KEB Expat Banking Services at Korea Exchange Banks in Seoul-Busan-Incheon-Ulsan

Due the language challenges expats may face when banking in Korea KEB has created a special EXPAT Banking Service for its foreign clients in designated branches in Seoul, Busan, Incheon and Ulsan.

KEB (Korea Exchange Bank) is the only bank to have a senior-level organization, our newly expanded Foreign Customer Department, dedicated to improving our capability to support non-Korean residents and businesses. This team is driving the development of special products and offerings for foreign customers, as well as our program to upgrade our English, Japanese, and Chinese language Internet banking services.

Special Services for Expats 
Global Desks and Foreign VIP Centers:As part of our EXPAT Banking Service, we have established special Global Desks and Foreign VIP Centers in designated branches around the country (list of locations attached). Global Desks and VIP Centers are staffed by English staff, who have been especially trained to help our foreign clients. In addition to the Global Desk, three branches provide additional services for foreign business executives and Foreign Direct Investors through their VIP Centers (Hannam-dong, Itaewon and Star Tower branches).
82-82 Help Desk - Interpretation Service:  If you speak English or Japanese, branch personnel can call up KEB’s “82-82” Help Desk operators who are fluent in those languages.They will serve as real-time interpreters to help you clarify your banking needs and enable our frontline staff to respond to your request — pronto! (When spoken in Korean, the numbers “82-82” sound like ppalli-ppalli, meaning “Hurry, hurry!” a token to the system’s swift response times). This interpreter option is being built into our proven 82-82 Help Desk service.

For clients for whom it is not possible to get to a bank during regular banking hours, KEB offers some off-hour options:
Night banking is available at branches that have extended business hours (10:30 - 19:30(Mon. - Fri.)), enabling foreign workers to remit money after they have finished work.
Sunday banking is available at some branches that specialize in foreign exchange services.
365-day banking branches are also open holidays.

KEB PRODUCTS FOR EXPATS (Click on headings below to reach the specific KEB webpage)
KEB Expat Savings Account:
A regular interest-earning savings* account customized for Expats that comes with an English passbook (all transaction details are displayed in English). You will be issued a check card (can be used as an ATM or debit card) immediately upon opening this account. You can also ask to be able to withdraw funds using your passbook.

Special benefits of the Expat Saving Account include discounts on money exchange commissions and exemption of commissions on money transfer to another (local) bank via internet or mobile (for first three months you have the account). You can also connect the settlement of your credit card & utilities into this account.

* The Expat Savings Account pays 0.1% interest if a balance of more than W500,000 is maintained,  and 0.2% if the balance is  more than W50,000,000. Interests are calculated on the 4th Saturday of March, June, September and December (base date for interest calculation) and added to the total account value on the next business day (Monday). Interests are calculated from the date the first deposit is made (or previous settlement date) to the day immediately preceding the settlement or payment date. Interests are calculated by applying the interest rates posted on the bulletin of the business branch on every business day, divided by 365 and then multiplied by the ending balance of that day.

Time Deposit Account – Korean Won:
The KEB Time Deposit Account offers you a wide selection of deposit periods up to 60 months and allows you to choose whether you want the interest paid monthly or on maturity.  Usually time deposit interest rates are in the range of 1.3% ~ 3.0% a year. 

KEB E-banking (Internet):   
You can do your banking on-line in English with KEB’s E-banking option. KEB’s Global Desk staff will happily assist you in setting up your E-banking account. If you have a Foreign Currency Account, you can access it ,as well as your Korean account(s), through Internet banking. You E-banking account also allows you to inquire and execute overseas transfers. Note, though that Korean F/X regulations do not allow the transfer of foreign currencies into your Korean account, this must be done in person at the branch.

You can choose either of the following security tools:
Safety Card: Allows you make Internet transfers of up to  W50million per transaction and up to W250 million per day via Internet. No fee to obtain the safety card.
OTP Card: Raises the limit on your online transfers to a maximum of W100 million per transaction and up to W500 million per day.  We levy a one-time charge of KRW 5,000 for the OTP Card.

To see an E-banking demo, click here. You will see the Demo box in the lower right. corner. There is also a user guide on that page. (K4E Note: Internet banking works best if you access the site through Internet Explorer).

Foreign Currency Account:
With KEB’s Multi Currency Account you have your choice of 19 currencies (USD, JPY, EUR, GBP, CHF, CAD, AUD, SEK, DKK, NOK, NZD, HKD, THB, SGD, IDR, SAR, AED, KWD, BHD). And you can manage up to 10 different currencies in the one account.

Due to Korean F/X regulations, you cannot transfer foreign currencies into a Korean bank account via IT or ATM banking. This must be done in person at a KEB branch. 

Expat Credit Cards:    
Expat KEB account holders may qualify for one of the exclusive Expat credit cards we offer such as the Expat, Global and Signature cards. For more details, go to the KEB website and click on the Credit Card in the top menu.
 

Cash (ATM) Card:
ATM or Cash cards are issued when you open your bank account. Only one card is issued at a time. (Note that there are no joint accounts in Korea so you will receive only one ATM card). Should your card be lost or damaged, come to the branch with your identification to apply for a new card. ATM cards are for domestic use only.

24-hour ATM locations: Although most ATMs operate between 8AM and 10PM or Midnight, some locations offer 24-hour service. For the list, scroll down past the Global Desk locations on the attached document.

Check (Debit) Cards: 
KEB issues Global Check cards that can be used to pay for purchases in Korea. You can also use your Global Check card to access your account  from local and international ATMs. When you open your account, indicate that you want international access. If you have a domestic-use-only check card, you can have it changed for an international-use one. The bank offers various types of 'check cards' each of which can earn points/discounts on specific products. For example: the Rainbow Check Card offers reward points (0.3% of the amount of ordinary purchases; 1% on mobile-phone charges paid through an auto bill-pay service; and 5% on bus and subway rides, as well as discounts such as 10% discounts at family restaurants like Outback Steakhouse and TGI Friday’s; up to 50% off day passes to amusement parks like Lotte World and Caribbean Bay, up to 4,000 won off movie tickets and 40% off fees for online transfers to other banks. Visit the KEB website for detals on various 'check' cards.

ATM Access:
KEB has over 2,300 CD/ATMs all over Korea. Not only do our ATMs allow you to choose a Korean and English service option, Chinese, English, French, German, Japanese and Spanish options are voice activated. Through your KEB ATM you can check your account balance, withdraw money from or deposit money to your account, transfer funds to other Korean banks around the country as well as update your passbook.

Foreign Currency Exchange:
KEB deals in 37 foreign currencies:USD, JPY, EUR, GBP, CHF, CAD, AUD, NZD, HKD,  SEK, DKK, NOK, SAR, KWD, BHD, AED, THB, SGD, IDR, ZAR, RUB, HUF, PLN, INR, MYR, PKR, BDT, PHP, CNY, EGP, MXN, BRL, BND, TWD, ILS, JOD, VND.
Although, all branches carry a reserve of all 37 currencies, calling the branch in advance to confirm that the amount you require is available is recommended. Note that the Incheon Airport KEB branch is open 365 days a year. For more details including the current exchange rates, click here.

Easy-One Foreign Currency Remittance Service:
When you want to transfer funds to an overseas account, you can deposit or transfer the funds (in Korean won) into KEB’s ‘Easy-One’ remittance account, to which all necessary remittance details such as the recipient’s name, bank name, and account number have already been inputted. As soon as the funds are deposited, the remittance is activated and processed. This eliminates the need to go to a branch to make the transfer. Not only is it not necessary to visit a branch, but you will receive a preferential 30% discount* on the remittance transaction fees that apply at branch counters.The Easy-One service can be used at any time—even after business hours and on public holidays. If the deposit/transfer is done between 9 a.m. and 6 p.m. (Korea Standard Time), the remittance takes place immediately; if it’s done during non-business hours or during a bank holiday, it is processed at 9 a.m. the next business day. You can deposit money into the Easy-One account using any of KEB’s 2,300 ATMs, at any bank counter, or online. (*subject to change)

You can contact KEB directly if you have a problem, inquiry, complaint and/or suggestion:
Customer Service Center:
Banking Business (Internet, ATM, F/X, etc): 1544-3000 (no need to dial 02 at any time)
Business Hours: 09:00 ~18:00 Weekdays

From Overseas: 82-2-2003-3500 (24hours/365 days)

Credit Card Inquiries: 1544-3500 or 02-2003-3500
Reporting lost, stolen card/cashier's check: 1544-3500 / Overseas 82-2-2003-3500
Business Hours: 24 hours / 365 days

To contact a specific EXPAT Service branch - see attached list of VIP Centers and Global Desks.

Help Files for First-Time KEB Customers
1. Banking guide for newcomers
2. Guide for Internet banking  (document)
3. Smartphone banking  (document)

On-line inquiries/Suggestions
Retail Inquiry 
Credit Card Inquiry - then click on the Credit Card tab on the menu at the top of the page
Comments & Suggestions

KEB Credit Card Information
KEB FDI and Corporate Banking Information

KEB now has an English Facebook page.

NOTE: All listings in the Korea4Expats Directory have either been recommended by members of the foreign community or have undergone an evaluation process, including expat references.
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