Experts Corner: Ask Michelle Farnsworth about Personal Banking in Korea

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Michelle Farnsworth
Shinhan Bank Seoul Global Center
Foreign Client Relationship Manager (Seoul, Korea)

Michelle Farnsworth has been living and working in Korea for almost nine years and is currently working as the Foreign Client Relationship Manager at the Shinhan Bank Seoul Global Center where she is responsible for taking care of foreign clients and ensuring that the English-speaking Korean staff also meets Shinhan’s service standards.

Michelle first arrived in Korea as an English teacher. While teaching, she completed her MBA at Sejong University. She then worked as a market analyst at a Korean trade company for one year and as a business development consultant helping foreign companies enter the Korean market for three years before joining Shinhan Bank.

Michelle’s diverse experience in Korea has given her valuable insights into Korean culture, a practical understanding of Korean business style, as well as a flexible attitude and a global perspective.

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Permalink Reply by Steven S. Bammel on June 11, 2011 at 10:08am

I'd like to point out early that Michelle already shared a ton of information about Korean banking for foreigners in her recent Relay Interview at this link: http://www.koreabusinesscentral.com/forum/topics/kbc-relay-intervie...

 

Permalink Reply by chance leland barkley on June 30, 2011 at 11:48am
I was wondering if you could tell me where the banking center for foreigners is?  I have seen advertising that all the major banks are their and I would like to compare them because I am not totally satisfied with my current account.  Cheers
Permalink Reply by Michelle Farnsworth on June 30, 2011 at 12:41pm
Chance,

I work at the Shinhan Bank Seoul Global Center which is located on the ground floor of the Seoul Finance Center between Gwanghwamun station (line 5, exit 5) and City Hall station (lines 1&2, exit 4). We are open Monday - Friday from 9 am - 4 pm. You can call us at 02-773-3131.

I know other banks have global desks at different locations around Korea, but I'm not sure where those are.

Let me know if you have any questions I can help answer for you.

Michelle
Permalink Reply by Simon Hoggett on July 7, 2011 at 10:04am

Hi Michelle,

 

Could you tell me the  documents required (in Korean) to increase the limit on my credit card. Thanks!

Permalink Reply by Michelle Farnsworth on July 7, 2011 at 10:33am

Simon,

 

I actually only know the procedure for requesting an increase to your credit card limit from Shinhan Card (not from any other card company).

 

Basically, you can either visit a Shinhan Bank branch in person and fill out the request form "신한카드 회원 제신고서", or you can call the Shinhan Card English Call Center at 1544-7333 and request an increase over the phone.

 

We suggest waiting 3 months after your card is first issued to request an increase to your credit limit, because Shinhan Card will want to review your account card history to be sure that you pay your bills on time.

 

I hope this helps! Let me know if you have any other questions!

 

 

Permalink Reply by William Sisson on July 7, 2011 at 10:18am
Hi Ms. Farnsworth,

Can you tell me what is needed to get a credit card with your bank? I have looked into other banks and it seems you have to open a line of credit with a savings deposit equal to the amount you want on your card.

 

You’re the best,

William 

Permalink Reply by Michelle Farnsworth on July 7, 2011 at 10:39am

William,

 

Thanks for your question. What a pleasure to hear from you! We missed you at the KBC event in June! (You heard that I won the iPad, right?!)

 

To be eligible for a credit card you must meet certain eligibility requirements – just as you would have to do back home.

 

The requirements are quite straightforward and actually quite easy for most legally employed foreigners here to meet. The requirements are based on your salary, position, Shinhan customer status, or real estate ownership (in Korea). You need only meet ONE of the requirements.

 

If however you do not meet the eligibility requirements, you may be eligible for a “secured credit card” instead. While the secured credit card is not actually a credit card in the traditional sense, it would allow you to shop online and enjoy the many other benefits of having a credit card as well (discounts or cash back at movie theatres, amusement parks, ski resorts, restaurants, etc.) 

 

To get a secured credit card, you deposit a certain amount (minimum of 1 million KRW) in an interest-earning account that would basically be your credit limit.

You can visit a Shinhan Bank branch in person, or call the Shinhan Card English Call Center at 1544-7333 to discuss your unique situation in detail.

 

Please let me know if you have any other questions!

 

Michelle

Permalink Reply by William Sisson on July 8, 2011 at 9:27am
Thanks for your reply Michelle and congrats on the IPad win. I had to purchase mine and so far only use it to check emails and surf the net. Need to download some apps - but you need a credit card to register and do so. Which brings me to my question.

 

Please explain the expat benefits of opening a bank account with Shinhan as opposed to other banks in Korea. What are some of the benefits the Shinahn offers?

 

Take care and PyeongChang FIGHTING....tried to book and reserve my tickets for the ice skating finals but no one seems to know how to do it yet. Go figure :)

 

William

Permalink Reply by Steven S. Bammel on July 8, 2011 at 9:31am
"Go figure"? Pun intended, I assume!
Permalink Reply by Michelle Farnsworth on July 8, 2011 at 9:55am

William,

 

Your international check (debit) card should work to purchase apps for your iPad. You may want to try that first if that is the only reason you are actually thinking of applying for a credit card.

 

There are many benefits associated with banking at Shinhan. Just look at this timely, customized response you are getting right now!^^

 

Shinhan offers:

 

- Internet banking in 10 languages

- 24-hour overseas remittance online

- Competitive foreign exchange rates

- Savings Accounts

- International Check (Debit) Cards (with many benefits including discounts and cash back)

- Credit Cards (with many benefits including discounts and air miles)

- Investment Options:

     - Time Deposits

     - Installment Accounts

     - Funds

- Loans

- Personal Consultations

- And More!

 

Go figure...nice one! :)

 

Michelle

Permalink Reply by Erik Cornelius on July 8, 2011 at 1:33pm

Howdy Ms. Finance Expert,

 

Do you know if Shinhan or any other Korean banks offer Cheonsae loans to legal long-term foreign residents of Korea? If so, what factors do they use to determine the maximum loan amount and interest rate?

 

Thanks,

Erik

Permalink Reply by Michelle Farnsworth on July 8, 2011 at 1:53pm

Howdy!

 

In order to be eligible for a “chon-sae” (전세) loan from Shinhan Bank, an individual (foreign or Korean) must get a Certificate of Guarantee issued by the Seoul Guarantee Insurance Company (www.sgic.co.kr). Unfortunately, the SGIC will currently only issue a Certificate of Guarantee for a chonsae loan to Korean nationals.

 

I'm not sure about the policy for chonsae loans at other banks.

 

Sorry to deliver this disappointing news!

 

Michelle

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