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BANKING IN KOREA The process of opening up a bank account in Korea is fairly easy. The bank will require you to fill out a short application, verify your documents, show your passport and alien registration card, proving you have a work visa, and assuming there are no problems, you will walk out with a new bank account.Opening a local bank account is quite easy to do in South Korea whether you are a foreigner or not. Since many of the bigger banks have previously worked with foreigners, they are sensitive to your needs and some even have translators on-site or documents in languages other than Korean. However, if you do have a Korean friend or co-teacher accompany you, just in case. 19 banks are operating in South Korea. I recommend using one of the following foreigner friendly and with usually English speaking services provided: Kookmin (KB) Bank, Citibank Korea, Korea Exchange Bank, Woori Bank, and Hana Bank which are a few exceptional banks that have experience with foreign clients. Transfer of money (your earnings) to your home bank is more efficient to use local banking services rather than going through companies such as Western Union or MoneyGram. I have used Kookmin (KB) bank and has been easy and smooth in doing so. Korea Exchange Bank offers this service as well. There is a relatively small fee and funds usually arrive in your home bank account within 24-48 hours. Bring your passport and home bank account numbers with address. Money Exchange is best done through most Kookmin (KB) banks and Korea Exchange Bank. An ATM card will usually be issued to you on the spot when opening a bank account. ATM machines are available in abundance throughout Korea cities and some rural areas. Luckily, most banks in Korea do not place any restrictions on foreigners who want to open up a bank account, except needing at least a work visa. The bigger banks provide many services and documents in English and other languages as well. You may be required to present your passport each time you make a transaction with a bank teller or be limited to the amount of money you can transfer home. However, other than those few restrictions, your banking experience should not differ from those of any Korean citizen. When applying for a local bank account, you are be required to present the following documents and information: • Passport • Certificate of Alien registration- received after attaining a work visa • Local Address List of Banks in Korea |
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