Many banking, insurance, financial products and services are available in Korea. There can be some restrictions imposed to foreign students in banking or finance due to strict national regulations. Depending on the types of international transactions, there can be some specific stipulations on documents and transaction amount.
- Service Hours: 9am to 4pm (Mon-Fri)
(a) Opening an account
A foreigner can open a bank account by visiting a bank whether he/she resides in Korea or not. A residing foreigner refers to an individual who has been staying in Korea for more than 6 months while a non-residing foreigner refers to a person who has been staying in Korea for less than 6 months.
Required documents: passport, Alien Registration Card
When you want to send money overseas, you can transfer money at a bank. Through designated foreign exchange banks, you can transfer up to $50,000 (remittance + exchange rate) a year, and if you have a document showing how the money was acquired, then you can transfer any amount within one’s range of income. Different banks have different fees and restrictions on transfers, so it is recommended that you compare the information at different banks. It is convenient and fast to transfer money through telegraphic transfer. For such a transfer, you need to write down the name of the recipient, address, account number, the name of bank, and other pertinent information in English.
(c) Foreign exchange
If you have a passport, you can easily exchange foreign money or traveler’s checks for Korean money at Korean banks, including the Korean Exchange Bank, and the exchange booths at the airport. You can exchange up to $10,000 (for one entry) at a time. The foreign exchange rates are not fixed and change depending on economic factors.
● Useful Bank related Websites
Money & Currency in Korea