BANKS     AND     ATM

What do I need to open a bank account in Korea?

To open a bank in Korea you will need your passport, working visa and alien registration card. Some banks will ask you to provide photocopies.

Where can a foreigner open a bank account in Korea?

There are plenty of banks that will be more than happy to accommodate you but it might be wise to choose one of the major banks. Foreign Exchange Bank, Kookmin, Woori Bank, Citibank and Shinhan are some of the more prominent banks in Korea. See below for a list of banks in Korea.

Which Korean bank should I open an account with?

Choosing one of the major banks such as the Foreign Exchange Bank, Kookmin, Woori Bank, Citibank, Shinhan etc., is a good idea. The major banks will most likely have the most English speaking sales representatives and have the most experience dealing with foreigners and their bank accounts. Also, talk to your fellow ESL teachers and ask about their experiences with different banks in the area. They will have the most valuable knowledge for you.

Do bank tellers speak English in Korea?

Chances are, yes. At least one employee will speak English. In major cities and at major banks most service representatives will have a sufficient English level to provide services in English.

Will I get an ATM card?

Yes. You will be given an ATM card. This card can be used to withdraw money at an ATM teller machine. This card however, can not be used to make a purchase at any retailer.

ATM machines in Korea are 24 hours right?

Most are NOT. Most ATM machines in Korea shut down around 11pm. Some do remain functioning 24 hours a day but these ATM machines can be few and far between and sometimes only have Korean as an interface language.

Can I use my ATM card from home?

Maybe. If your ATM has the "Cirrus" or "Plus" symbol on the back you can withdraw money from your account in your home country from a global service machine. These global service machines will display the "Cirrus" or "plus" signs on the top panel or on the starting view screen. If you withdraw money from your home account you will receive Korean currency of course.

How much money can I withdraw from an ATM machine?

Most ATM machines have a $2,500US dollar limit.

Are there large fees to use ATM machines in Korea?

There are fees to use ATM machines in Korea but they are reasonable and some might consider them quite low. Some banks do not charge a fee at all.

Can I exchange money?

Yes. Most banks in Korea allows the exchange of money.

Can I send or wire money to my home country?

Yes. If you don't have a bank in Korea you will need to bring your passport, fill out some forms and answer some questions every time you send money home. Your passport will be stamped each time you send money home as well. Once you have a Korean bank account you can send money to your home country. If you have a bank account in Korea you will only have to fill out the forms once. Your passport will only be stamped the first time you send money home.

Can I have a certified cheque made and mail it home?

Yes. You may request a certified cheque be made out to your bank in your home country and then mail it home. The cost for this service is approximately 15,000won.

Does the Korean government limit the amount of money I can send home?

Yes. If you have a one year contract with a work visa you may send 60% of your earnings to your home country. However, some banks allow 80% while others ignore the policy and allow you to send 100%.

How much does it cost to send or wire money home?

It depends on the bank. Bank fees are different at all banks so ask a representative before wiring money home. Also your home bank might charge you a fee for accepting money from overseas. It's best to check the fees and procedures of wiring money from Korea at your home bank as well.

Can my Korean friend wire money home for me?

Yes. Korean citizens are allowed to send as much money as they like to other countries.

Do Korean Banks allow direct deposit?

Yes. Your employer may setup a direct deposit into your account. However, most employers simply hand you a very thick stack of cash at the end of each month.

What are the bank note denominations in Korea?

Korean bills: 10,000 KRW (green), 5,000 KRW (brown) and 1,000 KRW (pink). Korean coins: 500 KRW, 100 KRW, 50 KRW, and 10 KRW.