Financial Transactions Guide for Foreigners

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.

9 thoughts on “Financial Transactions Guide for Foreigners

  • September 18, 2010 at 7:57 am
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    why don’t you try BPI’s remittance system?

    Reply
    • September 18, 2010 at 11:25 am
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      is it possible here? i mean i’ll be receiving the money from the sender in the philippines.

      Reply
      • September 25, 2010 at 12:47 pm
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        Betchay,isn’t it possible for you to open a metro bank acct?
        my neice also has an online business,she uses my id to order and i pay here,she sends money thru western union..she pays for the remittance which sometimes is too much for her…i asked her if she could send the money to my bank account but she said a bank to bank transaction needs her to open an account there of 15Tpesos yata..ako naman ang nag-aabono sa EMS niya….hay minsan nakakapagod rin,sana if you have a contact there who can collect the money and send it to you ,mas makakamura..kakaapagod rin maghatid sa post office.kasi i am a very busy person tapos itse check ko pa isa-isa kung complete yung item..hay…but that’s the only way i can help her..

        Reply
  • September 18, 2010 at 9:12 pm
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    Or maybe, you could also use Western Union to transfer money. There’s a fee of course depending on the amount when they do that but it’s on the side of the sender.

    Reply
  • September 21, 2010 at 6:11 am
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    paypal do accept credit cards even without registering at paypal. sellers only need to integrate express checkout in their website.
    underaged buyers can also get an eon visa debitcard from unionbank without any maintaining balance. it is accepted by almost all internet online shops that accepts visa and also by paypal. they only need a school id and another valid id like postal or voters.

    Reply
  • November 30, 2010 at 10:06 am
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    Grabe, andaming kong pinagka-busy-han. andami ko tuloy hindi nabasa dito sa buhaykorea. haaay. musta po? hope maging mapayapa na jan.

    Reply
  • March 29, 2011 at 11:19 pm
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    gusto ko lang po malaman. kasi po pupunta po ako S.korea para magaral, 18 na po ako. pinoproblema ko po kung paano ako mkakatanggap ng pera from my dad to korea. ano po ba kailangan ko gawin para mkatanggap ng pera at makabili na rin ng needs ko sa korea? ano po bang mas maganda, credit card sa citibank? o may irrecommend po ba kayo? ty

    Reply
  • July 8, 2011 at 12:11 am
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    hello ate betchay,,, do you know what is the cheapest way of sending money in philippines? pls help me.. htnx.. more power to you^^

    Reply

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