Living in Daejeon

Banking

The opening hours of banks in Daejeon are typically from 9:30 to 16:30, Monday through Friday. Most banks are closed on weekends and public holidays. To use the teller service, get a ticket from the ticketing machine, then wait for your number to be called.

Opening Bank Accounts and Using the ATM

Any foreigner residing in Korea can open a bank account.
To open an account, visit a local bank of your choice with your Alien Registration Card (ARC) and a passport. Fill out and submit the application form. The account is set up when you make a deposit. - a cash card is issued in conjunction with the account, which may be used at any automatic transaction machines (ATMs) to deposit or withdraw funds. - The operating time of the ATMs varies per bank, which range from 9am to 8pm to 24 hours. Depending on the account type, the fee levied on the use of the ATM service may differ.

Overseas Remittance

Money may be remitted at any bank. When the remittance amount exceeds US $10,000 a year, it is reported to the tax office. You should notify the Bank of Korea when the remittance is over USD50,000.

  • Remittance Methods
    • to send money, one can visit a foreign exchange window of a bank and submit information of the receiptor's name, address, telephone number, bank for the transaction, account number. The individual making the transaction may be required to present his or her identification card.
  • The safest remittance method
    • The safest way to remit money abroad is to use an official finance institution such as the Post Office. One might be tempted to consider making a transfer through the private remittance sector (i.e. a broker). Though it is the fastest and cheapest method to remit money abroad, incidents of the brokers squandering the money during a transfer do occur. Since it is very difficult to prevent this from happening, it is highly recommended that you transfer your funds through a creditable corporation.

Money Exchange

Foreign money or traveler's checks can easily be exchanged into Korean won from any Korean banks or at airports. A passport is required when making the exchange. As most shops within the country do not accept foreign money, it is necessary to have Korean money while staying in the country.

Obtaining a credit card
Obtaining a credit card images
Most credit card companies and banks issue credit cards to foreigners. Different banks have different policies regarding the criteria and documents necessary for issuing credit cards. Please check with your bank for their requirements.