2010 at 9:39 am

    • Because you work at a university, I would assume that it would be easier for you to get a credit card as opposed to someone who works at a hagwon. However, all banks are different; some would issue you a credit card without a deposit and some will only do so with a deposit that equals the amount of credit offered. I would just go to another bank and see what they say.

      Good luck!


      July 15, 2010 at 10:33 am

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