topic Re: Sooooooo I'm moving to Korea in Credit Cards

Sooooooo I'm moving to Korea

icyhot — Tue, 12 Jan 2016 19:54:01 GMT

I just been informed of a job offer to teach in South Korea. I'm set to leave in May. Now I'm totally trying to figure out how should I manage all my cards in a different country? I read somewhere that MasterCard is widely preferred overseas, I only have one MC an it has an FTF. I have 5 cards with no FTF, 4 Visas one Amex. I'm wondering should I get a CC issued by a South Korean bank once I get there? Would I be able to? And how should I avoid my FTF cards not being closed for non-use? I'll still have bills to pay back home, so maybe I should put one recurring bill on each card? Will I be able to pay my CC bills in foreign currency? I'm so excited but so nervous lol

Re: Sooooooo I'm moving to Korea

Anonymous — Tue, 12 Jan 2016 21:10:27 GMT

Congratulations on your exciting new adventure! I think it is a good idea to put any cards on autopay for small regular bills if you don't want those ones to close.

I'd also recommend checking into acceptance levels for credit cards in different areas of South Korea. I know that obtaining credit cards is frowned upon to an extent in Japan by those who live there, as they think it is more responsible to pay with cash. That doesn't mean they are not accepted in tourist areas ( they are), but outside of certain areas, there is much less acceptance of credit cards in Japan. So I'd recommend checking into that for South Korea so you can fully understand where your credit cards will and will not be useable. I know there are towns outside the main area of Seoul where credit cards are not accepted because the towns are smaller, but not sure where your teaching assignment will be.

Also, smaller mom and pop grocery stores (even in Seoul) do not always accept credit cards, so it will be good to identify your main go-to places and determine if they accept credit cards. You can easily end up renting an apartment on a street where your closest grocery store will be a mom and pop store that does not accept credit cards, so it's good to look into this.

Public transportation and smaller restaurants will require cash.You might also want to check if there are any extra fees for credit card use at the places which do accept credit cards.

Bank of Korea offers BC Credit cards. I'd recommend making an appointment with a banker at Bank of Korea once you arrive to determine which, if any, products and services would be available to you as a non-citizen visa holder who is legally resident for a job.

Korean credit cards operate on the "pay in full each month" system, so you will want to factor that in as you consider options, too. This is often a big surprise to people who may be used to carrying balances!

Perhaps others can offer additional help. Expat forums are also a nice place to check.

Enjoy this wonderful adventure!

Re: Sooooooo I'm moving to Korea

uswala — Tue, 12 Jan 2016 20:22:23 GMT

From what I know both MC and Visa are almost equally accepted in South Korea and to some extent AMEX as well.

Re: Sooooooo I'm moving to Korea

uswala — Tue, 12 Jan 2016 21:00:40 GMT

A quick google search led me to this page. May be it is useful for you.

Edited the wrong link.

Re: Sooooooo I'm moving to Korea

Anonymous — Tue, 12 Jan 2016 20:39:14 GMT

@Anonymous wrote:
Congratulations on your exciting new adventure! I think it is a good idea to put any cards on autopay for small regular bills if you don't want those ones to close.

I'd also recommend checking into acceptance levels for credit cards in South Korea. I know that obtaining credit cards is frowned upon to an extent in Japan by those who live there, as they think it is more responsible to pay with cash. That doesn't mean they are not accepted in tourist areas ( they are), but outside of the large metro areas, there is much less acceptance of credit cards in Japan. So I'd recommend checking into that for South Korea so you can fully understand where your credit cards will and will not be useable.

Bank of Korea offers BC Credit cards. I'd recommend making an appointment with a banker at Bank of Korea once you arrive to determine which, if any, products and services would be available to you as a non-citizen visa holder who is legally resident for a job.

Perhaps others can offer additional help.

Enjoy this wonderful adventure!

Definitely experienced this when I went to Japan a few weeks ago. Very little credit card acceptance in Hokkaido and also pretty low in areas outside of the large metro areas in Honshu. Went to Hong Kong and Macau as well and acceptability was just as low. Couldn't even buy or load my Octopus Card (Hong Kong's subway pass) with a credit card.

Re: Sooooooo I'm moving to Korea

Anonymous — Tue, 12 Jan 2016 21:12:16 GMT

@Anonymous wrote:
@Anonymous wrote:
Congratulations on your exciting new adventure! I think it is a good idea to put any cards on autopay for small regular bills if you don't want those ones to close.

I'd also recommend checking into acceptance levels for credit cards in South Korea. I know that obtaining credit cards is frowned upon to an extent in Japan by those who live there, as they think it is more responsible to pay with cash. That doesn't mean they are not accepted in tourist areas ( they are), but outside of the large metro areas, there is much less acceptance of credit cards in Japan. So I'd recommend checking into that for South Korea so you can fully understand where your credit cards will and will not be useable.

Bank of Korea offers BC Credit cards. I'd recommend making an appointment with a banker at Bank of Korea once you arrive to determine which, if any, products and services would be available to you as a non-citizen visa holder who is legally resident for a job.

Perhaps others can offer additional help.

Enjoy this wonderful adventure!
Definitely experienced this when I went to Japan a few weeks ago. Very little credit card acceptance in Hokkaido and also pretty low in areas outside of the large metro areas in Honshu. Went to Hong Kong and Macau as well and acceptability was just as low. Couldn't even buy or load my Octopus Card (Hong Kong's subway pass) with a credit card.

@humuhumunukunukuapua'a wrote:

Yes, exactly, Hokkaido (which is actually a pretty huge area, not small at all), Hakone, and other places as well. You could be on the train and realize you need to cash to keep going. You also need cash to buy food on some of the trains - we found that some accepted credit cards, and others did not.

Did you enjoy Japan? We were there in 2010 for three weeks and I very much miss it!

Re: Sooooooo I'm moving to Korea

Aahz — Tue, 12 Jan 2016 20:57:04 GMT

How incredibly exciting!

As much as I love and respect my fellow MyFICOers I think this question would be much better asked on a "teaching English abroad" or "Working in South Korea" forum.

However, I also did a quick Google search and found this page which included the following-

Can I use my credit card in Korea?
You will be issued a Korean debit card when you open your Korean bank account which can be used almost everywhere. You will also be able to us major credit cards at most stores, hotels and tourist locations.
Will I have a bank account in Korea?
Your school will help you set up a bank account at a local bank that you will get your paychecks directly deposited into. Your paychecks will always be in Korean Won (KRW).

Re: Sooooooo I'm moving to Korea

Anonymous — Tue, 12 Jan 2016 21:38:47 GMT

Check out blogs/youtube videos of those who have gone through the process. I'd recommend the EatYourKimchi.com archives.

Re: Sooooooo I'm moving to Korea

stellar — Tue, 12 Jan 2016 21:47:56 GMT

Wow congrats! Just watched the Anthony Bourdain show on Korea and it looks like a really cool place! Enjoy it!

Re: Sooooooo I'm moving to Korea

370Z — Wed, 13 Jan 2016 08:30:13 GMT

I taught English in Korea for 2.5 years 3.5 years ago (not a typo). I was there under an F-4 visa. I only had 2 US credit cards back then, both with FTF, so I never used them.

Any place that accepts Mastercard will accept Visa, and vice-versa. Unless you're a Korean citizen, you have zero chance of getting any credit cards. I read that years ago, foreigners maxed cards out without paying them and left the country, hence the change. Many debit cards offer monthly discounts at certain places, some of which require a certain amount of spend in the previous month. For example, $7 off a movie ticket, $3 off at a specific convenience store, etc. I had checking and debit cards with KB and KEB. KB had the best debit cards and most branches. KEB was the most foreigner friendly but with fewer locations.

Hope this helps.

Re: Sooooooo I'm moving to Korea

Anonymous — Wed, 13 Jan 2016 14:37:16 GMT

@370Z wrote:
I taught English in Korea for 2.5 years 3.5 years ago (not a typo). I was there under an F-4 visa. I only had 2 US credit cards back then, both with FTF, so I never used them.
Any place that accepts Mastercard will accept Visa, and vice-versa. Unless you're a Korean citizen, you have zero chance of getting any credit cards. I read that years ago, foreigners maxed cards out without paying them and left the country, hence the change. Many debit cards offer monthly discounts at certain places, some of which require a certain amount of spend in the previous month. For example, $7 off a movie ticket, $3 off at a specific convenience store, etc. I had checking and debit cards with KB and KEB. KB had the best debit cards and most branches. KEB was the most foreigner friendly but with fewer locations.
Hope this helps.

Actually Shinhan bank does offer Korean credit cards to foreigners and non-Korean citizens. (My sister taught English there last year and obtained a Korean credit card, so it may be a YMMV situation). You can check with Shinhan bank directly, but it also mentions it on their website:

http://www.shinhan.com/websquare/websquare_contents.jsp?w2xPath=/contents/global/eng/contactus/faq_cards.xml&

Best of luck, OP!

Re: Sooooooo I'm moving to Korea

Anonymous — Wed, 13 Jan 2016 15:02:14 GMT

@Anonymous wrote:
@370Z wrote:
I taught English in Korea for 2.5 years 3.5 years ago (not a typo). I was there under an F-4 visa. I only had 2 US credit cards back then, both with FTF, so I never used them.
Any place that accepts Mastercard will accept Visa, and vice-versa. Unless you're a Korean citizen, you have zero chance of getting any credit cards. I read that years ago, foreigners maxed cards out without paying them and left the country, hence the change. Many debit cards offer monthly discounts at certain places, some of which require a certain amount of spend in the previous month. For example, $7 off a movie ticket, $3 off at a specific convenience store, etc. I had checking and debit cards with KB and KEB. KB had the best debit cards and most branches. KEB was the most foreigner friendly but with fewer locations.
Hope this helps.
Actually Shinhan bank does offer Korean credit cards to foreigners and non-Korean citizens. (My sister taught English there last year and obtained a Korean credit card, so it may be a YMMV situation). You can check with Shinhan bank directly, but it also mentions it on their website:

http://www.shinhan.com/websquare/websquare_contents.jsp?w2xPath=/contents/global/eng/contactus/faq_cards.xml&

Best of luck, OP!

From the FAQ

"What are the eligibility criteria for an international check card?

If you have a valid passport and Alien Registration Card you are eligible for a domestic or international check card from Shinhan Bank.

Of course, a teller may use his or her discretion to refuse to open a bank account or issue a check card or offer other bank services to someone they believe to be suspicious. This is definitely not limited to foreigners; all bank customers are subject to a teller’s discretion. In fact, it is a teller’s duty to report any suspicious characters or activity to the branch manager."

Icyhot I hope you don't look suspicious!!!

Re: Sooooooo I'm moving to Korea

Closingracer99 — Wed, 13 Jan 2016 16:20:40 GMT

@Anonymous wrote:
Congratulations on your exciting new adventure! I think it is a good idea to put any cards on autopay for small regular bills if you don't want those ones to close.

I'd also recommend checking into acceptance levels for credit cards in different areas of South Korea. I know that obtaining credit cards is frowned upon to an extent in Japan by those who live there, as they think it is more responsible to pay with cash. That doesn't mean they are not accepted in tourist areas ( they are), but outside of certain areas, there is much less acceptance of credit cards in Japan. So I'd recommend checking into that for South Korea so you can fully understand where your credit cards will and will not be useable. I know there are towns outside the main area of Seoul where credit cards are not accepted because the towns are smaller, but not sure where your teaching assignment will be.

Also, smaller mom and pop grocery stores (even in Seoul) do not always accept credit cards, so it will be good to identify your main go-to places and determine if they accept credit cards. You can easily end up renting an apartment on a street where your closest grocery store will be a mom and pop store that does not accept credit cards, so it's good to look into this.

Public transportation and smaller restaurants will require cash.You might also want to check if there are any extra fees for credit card use at the places which do accept credit cards.

Bank of Korea offers BC Credit cards. I'd recommend making an appointment with a banker at Bank of Korea once you arrive to determine which, if any, products and services would be available to you as a non-citizen visa holder who is legally resident for a job.

Korean credit cards operate on the "pay in full each month" system, so you will want to factor that in as you consider options, too. This is often a big surprise to people who may be used to carrying balances!

Perhaps others can offer additional help. Expat forums are also a nice place to check.

Enjoy this wonderful adventure!

It's not a matter of do Japanese think it's more responsible to spend with cash but more of a fact lol. If you don't have the cash you can't buy it lol.

Re: Sooooooo I'm moving to Korea

Anonymous — Wed, 13 Jan 2016 16:40:10 GMT

@icyhot wrote:
I just been informed of a job offer to teach in South Korea. I'm set to leave in May. Now I'm totally trying to figure out how should I manage all my cards in a different country? I read somewhere that MasterCard is widely preferred overseas, I only have one MC an it has an FTF. I have 5 cards with no FTF, 4 Visas one Amex. I'm wondering should I get a CC issued by a South Korean bank once I get there? Would I be able to? And how should I avoid my FTF cards not being closed for non-use? I'll still have bills to pay back home, so maybe I should put one recurring bill on each card? Will I be able to pay my CC bills in foreign currency? I'm so excited but so nervous lol

So, I've lived in South Korea for the last 13 years, I can answer any questions you might have.

Visa and Mastercard are accepted equally, right now MasterCard is running a visit Korea promo getting you discounts at a lot of places. AMEX is not as widely accepted.

Managing will be a pain, you're limited on how much money you can transfer back (it's basically what you make, so not too bad) and of course you'll be paying transfer fees. KEB used to offer a linked bank account, deposit money and it auto transfers to a US bank, not sure if they still have it though.

You will NOT be getting a Korean credit card, they are nearly impossible for foreigners to get. If you were a professor, worked for a major company, or a permanent resident you'd have a chance. As an E-2, it's not going to happen.

For your FTF cards, either suck it up or find something online you can use to make periodic payments with.

Now... have you signed your contract? If you haven't, you should REALLY get it reviewed by people familiar with them. There is almost always illegal clauses in them. You should do some research on it, there's a lot of things to watch out for with hagwons and public schools. Some school owners are great, others will try and screw you over, others honestly really don't know the laws. On reddit, /r/Korea has a lot of links and information for you... just make sure you read the common topics before posting a question. There's also another subreddit where they do contract reviews, but I can't remember the name off the top of my head.

A couple things, get your phone in your own name, open your Korean bank account yourself. Make sure they are paying pension and health care, you won't get Korean healthcare for 3 months (new law) so make sure you have some cash (or CC) on hand in case you get sick or injured. International insurance isn't really needed, even without insurance medical care here is FAR cheaper than the US.

If you have any other questions, feel free to ask. I don't login here too often, but I'm on the same name on reddit and am quite active there.

Re: Sooooooo I'm moving to Korea

Anonymous — Wed, 13 Jan 2016 16:43:13 GMT

@370Z wrote:
KEB was the most foreigner friendly but with fewer locations.
Hope this helps.

They have a lot more locations now, they are in the final stages of a merger with Hana. Still the most foreigner friendly bank (KB used to be, and before that Woori), but ironically their Itaewon location is the LEAST foreign friendly one.

Re: Sooooooo I'm moving to Korea

Anonymous — Wed, 13 Jan 2016 16:47:04 GMT

@Anonymous wrote:
@370Z wrote:
I taught English in Korea for 2.5 years 3.5 years ago (not a typo). I was there under an F-4 visa. I only had 2 US credit cards back then, both with FTF, so I never used them.
Any place that accepts Mastercard will accept Visa, and vice-versa. Unless you're a Korean citizen, you have zero chance of getting any credit cards. I read that years ago, foreigners maxed cards out without paying them and left the country, hence the change. Many debit cards offer monthly discounts at certain places, some of which require a certain amount of spend in the previous month. For example, $7 off a movie ticket, $3 off at a specific convenience store, etc. I had checking and debit cards with KB and KEB. KB had the best debit cards and most branches. KEB was the most foreigner friendly but with fewer locations.
Hope this helps.
Actually Shinhan bank does offer Korean credit cards to foreigners and non-Korean citizens. (My sister taught English there last year and obtained a Korean credit card, so it may be a YMMV situation). You can check with Shinhan bank directly, but it also mentions it on their website:

http://www.shinhan.com/websquare/websquare_contents.jsp?w2xPath=/contents/global/eng/contactus/faq_cards.xml&

Best of luck, OP!

Outside of a secured card, it is basically impossible for an E-2 visa holder to get a CC in Korea. Check card (which is what they call a debit card) is limited to Korea only, some banks will give an international one, but even that is a fight.

Source: I live here, for the past 13 years.

Re: Sooooooo I'm moving to Korea

Anonymous — Wed, 13 Jan 2016 19:50:37 GMT

@Anonymous wrote:
@Anonymous wrote:
@370Z wrote:
I taught English in Korea for 2.5 years 3.5 years ago (not a typo). I was there under an F-4 visa. I only had 2 US credit cards back then, both with FTF, so I never used them.
Any place that accepts Mastercard will accept Visa, and vice-versa. Unless you're a Korean citizen, you have zero chance of getting any credit cards. I read that years ago, foreigners maxed cards out without paying them and left the country, hence the change. Many debit cards offer monthly discounts at certain places, some of which require a certain amount of spend in the previous month. For example, $7 off a movie ticket, $3 off at a specific convenience store, etc. I had checking and debit cards with KB and KEB. KB had the best debit cards and most branches. KEB was the most foreigner friendly but with fewer locations.
Hope this helps.
Actually Shinhan bank does offer Korean credit cards to foreigners and non-Korean citizens. (My sister taught English there last year and obtained a Korean credit card, so it may be a YMMV situation). You can check with Shinhan bank directly, but it also mentions it on their website:

http://www.shinhan.com/websquare/websquare_contents.jsp?w2xPath=/contents/global/eng/contactus/faq_cards.xml&

Best of luck, OP!
Outside of a secured card, it is basically impossible for an E-2 visa holder to get a CC in Korea. Check card (which is what they call a debit card) is limited to Korea only, some banks will give an international one, but even that is a fight.

Source: I live here, for the past 13 years.

No idea of the type of Visa she had, but my sister was indeed able to get a Korean credit card while living and working in Korea and being sponsored by a company (US citizen). I don't know the rules related to it. I guess it's YMMV.

Re: Sooooooo I'm moving to Korea

Anonymous — Thu, 14 Jan 2016 06:05:46 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@370Z wrote:
I taught English in Korea for 2.5 years 3.5 years ago (not a typo). I was there under an F-4 visa. I only had 2 US credit cards back then, both with FTF, so I never used them.
Any place that accepts Mastercard will accept Visa, and vice-versa. Unless you're a Korean citizen, you have zero chance of getting any credit cards. I read that years ago, foreigners maxed cards out without paying them and left the country, hence the change. Many debit cards offer monthly discounts at certain places, some of which require a certain amount of spend in the previous month. For example, $7 off a movie ticket, $3 off at a specific convenience store, etc. I had checking and debit cards with KB and KEB. KB had the best debit cards and most branches. KEB was the most foreigner friendly but with fewer locations.
Hope this helps.
Actually Shinhan bank does offer Korean credit cards to foreigners and non-Korean citizens. (My sister taught English there last year and obtained a Korean credit card, so it may be a YMMV situation). You can check with Shinhan bank directly, but it also mentions it on their website:

http://www.shinhan.com/websquare/websquare_contents.jsp?w2xPath=/contents/global/eng/contactus/faq_cards.xml&

Best of luck, OP!
Outside of a secured card, it is basically impossible for an E-2 visa holder to get a CC in Korea. Check card (which is what they call a debit card) is limited to Korea only, some banks will give an international one, but even that is a fight.

Source: I live here, for the past 13 years.
No idea of the type of Visa she had, but my sister was indeed able to get a Korean credit card while living and working in Korea and being sponsored by a company (US citizen). I don't know the rules related to it. I guess it's YMMV.

It is pretty rare, but can happen. Working at a university, or as an internal English teacher for a major corporation makes it easy. Public school teachers may be able to get one (Samsung has been known to let them have an unsecured), Hagwon (which are private schools, which most English teachers work at) it's nearly impossible.

Didn't mean to come across as saying you're incorrect, just that your sister would be the exception and not the rule. Also has a lot to do with how you look (that goes for EVERYTHING in this country), and what mood that bank manager is in that day. Persistence pays off, one guy says no (foreigners can't have that), just go to the next bank, and the next, and the next... sooner or later you might get one to approve.

There are some really awesome perks on cards here, for example my wife's card gives 20% discount off her cell phone bill. What makes that even more amazing is that you can pay for taxi, bus, subway, movies, convience stores, etc with your cellphone. Those charges just show up on your bill, like any phone call would, and the 20% discount applies to it.