The working hours of a bank is between 09:00 and 16:00 from Monday to Friday. With the working hours, one can also use an ATM of each bank branch, which is available all year round during the designated hours. During working hours, one must take a queue ticket and proceed to the concerned desk when his/her number is shown on a display.
Opening Bank Accounts and Using the ATM
Any foreigner residing in Korea or outside of Korea can open a bank account. He/ she would need to go to a nearby bank with a valid identification card (passport, Alien Registration Card, Resident Registration Card, etc.). To open a bank account, fill out an application form and deposit a certain amount of money. If one requests for a cash card at the time of opening an account, he/she can withdraw cash from his/her account through ATMs installed around the city. Normally, ATMs are available from 7:00 to 22:00, but some are accessible for 24 hours (operating hours may vary per bank). A certain charge amount may be incurred when using an ATM, which shall depend on the bank, the amount withdrawn, and when it was accessed.
Overseas Remittance US $ 50,000
Foreigners can remit money to an overseas country at a nearby foreign exchange bank. If any document that proves the acquisition of the fund to be remitted is available, one can remit money within the range of his/her income.
- Fees and limitations vary per bank, so comparison is recommended.
- Remit money
- Prepare passport, Alien Registration Card, and Verification of Income (if applicable).
- At the foreign exchange desk of bank, fill out the recipient's name, address, name of bank office, account number in English.
- Keep the remittance receipt.
Foreign currency or a traveler’s check can be exchanged into Korean won at almost every bank in Korea, including the Foreign Exchange Bank or a currency exchange office at the airport, upon the presentation of a passport. Though there is no limitation on the amount of money to be exchanged, exchange exceeding USD 10,000 U.S. per transaction will be reported to the National Tax Service. 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
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. Foreigners who want credit card issuance must visit a nearby bank or card company office or connect to the Website. Required documents are Membership Application (including picture), Alien Card, Income Statement (proof of employment, Tax invoice). Different banks have different policies regarding the criteria and documents necessary for issuing credit cards. Approval may not be granted following the evaluation