Opening a Bank Account
OPENING A PERSONAL BANK ACCOUNT
- You must visit the bank in person to open your account and bring your alien registration card.
- You will be asked to fill out a form giving your ‘real’ name (the one on your passport), your residential and/or business address and telephone number.
- There are no joint-accounts in Korea, so if you are married, you must each open your own account.
- If you are opening an account for an association or club, you will have to open it in your name.
- There is no charge for opening an account, but as of September 2007, you may have to wait 3 months before you can use the ATM - counter transactions only until then.
- There is no minimum deposit required, although it’s a good idea to put in W10,000 or so at the beginning ($10.00).
- There is a small fee (W2-3,000) to get your ATM card. Most banks only allow you to have one ATM card. Note: the number on your ATM card is not your bank account number. Since you will often need to give/know your account number, you may want to write it on the back of the ATM card – below your signature.
- Some banks allow only registered foreign residents, with 3 months residency, to open a bank account. (see more details below*)
- Types of Accounts:
Current, ordinary deposit, on-call deposit, time deposit and installment deposit – when opening an account ask about the different option available to you. If no one speaks English, as often happens even in ‘foreign-designated’ areas, either bring a Korean friend/colleague/staff person with you or contact BBB 1588-5644 for help from a Korean volunteer who speaks English.
Regular bank accounts pay almost no interest. If you have funds you don’t have to drawn on right away and on which you want to earn a more generous interest, ask your bank about term deposits. The longer the term, the higher the interest.
If you wish Internet access to your Korean bank account, you must request it. Make sure the bank explains the process and time limits (if any exist as this varies from one bank to the other) of registering on Internet and use requirements if you plan on using the Internet account to withdraw or transfer money
Telephone access is also possible
If you have not registered for an Internet account, you will be given a passbook that you can either bring to a teller or insert in your bank’s ATM machine to get a print-out of your bank transactions.
- Service charges: Korean banks do not charge a monthly fee on your account. You pay only for those services you use, in other words, only for the transactions you’ve made.
*New Restrictions on foreigners opening a bank account: As part of the fight against (voice mainly) phishing, Korean banks announced that beginning September 2007, foreigners would not be allowed to open a bank account for at least three months after obtaining their alien registration card. Further, foreign account holders are to be limited to over-the-counter transactions and not allowed to use the ATM's for their banking for three months after they have opened their new account. Howver, we've noted that the policy isn't applied to everyone and that whether or not it is applied at all, varies from branch to branch, even within the same bank.
Overseas Access via ATM to Korean Bank Accounts by Foreign Account Holders can be blocked by the banks so that foreigners cannot access their Korean bank account from outside the country. (Again,here there are exceptions, although this policy seems to be applied more consistently than some others. If you're counting on accessing funds in your Korean bank account while you're out of the country, make sure you have an alternative option that you can fall back on while you're away).
Should any of the information above be incomplete or inaccurate, please contact us at info@korea4expats.com
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Eye Care, glasses, eye exams, lazik surgery, etc.
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