Banks Crowded with Emigration Applicants

“I will emigrate to America, but will I be able to get a credit card when I get there?”

“What should I do if my house in Seoul doesn’t sell until I leave for Canada in November?”

These are the questions that Han Jung-yoon, responsible for emigration-related work at Hana Bank, receives from emigrating customers.

Some of those who have not decided on which city they are going to live ask her for various information.

The number of households that applied for emigration support at Hana bank in the first half of this year increased by 50 to 500 from a year ago

As more and more people hope to emigrate, an increasing number of customers visit such emigration assistance centers of banks for financial matters.

The number of applicants for emigration assistance at Korea Exchange Bank in the first half jumped 50 percent to 150 households from a year ago, sources said Saturday.

Those who applied for such service at Chohung Bank in the first half reached 96, exceeding a total of 70 last year.

In Gangnam branch of Kookmin Bank, the number of emigrating customers was only 20-30 last year while that of this year already reached 50.

Emigration assistance centers of banks help customers open bank accounts and get a credit card in countries including Canada and New Zealand. Besides, they assist customers find a bank with local savings and real estates secured as collateral.

“In the past there were many people who postponed emigrating due to the uncertain future even though they had received immigration permissions, but these days a lot of people leave the country as soon as they get the permission,” said Han. “Emigrations of those in the upper class are increasing probably because of social and economical uncertainty,” she added.

In fact, the number of those who gave up emigrating even though they had immigration permissions was 652 from January to July last year while the number fell to 435 during the same period of this year, according to the Ministry of Foreign Affairs and Trade.

“Applicants for bank assistance are those at the final stage of 1-year-preparation for emigration,” said a bank president. “There are a rapidly growing number of people who just decided to emigrate and look for help from some 70 emigration companies.”

Chi-Young Shin higgledy@donga.com