Banking

Paypal account

Howdy folks,

 

I need to set up a Korean paypal account but I don't think I will be able to do so with my Maestro card from KB bank. What would be a good bank to transfer my funds to that would allow me to easily start a paypal account from and eventually close/transfer money to an American account from. My Korean is limited so I would appreciate if they are fairly fluent in English.

 

Cheers fellow minions!


Practical Tips for Foreigners Living in Korea

Banking: The single biggest problem for non-Korean citizens living in Korea is banking. You cannot just open an account at Kookmin Bank (KB) and then take your ATM card to the U.S. and withdraw money at the Citibank ATM in Los Angeles. It doesn’t work.

I must recommend KEB, Korea Exchange Bank, which has a global banking account, where foreigners can open accounts, which have the same online banking capabilities as the other banks in Korea. In addition, with the global banking account, you can with withdraw money when you are back home (assuming that is not Korea).

VITAL POINT: You need to designate a foreign exchange bank with a form at KEB. Without this, you will not be able to withdraw money in a country outside of Korea, even if you have the correct acccount, and ATM card. This is a VITAL POINT (the phrase native Koreans love is “key point”). I cannot stress how important this is!.


Sitting on a Powder Keg

The United States has weathered a housing loan crisis. According to the Hankyoreh, Is South Korea next?

South Korea’s current mortgage structure appears to be more dangerous than that of developed nations that have experienced financial crises due to real estate bubbles.

In most developed nations, mortgages are either long-term, over 20 years, or amortizing mortgages in which the interest and principal are paid simultaneously. In South Korea, many people have balloon loans in which the principal is paid back all at once at the end of the loan, and even if the interest and principal is paid back simultaneously, it is usual for borrowers to pay only interest for three or more years. 


Red Links, 7-31-10

Jon BerkeleyYes, I missed last week – apologies. This week brings disappointment leavened with hope – for carbon taxes, CCT’s, and sorting out the banking system and the world economy in general. I am, however, partial to a counter-terror strategy in Afghanistan. But, maybe I should read the WikiLeaks’ trove of documents now.


Red Links, 07-10-10

KAL's Cartoon, 07-08-10This week’s editorials admonish the various culprits, i.e., President Sarkozy, IPCC, justly. I chose the quickest summary of the East Anglia emails scandal conclusions because brevity accentuates how ridiculously tedious the slander campaign really was. But, The Economist missed a chance to admonish another culprit in every case: US. I mean, how long can readers of The Economist, for one, persist in such blithering naivete? I can forgive non-subscribers. But, most educated readers with at least two years of elementary school on their resume should know the difference between the bluster of public life and the earnestness of the private.


Dreaming of Tiny Banks

I’m not so lefty that I like big banks with big lobbying budgets.

Listening to Mike Konczal and Timothy Carney talk about the power of lobbyists, namely Goldman Sachs and “financialization” and financial reform, I’m just wondering if what the US needs is lobbying reform. Goldman Sachs et al are only gaming the financial system through Congress for their own designs. I also wonder if financialization, not squabbling engineers, is behind American resistance to auto mergers. Arnold Kling sounds downright utopian.


Banking

Just wanted to know if there is such a thing as a "joint" (shared bank account) account in Korea and if so which bank??   My Ajumma says there isnt!!!!!!!!!!!!!!!!! 

Thanks


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