Comments on: KEB Banking: Things to Know about Online Banking in Korea (for Foreigners!)

By: Jiyoung Choi

Jiyoung Choi — Thu, 15 Dec 2016 01:30:13 +0000

Hi Christine,

I’d love to know how the expired digital certificate issue was resolved since my bf now living in the US is exactly in the same situation. He’s also shut off from any online banking services because of his inactivity. He called the customer service a couple times and he was told to visit their branches in LA and NYC, or else he would need to fly to Korea. (Funny joke?) I am a Korean living in Seoul, I could be his proxy if that’s the way to go. Not sure if that is even possible, but if it is, they would ask him to go through a crazy documentation process like getting stuff notarized and apostilled. What was their resolution with your digital certificate? Will they be able to help him with the issue once they connect on their live assistance service?

By: Gil

Gil — Wed, 27 Jul 2016 08:27:01 +0000

Well, I am a korean who is sometimes frustrated with how many identifications I have to provide and security softwares I have to install just to check my balance. HIgh IT country. ….

By: Gierlang Bhakti Putra

Gierlang Bhakti Putra — Thu, 21 Jul 2016 04:20:27 +0000

I’m gladful with their high class security system. But as an expat like you too, I found it really difficult to get my own money! I’m back in my hometown now and realize that if despite you are using bank with global network, you still need to register your card back in Korea. It’s frustating that years passing by, this system is still so complicated.

Worse? I’m a Linux user. Guess what, my desktop is just not friendly with Korean!

By: Klayman

Klayman — Tue, 19 Apr 2016 13:51:38 +0000

“Time OTP (*not a common device but KEB offers it and I’ve found it easier than the security card)
It’s a time-based digital security code generator that spits out new numbers for a password to verify your ID. It allows you 10 seconds before it refreshes to a new number. I’m not quite sure how it syncs with the online system, but it seems to do that.”

It just has precise electronic clock inside, so that deviation of its clock from internal bank system clock is less than 10 seconds even after some years of life away from bank.

To generate the one-time code, this device adds device’s fixed internal secret string to timestamp string (rounded to nearest 10 seconds of minute), and then applies cryptographic hash function to the resulting string. Hash functions are designed by mathematicians in such a way that their output is a function of input (i.e. equal inputs always lead to equal outputs) but the output looks like a completely random string so you are unable to guess input by looking at output (so called “non-reversibility” of hash function).

System in the bank also knows internal secret string of the device, it knows current time to 10 seconds precision, and does the same operation — and gets the same output of hash function as the device. This way bank server knows that if strings match, then you have that little device and thus your identity is verified.

Non-reversibility of hash function means that it’s impossible to make a copy of the device. For copying the device, you’ll need to figure out the fixed internal secret string inside the device — and it’s impossible to do just by looking at the outputs, because of this neat feature of cryptographic hash functions.

By: ECG

ECG — Fri, 04 Mar 2016 13:14:04 +0000

Hi all. Don’t know if s’one still follows up on this, I am now in Korea with KEB foreigners accounts (local and USD) and consider going to Citibank for better service. Anyone has an opinion on Citibank Korea – are they as good as KEB is supposed to be?
And one more – so understand many of you still have the accounts active for longer than 1 year after leaving the country right? Does the e-banking still work OK?
Citibank told me that the account will be deactivated only if stay for more than 1 year without a transaction – well, transaction could mean using your K-debit card at home from time to time and charge your KEB account. Not the USD account, however, this will work only with kW account.
Any inpot pls?

By: Anika

Anika — Fri, 26 Feb 2016 08:56:43 +0000

Fantastic article Christine! Humorous, detailed and helpful. Thanks always!

By: Anika

Anika — Fri, 26 Feb 2016 08:56:43 +0000

Fantastic article Christine! Humorous, detailed and helpful. Thanks always!

By: Christine Ka'aloa

Christine Ka'aloa — Sat, 29 Sep 2012 06:10:33 +0000

In reply to Ryan.

@Ryan: Thanks for leaving that tip, Ryan! You’ve raised such an important point about ARC IDs being conditions we all opened our bank accounts under. Perhaps that might be helpful backup for expats– take photocopies of important documents. I actually have my old number and a copy of my card. Before I left the country, KEB told me that a valid ARC wouldn’t be necessary because I already opened an account and it’s under my old number. Thus, your old ARC number is the key.I’m sure it can get you into your bank account but a new ATM card?… that might not be as possible.

Thanks for the share!

By: Ryan

Ryan — Wed, 26 Sep 2012 00:44:01 +0000

One more thing about Korean banking…I left about 30 million in my account when I left there. Before I left, I asked a guy at the bank, “what If I lose my ATM card?” He said that I’d have to come back to the bank and get a new on AND I must present my ARC card (Korean ID card for foreigners). I told him that Korean immigration takes the card when you leave the country. He said, “then don’t lose your ATM card because you won’t be able to get a new one!” Then he said, “Korea is not a good place for foreigners to leave their money.”

Cheers,

Ryan

By: Christine Ka'aloa

Christine Ka'aloa — Wed, 19 Sep 2012 10:00:48 +0000

In reply to k. @K: Thanks so much for that information. That's actually great to know! An english translator? Maybe Korea is stepping their game up!