The importance of savings: Open a bank account to gather a sizeable sum of money.
- Foreigners may also perform bank transactions through commercial banks.
- There are limits for issuing credit cards but check cards linked to bank accounts may be issued.
Transaction Types and Methods
Savings: A fixed sum of money deposited in a bank to gain interest
- Regular Savings: Money may be deposited or withdrawn for use anytime. Low interest rates.
- Fixed Deposit: A considerable sum of money deposited in a bank which may not be withdrawn for a fixed period of time. Higher interest rates.
Installment Savings: A fixed sum of money is deposited on a regular basis which yields interest on top of the principal sum after a certain period of time.
- Regular Deposits: A fixed sum of money is deposited every month which yields interest on top of the principal sum after a certain period of time. High interest rates.
- unrestricted Deposits: To raise a lump sum of money, money may be freely deposited regardless of the number of deposits, amount of money and date etc. The longer the money is left in the account, the higher the interest rates.
Opening of Accounts & Issuing of Cards
- To open a general savings account for deposits and withdrawals at a commercial bank, complete an application form and present passport and alien registration card. After account opening, deposits and withdrawals may be freely performed with a personal seal or signature.
- Check Card : Linked to bank card for deposits and withdrawals, it may be used to settle pay-ments not exceeding bank balance.
- Credit Card : Receive goods and services first whereas payment will be automatically deducted from bank account later.
Credit Card Eligibility
- Cards will only be issued to foreigners who meet the credit card eligibility criteria set by each card company.
- Card applications may be rejected depending on screening results.
- Required documents include application form (photo attached), alien registration card and proof of income documents if necessary.
- The required documents differ for each card company or bank.
Overseas Remittance Method
- Complete application form available at the bank, and present both passport and alien registration card. Remittance of US $50,000 (remittance and exchange) per year may be carried out through designated bank.
- When there are income documents to prove the acquisition of remittance funds, the remittance amount should be within income range.
- Income documents are also required when there is income.
At Bank Counters
ATM (Automated Teller Machine)
- Deposits, withdrawals, fund transfers and verification of bank balance etc. may be done at an ATM. ATM machines of certain banks may also offer overseas remittance.
- Bank Opening Hours: 9:00~16:00
- ATM Operation Hours: 8:00~24:00 or 24 hours (Depending on bank)
- Application for use of ATM may be made when check card or cash card is issued.
- Other than in banks, ATM machines may also be conveniently used at convenience stores and subway stations etc.
- If ATM machines from other banks are used, additional fees may be charged depending on card type.
Information on Local Banks
- Kookmin Bank : www.kbstar.com(영어, 중국어, 일본어 지원) ☎ 1588-9999
- Shinhan Bank : www.shinhan.com (Available in English, Chinese and Japanese) ☎ 1577-8000
- Citi Bank : www.citibank.co.kr (Available in English) ☎ 1588-7000
- Woori Bank : www.wooribank.com (Available in English, Chinese, Japanese and Vietnamese) ☎ 1588-5000
- KEB Hana Bank : www.kebhana.com (Available in English, Chinese, Japanese and Vietnamese) ☎ 1599-1111
- Industrial Bank of Korea (IBK) : www.ibk.co.kr (Available in English, Chinese, Vietnamese and Indonesian) ☎ 1588-2588
- Korea Standard Chartered Bank : www.standardchartered.co.kr(Available in English) ☎ 1588-1599
- NH Nonghyup Bank : banking.nonghyup.com (Available in English) ☎ 1588-2100
- MG Community Credit Cooperatives (KFCC) : www.kfcc.co.kr (Available in English) ☎ 1599-9000
- Directly visit and pay at financial institution. Bring along your utility bill.
- Use the automatic payment machines located within the bank if bill payment matters are not handled at counters.
- You must have an account and bank card with the respective bank to use the automatic payment machines.
- The account in your name will be automatically debited on a fixed date each month to make bill payment. Apply directly at the bank or call up the utility company to apply.
- After applying for direct debit, remember the date of deduction and make sure there is enough
- money in your bank balance.
Other Bank Transactions
- Bank transactions are performed over the internet.
- Bank balance inquiries and fund transfers may be conveniently done without having to visit the bank in person.
- Financial authentication certificates issued online by the Korea Financial Telecommunications & Clearings Institute (KFTC) must be saved on your PC etc. and you should possess a security card for bank transfers and an OPT (one-time password) card issued by the bank.
- Bank transactions are performed using the telephone.
- Similar to internet banking, a personal set of password and code table is required.
- May be applied together with internet banking.
- Foreign exchange and the issuing of travelers checks are available at all banks in Korea including the Korea Exchange Bank (KEB), as well as money changers located at the airport etc. Passport and alien registration card must be brought along for verification.
- Currency exchange (buying / selling) limits follow the Foreign Exchange Transactions Act whereas exchange rates fluctuate according to the market.
Notice on Financial Transactions!
Crime report: National Police Agency (NPA) ☎ 112, Korea Internet and Security Agency (KISA) ☎ 02-405-5118, Financial Supervisory Service ☎ 1332
Safest Fund Transfer Method
The safest way to transfer funds is through official financial institutions such as banks or post offices. This is because there are many private remittance organizations (brokers) that bait customers with cheap fees and fast services, then disappear with the money. When such incidents occur, it is almost impossible to demand compensation, thus reliable official financial institutions should always be used.
A scam where false information is sent to customers mainly through telephone or text messages to get them to make cash deposits or transfer money.
- Con artists who managed to obtain the personal information of parents and their children impose as the child by modifying their phone numbers. They then make it seem like the child is abducted or involved in an accident so as to extort money from the child's parents.
- Scam artists hack the messenger accounts of others to obtain user ID and password. After signing into account, they impersonate as the user asking registered family and friends for cash, settlement payment for car accidents and emergency funds etc. through personal chats or messages.
- Scam artists deceive victims under the pretext of identity theft, information leakage, and implication in crimes etc. to obtain credit card information (card number, password and CVC number). Next, they take out a card loan under the victim's name through ARS and call back to notify the victim of a fraudulent deposit in his or her bank account. They then induce him or her to transfer this sum of money to their own bank accounts.