Banking

Opening an account

A foreigner can open a bank account by visiting a bank whether he/she resides in Korea or not. A residing foreigner refers to an individual who stays in Korea for more than 6 months while a non-residing foreigner refers to a person who stays in Korea for less than 6months.

Required Documents

Passport, Alien Registration Card

Tax & Interest Rates

  • For residing foreigner: Korean regulations are applied for the foreigner’s tax and interest rates.
  • For non-residing foreigner: the tax rates are affected by regulations of the foreigner’s country whereas interest rates are affected by Korean regulations.

Transfer

When you want to send money overseas, you can transfer money at a bank. Through designated foreign exchange banks, you can transfer up to $ 50,000 (remit + exchange) a year, and if you have a document showing how the money was acquired, then you can transfer any amount within the range of income. Different banks have different fees and restrictions on transfers, so it is recommended you compare information at different banks.

When you transfer money to an overseas bank account

It is convenient and fast to transfer money through telegraphic transfer. For the transfer, you need to write down the name of the recipient, address, account number, the name of bank, and other pertinent information in English.

Exchange of money

If you have a passport, you can easily exchange foreign money or traveler’s checks for Korean money at Korean banks, including the Korean Exchange Bank and the change booths at the airport. You can exchange up to $10,000 (for one entry) at a time. The foreign exchange rates are not fixed and change depending on economic factors.

For More Information

The Exchange Rate ARS Service:Tel. +82 1544 3000(E-8) / Tel. +82 1588 3500(E-8)

Credit cards

Qualification for Issuance

Credit card companies issue credit cards to those that meet requirements for issuance of a credit card. So if you don’t have a good credit record, your request for the issuance of a credit card might be rejected.

How to Issue Credit Card and Required Documents

A foreigner who intends to receive a credit card needs to find out various benefits and services offered by credit card companies or banks and can sign up for one through the credit card company’s website or by visiting a bank or an office of a credit card company. Required documents for the sign-up include application form with your photo, foreign registration card, the document verifying your income. However, different banks or credit card companies may require different documents.

Annual Membership Fee

Annual membership fee is a fee charged for the issuance of the credit card and various services offered by the credit card company. Annual membership fee is charged every year starting with the month of issuance. Annual membership fee is divided into basic annual membership fee and affiliated service fees (except for family card and corporation card). Basic annual membership fee is charged once a year regardless of the number of cards you have. Affiliated service fees are charged for the different cards you have.