Travel Reference
In-Depth Information
ally be charged a nominal fee. Note that none of these cards will be equipped for overseas
use; international ATM cards have to be specifically requested and involve some more pa-
perwork. This is one of those privileges that are sometimes arbitrarily denied to non-South
Koreans; there's absolutely no law preventing it, so be prepared to push your case, or if all
else fails, to take your business elsewhere.
After many years in which they were starved of local plastic, it's now increasingly common
for foreign nationals to hold credit cards issued in South Korea, but your safest and most
hassle-free bet will probably still be to bring one from home. Relatively open-minded com-
panies like KEB and Shinhan will grant credit cards to anyone they decide meets their “cri-
teria,” which can be a little arbitrary but usually includes working for a “respectable” em-
ployer and residing in South Korea for a certain period. Other banks can often be persuaded
to do the same by a Korean colleague or spouse who's willing to “sponsor” you or if you
put down a deposit. In nearly all cases, limits are quite low and balances have to be paid off
in their entirety every month unless otherwise specified. The “Visa” logo doesn't mean you
can shop internationally with your card either; KEB, for example, requires that you notify
them before your card can be activated for use abroad.
The good news is that if you do have a card issued here or overseas, you'll find it's ac-
cepted almost everywhere, provided it's a Visa or MasterCard. It's also common in South
Korea to use cards even for miniscule purchases, such as a packet of gum at the conveni-
ence store.
While there are no hard-and-fast rules against providing unsecured loans to foreign resid-
ents, or foreign-owned companies, most banks are reluctant to do so in all but the most iron-
clad cases. Even foreigners on hefty pay packets won't have access to anywhere near the
levels of financing that they could probably get in their home countries—or, for that mat-
ter, what a local of similar means would be offered. That reality aside, decisions on loans
usually come down to the individual bank or bank officer, and there's no harm in asking.
Having a steady (and lucrative) job, a local spouse and a residency (“F”-class) visa, or local
assets, particularly real estate, are some of the factors that can tip the balance in the applic-
ant's favor.
