1.Banking - (2024)

Opening a Bank Account

A resident foreigner can open a bank account by simply visiting the bank in question, whether he/she resides in Korea or not.

(A resident foreigner refers to an individual who has been in Korea for more than 6 months, while a non-resident foreigner refers to a person who has been in Korea for less than 6 months.)

Opening a bank Account
Required Documents	You should be at a branch of the bank chosen by you and ask to open an account. You should present your resident foreigner registration certificate and passport. The branch will give you your bankbook and cash card on the spot. ※ You may use the cash card to withdraw money from an ATM (Automated Teller Machine)
Tax & Interest Rates	For a resident foreigner: Korean regulations are applied to the foreigner’s tax and interest rates. For a non-resident foreigner: the tax rates are affected by the regulations of the foreigner’s country, whereas interest rates are affected by Korean regulations.
Business Hours	Business hours: Mon ~ Fri, 9:00 am ~ 4:00 pm Bank’s ATMs: You can use them at any time outside the following time slot: 10:00 PM ~ 8:00 AM.

Transfer

You can transfer money overseas from a bank. You may send up to $50,000 (including an exchange fee) out of the country. All your money transfer transactions should be made at a bank selected by you. If you can present a document showing how you have acquired the money, you may send a sum not exceeding the amount of income acquired in Korea out of the country. Different banks have different fees and restrictions on transfers.

Transfer
Required Documents	Passport, employment contract, residence card, receipts. Sending money by telegraphic transfer is fast and convenient. For a transfer, you need to write down the name of the recipient, address, account number, name of bank, and other pertinent information.

Exchange of Money

If you have a passport or residence card, you can easily exchange foreign money or traveler’s checks for Korean won at local banks. Be sure to keep the slip that the bank issues as evidence of a foreign exchange transaction. The slip will help you sell your Korean won for a foreign currency more easily on your departure from Korea.

Transfer
Required Documents	Passport, employment contract, residence card, receipts. Sending money by telegraphic transfer is fast and convenient. For a transfer, you need to write down the name of the recipient, address, account number, name of bank, and other pertinent information.

Credit Card

Credit card companies issue credit cards to those who meet their specific requirements for issuance. So if you don’t have a good credit record, your request for a credit card might be rejected.

Credit card
Required Documents	Application form (including photo) Residence card, plus a document ascertaining your income (e.g. employment certificate, tax invoice, etc) if requested ※ Different banks or credit card companies may require different documents.
Annual membership fee	The annual membership fee is a fee charged for the issuance of a credit card and the various services offered by a credit card company. The annual membership fee is charged every year, starting in the month of issuance.
Business Hours	Business hours: Mon. ~ Fri., 9:00 am ~ 4:00 pm Bank ATMs: You can use them at any time outside the following time slot: 10:00 PM ~ 8:00 AM.

For further information, please refer to following website

Seoul Global Center

GOENGCHNJPN

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