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Home | ESL Experience in Korea | Information for Teachers
Banking in Korea
Name : Anna   Date : 2008-06-10

Banking in Korea



Opening an Account

Opening a bank account in Korea is easy and simple.

You need to bring passport and alien registration card to open an account.

Once you open an account, you will have to apply for Cash Card. You need a Cash Card to take out money from the ATM, but you must ask the bank for it. It's not automatic. ( Your school director or bank clerk can help you if you need help)


Withdrawing Money


You can withdraw money from Bank Machines and ATM. Bank Machines usually  open from 7am and close around 10pm~11pm but ATM is easily found in subway, 24 hours convenient stores..



Sending Money Home


Sending money home is quite easy when you have a Korean bank account. Remittance charges and regulations differ from bank to bank. Depending on how much you send, you can look for the best bank for your needs. Major transactions usually take from 2 to 3 working days.


Credit Card

Most restaurants, hotels and shops accept credit cards. You may not be able use credit cards at small businessesand in rural areas. You may also want to check whether your credit card is accepted or not by looking at door signs.Visa and Master are most common ones you can find.



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