By David Watermeyer
Contributing Writer
The banks on the side of a river cast an image of solidity and constancy relative to the water flowing alongside them. But banks in Korea do not appear that consistent or solid in their policies here in Korea. Not, that is, for a number of foreigners who live here and have to use their services.
The word ``bank,'' the place you leave your money for safe keeping and hope to be able to withdraw it as easily as possible, in fact does not come from what lies on either side of a river but, rather from the Italian ``banco,'' meaning the benches on which the first bankers sat while doing their banking business in renaissance Italy. The image this brings to mind is something that is more flexible and still in the making.
A JoongAng Daily recent scoop on the issue is causing quite a stir as it claims that, contrary to the impression many had, there were no hard and fast rules from the government controlling the two banking facilities that foreigners have been complaining most about: The difficulty of being issued on the one hand a local credit card, and on the other a debit card which can be used to draw ones' money whether in Korea or overseas.
It would seem that the apparently often cited claims by the banks that they were constrained by law, certainly with regard to being able to withdraw money overseas, were not quite correct.
According to a source from the ministry, banks were given the authority to allow foreigners to open two types of accounts: one for domestic transactions and the other foreign transactions.
The restrictions on the domestic transaction account type were that transactions within the country be limited to under $10,000 to avoid tax evasion, and those done outside the country be limited to the same amount due to the Foreign Currency Transaction Law, within the period of a singular exit from the country.
A number of articles have appeared in recent months citing foreigners who have suddenly found themselves unable to draw money while overseas. In some cases they had no money to stay anywhere or even buy food. Yet they were not on deserted islands _ their banks had blocked the facility to allow them to draw cash.
So why the confusion? According to a foreigner, who asked not to be named but has lived in Korea many years, the problem is a lack of communication.
Within the banks junior staff are not always clear about their banks' policies. And on the foreigners side there is no singular voice, no clear channel or representative through which to communicate what is wanted.
This foreigner, who worked in a Korean bank for a number of years, drew attention to something afoot that may indeed start seeing things getting on better track.
A foreign company of the name Wise and Wealthy has been commissioned to look into the banking service situation concerning foreigners in Korea.
The idea is to glean as much information as possible over the next few weeks regarding foreigner's banking needs and frustrations. As part of this process an online survey has been set up in conjunction with KEB, which can be accessed on the web at www.korea4expats.com
The above foreigner described the survey: `` The survey is open to all foreign passport holders who have ever used a bank in Korea (whether they have an account or not). People who have recently left the country are also eligible. Participants in the survey can remain anonymous if they wish, however those wishing to receive the thank-you gift of a memory stick will have to give an e-mail address. Please note that participation in the survey is limited to one person per computer.''
The writer did the survey and found it relatively painless to do, yet not something he would like to feel he was doing for nothing.
As of the time of writing it was not possible to interview the company Wise and Wealthy, but the Korea Times will be doing this as soon as possible and will be keeping track of progress in this new initiative by KEB.