KimSuBok, such a meeting already occurred on 22 June 2007. Here is what my contact at MOFE told me the next day:

“Yesterday I corrected the banks’ misunderstanding about our regulation system. I told them very clearly that they don’t have to worry about issuing international debit cards to resident foreigners in Korea, and they all said that they understood our policy.

“However, whether or not they change their own policy in this issue is their decision, and we [at the MOFE] cannot force them to issue int’l cash cards to foreigners or make it compulsory because it is their own internal business policy.

“Every bank has the right to accept or reject new customers, so even though there is no gov’t regulation against issuing int’l cash cards to foreigners, it depends on their own internal business policy whether they choose to do so or not, and we have to respect their business policy.”

The banks are clearly dragging their feet here.

Korea — the Hubcap of Asia!

I suspect that the entire banking system in Korea is in need of a drastic overhaul to improve its security and record keeping standards as well.

No.

I suspect that the entire banking system in Korea is in need of a drastic overhaul to improve its security and record keeping standards as well.

I’m sorry to report that not all Hana Bank branches are as nice as that at Ulchiro 1-ga.
Yesterday, after having been denied a replacement for my tattered but working International ATM at KB 국민 Bank, I went with my wife to the Hana branch here in Pohang where I also have an account. Before going, my wife had the idea of posting a question on the Ministry of Finance and Economy website regarding the claimed existence of a law blocking foreigners from getting debit cards that work abroad. To our delight, we received the response that no such law exists, and that any banks claiming the existence of any such law are clearly mistaken. As a precaution, we brought a printout of this response with us to the Hana branch.
As we had feared, Hana bank said that I was ineligible for an International debit card. When we asked why, as if reading from a script, they cited the Foreign Exchange Law (외환관리법) and claimed that there was nothing they could do about it. Careful not to show any emotion, we asked if they could verify this with their head office in Seoul by telephone. Again, the same response: the Foreign Exchange Law prohibits banks from issuing a debit card to any foreigner. We had hoped that showing them the print out of the response we received from MOFE we would receive a more favorable response, but alas, we didn’t.
Today, my wife talked to MOFE by phone directly. She was told that this is such a problem that “after Seollal” a meeting will be convened with representatives of all of Korea’s banks to explain its policy on the issue of providing foreigner residents of Korea with an International ATM card. MOFE explained that apparently the banks are required to limit foreign withdrawals to the equivalent of $10,000, but because their ATM computer system has no way of limiting the amount of overseas withdrawals, they have taken the drastic step of blocking foreigner access to their money.

I didn’t hire/have to pay a law fella.

I make no secret of the fact you don’t have to hire/pay a law fella. For guys like you, I recommend not hiring a law fella.

Seconded. Samsung Card, too. KEB Expat if you have a uni or above job.

Oh, and LG Telecom and Hanaro Telecom rock.

Then again, as is the theme here, it doesn’t mean that this would be the case with everyone else.