Banking in Korea & Sending Mon	http://www.hoyaenglish.com

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. 

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.

BANKS IN KOREA

CHO HUNG BANK
Address: 14 1-ka Namdaemun-ro Chung-ku. Seoul, Seoul 100-757
Phone: +82 2 2010 2114
Fax: +82 2 3700 4923
Web: http://www.chb.co.kr/

DAEGU BANK LIMITED (THE)
Address: 118 Suseong-dong 2-ga. Suseong-gu, Daegu Metro City, Taegu 706-712
Phone: +82 53 756 2001
Fax: +82 53 756 2095
Web: http://www.daegubank.co.kr/

JEONBUK BANK
Address:669-2 Kumam-dong Tokjin-gu Chonju-shi. Chonbuk, CHONBUK 561-180
Phone: +82 63 250 7114
Fax: +82 63 250 7275
Web: http://www.jeonbukbank.co.kr/

Kookmin Bank
Address:9-1 Namdaemoonro 2-ga. Chung-gu, Seoul 100-092
Phone: +82 2 317 2114
Fax: +82 2 776 5637
Web: http://www.kookmin-bank.com/

KOREA DEVELOPMENT LEASING CORPORATION
Address:88 Sorin-dong Chongno-gu. Seoul, Seoul 110-110
Phone: +82 2 3700 0114
Fax: +82 2 3700 0018
Web: http://www.kdlc.co.kr/

Korea Exchange Bank
Address: Euljiro 2-ga Jung-gu. Seoul, Seoul 100-793
Phone: +82 2 729 8000
Fax: +82 2 729 0998
Web: http://www.koexbank.co.kr/

KUMHO MERCHANT BANK
Address: 127 Kumnamno 5-Ga. Tong-Gu, Kwangju 501-025
Phone: +82 62 221 6600
Fax: +82 62 221 6628
Web: http://www.ekumhobank.com/

KWANGJU BANK (THE)
Address:7-12 Daein-dong Dong-gu. Kwangju, Kwangju-shi 501-030
Phone: +82 62 239 5000
Fax: +82 62 239 5199
Web: http://www.kjbank.com/

KYONGNAM BANK
Address: 246-1 Sokchon-Dong Hoewon-gu. Masan-Shi, Kyongnam 630-010
Phone: +82 55 290 8000
Fax: +82 55 290 8155
Web: http://www.kbank.co.kr/

Tong Yang Investment Bank
Address: 185 Ulchino 2-ga Chung-gu. Seoul, SEOUL 100-192
Phone: +82 2 3708 0114
Fax: +82 2 3708 0040
Web: http://www.tyib.co.kr/

Woori Bank
Address: 606-1 Daechi-dong Kangnam. Seoul, SEOUL 135 280
Phone: +82 2 768 8000
Fax: +82 2 768 8059
Web: http://www.hanvitbank.co.kr/