By Kim Jae-won



Many expatriates here are dissatisfied with banking services, complaining about poor and discriminatory practices against them despite the banking regulator's boast of deregulation efforts.



They said they feel local lenders do not treat them as members of society, assuming they will soon leave the country no matter how long their history of transactions may be. Because of these prejudices and unfair practices, foreign workers have difficulties receiving full financial services, including loans.



John Burton is one of them. The Seoul-based columnist said that it takes too long to cash his checks at local banks.



"It is unbelievable that it takes a month to change my check to cash," said Burton who has used local financial institutions for more than six years.



He said what is more uncomfortable is the way banks treat foreigners. Bank officials make them feel as if they don't deserve the same services as Koreans because it is assumed they will leave the country in the near future, Burton said.



Chinese workers have also complained about local lenders' remittance services, saying they take longer to transfer money to their homeland than if they wire money through unlicensed foreign exchange brokers.



"Families in China can withdraw money one or two days later when we send money through a bank," said a Chinese worker surnamed Kim in his 50s. "But when I use brokers, they can get the money right after the transaction. That's why many people use their services," said the construction worker who came here three years ago.



Kim said he makes about 1.5 million won a month, with some of that being transferred to his family in Yanbian, northeastern China.



Local lenders, such as KEB Hana Bank and Woori Bank, rushed to open branches over the last few years in Daelim-dong, western Seoul, where some 14,000 Chinese workers live, but their incompetent services prevent them from expanding their business in the region.



Some expats said banks offer no proportional benefits to them, even though they are loyal customers using the same bank for more than five years. It is common in Korea to give favors to loyal customers, including discounted interest rates for loans.



Market watchers said Korean lenders' financial services for expats lag behind their counterparts from developed countries, which provide similar levels of services to foreign workers and international students as their own citizens.



For instance, TD Canada Trust, a Toronto-based Canadian lender, offers full banking services to international students who hold valid passports and study permits. They issue credit cards and provide credit lines to them based on their history of transactions, according to former Korean international students who used the bank's services while they lived there.



The complaints come as the financial regulator gears up for improving banking services to expats by ordering banks to offer documents in foreign languages and dispatch staff speaking English and Chinese, among others.



Local lenders said it was inevitable to examine foreign workers more thoroughly because they "cannot trust their credit standing." "How can we believe them when a foreigner brings a check and asks for cash? It is natural for us to take time to process it," said a spokesman of KB Kookmin Bank.



