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  • Writer's pictureJ&J Korea

Korea 101: Banking

Updated: Sep 5, 2023

(1) Hours

09:00-16:00 (closed on weekends and public holidays)

(2) Opening an Account and Bankbook

- Application: Apply at a branch

- Necessary documents: (Resident) passport, alien registration card, personal seal (signature); (Nonresident) passport, driver’s license, credit card, personal seal (signature)

* Check with your bank in advance since different banks and accounts may require different documents.

- Note: If you have to use a passport or a travel certificate, you have to present your address in Korea and contact information along with some additional documents such as your domestic ID card, a credit card you use in Korea or a certificate of tax payment.

※ To apply for an ATM card, you should have a job in Korea or have a Korean guarantee your identity.

(3) Automatic Teller Machine (ATM)

- Most ATMs offer foreign language service.

- ATM fees: They range from KRW 100 to KRW 1,200 depending on intra/inter-bank transactions, working/non-working hours, purposes of ATM usage (different depending on banks, too).

- Working hours: 08:30-18:00 on weekdays, 08:30-14:00 on Saturdays (different depending on regions and branch offices running ATMs)

- Extra charges are levied on service outside working hours including service on public holidays.

- When you use an ATM card issued by another bank, the bank’s efes apply to your ATM usage.

(4) Remittance

① When sending money overseas

- Remittance limit: You can remit up to USD 1,000 per case without any restrictions.

- Remittance method:

Telegraph Transfer (TT): Used for remittance of large sums of money or an urgent transfer of money

Demand Draft (DD): Used for non-urgent remittance or a small amount of money

- Necessary documents: A foreign currency remittance application form, alien registration card, and additional documents depending on remittance purposes.

- Basic remittance information: The remitter’s name, address and phone number; the receiver’s name, address, phone number, bank name and address (city, region, nation), account number, the SWIFT code, and the bank code

- Take note:

• A foreign currency remittance/payment application should be filled out in English.

• The recipient’s English name and account number must be accurate.

• The bank account holder and the recipient’s name must be the same.

• Be sure to write down the receiver’s bank and its branch office as well as the nation correctly.

• Remittance to some countries including Myanmar, Libya, Iran and Sudan is currently not allowed.

② When receiving money from overseas

- Notify the remitter in advance: The recipient’s bank name in English, the bank’s head office address, his/her account number, the SWIFT code, the recipient’s English name

- Necessary documents to receive remittances: those that can justify overseas remittances (export contract, service contract, etc.)*

* Necessary documents may vary depending on the remittance amount. Contact your principal bank in advance.

*This article is extracted from Invest KOREA information center, 2022.


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