Questions & Answers

Banking

Do I have access to my Korean bank account when I am outside the country?

For a period of time, until around June 2008, the answer was No. For about 2 years or so, if you were a foreigner, you could not access your Korean bank account from outside the country. Even if your ATM card indicatesd global access, it was for Koreans only. The policy was adopted for a number of reasons including the fear that foreigners are the ones taking KRW out of the country and as a precaution against foreigner phishing.

Now, foreign account holders can access a Korean account if they are outside the country. However, if they have accounts in more than one bank, they can only access one of them. For details on how you can access your money in Korea when you are out of the country, go to our banking information section or click on the Daily Life tab then on Banking, Money Matters.


K4E Editor's Note: Korea4Expats.com wants to provide you with as complete and accurate information as possible, so should you find any errors or omissions in the contents above please let us know at info@korea4expats.com.



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