I’ve been receiving a lot of inquiries from prospective customers this week if they could pay by bank transfer instead of Paypal. A few of them are younger than 18 and so they couldn’t open a Paypal account while others don’t have credit or debit cards to use.
My bank deducts 20 USD for inward remittance. I thought that’s too much but it’s their policy. This prompted me to check other banks in Korea and in the process I found out that an ebook exists on “Financial Transactions Guide for Foreigners”. The document is prepared by the Fn Hub Korea with assistance from Kookmin Bank, Korea Exchange Bank, Shinhan Bank, Woori Bank, Citibank Korea and Standard Chartered.
The guidebook contains information on Korea’s financial system, opening and closing bank accounts, electronic banking and so on. Too bad I didn’t find the information that I was looking for.
The guidebook is in PDF form and downloadable from bank websites. I visited the Kookmin Bank website and here’s the link to the Financial Transactions Guide for Foreigners.
Information like this should be easily accessible. The financial companies should submit their website to a directory submission service so expats like us could easily find their site. ;p
Hopefully, I could find a better way to receive money from prospective customers who don’t have Paypal accounts.