Banking in Korea

 

 

Opening an Account

 

Opening a bank account in Korea is no problem as long as you have a working visa, passport, and alien registration card. Most banks will require photocopies of all three of these documents.  We suggest dealing with a major Korean bank, such as, Foreign Exchange Bank, Citibank, Kookmin Bank, Shinhan Bank, Woori Bank, etc.  Most of the well known banks have service representatives that speak some English.  Once you open an account you will be given a bank card but keep in mind that this card is not a debit card: you cannot purchase anything with it.  Your bank card is strictly for withdrawing money from bank machines.  

 

Bank Machines

 

Bank machines are plentiful and easily found in Korea, but many of them close around 11pm, so try to remember you cannot take money out late at night.  Bank cards from your home country will work, but only at global ATMs, which are not readily available.      

 

Sending Money Home

 

Sending money home is quite easy when you have a Korean bank account.  You can either transfer the money from your Korean account to your over-seas account, or you can opt for getting the bank to issue a check made out to your bank at home and send it through the mail.  If you go with the first option, you will incur the cost of both banks fees, and the second will set you back the cost of a minimal service charge (approx. 15,000 won) plus the mailing charge.  Some banks limit the percentage of your wage that you can send home.