ATM Bank Transfers
Payments are often made through bank transfers in Korea. There is no chequing system here, so the payment options are: credit card, check card (debit card) cash (in person) or bank transfer. Bank Transfers can be made via Internet, ATM or in person, through a teller.
ATM Bank Transfers:
If you have a Korean bank account, you can transfer money from your account to someone else's. You can use any ATM in Korea to transfer funds;, it does not have to be your own bank.
How to proceed:
1. Go to any bank's ATM
2. Click on English and then on Transfer. Follow these directions.
3. You will be asked to input the receiver's account number (have it ready since the time for transactions on ATM's is limited). You'll first input the receiving bank and then the account number).
4. You will then input the amount you want to transfer. Depending on the machine, the amount request may preceed the account number.
5. After you have inputed your PIN number, you will see on the screen, the name of the recipient, the account number and the amount you are transfering. If the information is correct, you'll confirm the transaction and you're done.
Bank Transfers are possible even if you don't have a Korean bank account.
If you do not have a Korean account, you will not be able to receive payments. However, you will be able to make them. It is not necessary to have a bank account to move money into someone else's account. The transactions can be done by tellers in any Korean bank - not necessarily the one to which the payment is going. You can also send money through an ATM even if you don't have a Korean bank account.
How to proceed if you have a Korean bank account:
1. Go to any bank.
2. Tell the teller you wish to transfer money to X bank. (If you're foreign, make sure to mention the name of the bank. Even then, the teller may assume that you are making a wire transfer overseas. Don't panic, just write the name of the bank receiving the transfer payment).
3. The teller will give you a form - although it's all in Korean, no worries. S/he will tell you what to put where - or you can have the information written down before you get to the bank and s/he will fill in the form for you.
4. You will need to give the name of the bank receiving payment, the amount, your name and that of the receiving account holder.
5. There is a small transaction fee, which you should pay in addition to the transfer amount. (a little more or less than W1,000 - feels are slightly lower if you are in the same bank as the receiving account).
6. Give the teller the cash (the amount to be transfered + the service fee).
7. You will be given a computer generated receipt. (Good idea to keep and show if necessary)
8. All done. Transfer is completed.
How to proceed if you don't have a Korean bank account:
1. The ATM screen offers transfer choice options: 계좌이체 (transfer between accounts), 무통장송금 / 무카드거래 (transfer without bank account or transfer to your bank account from other bank’s ATM).
2.If you do not have a Korean bank account, the instructions are in Korean only: 무통장송금 (transfer without bank account). Follow the steps below and you'll be able to transfer cash to the other person's account.
3. On the screen, select the recipient’s bank (은행) from the list provided at the bank. You can also find a list of Korean banks with names in English and Korean on the K4E Banks and Securities List page (see also headings lists below).
i. Key in your ARC/ID number
ii. Key in your (or a) contact number (this is so that the recipient can identify who sent the money)
iii. The following phrase will appear 수취인의 계좌번호를 누르신 후 확인 버튼을 눌러주세요 (enter recipient’s account number and press 확인 to confirm.)
iv. Insert Cash - put it in the drawer that will open up and then press 닫기 (close) to close the drawer.
v. The recipient’s name and the amount transferred will appear on the screen. Make sure both are corrent, then press 확인 (Confirm) if the amount is correct or 취소 (Cancel) if it is not (you can then start the process again).
vi. Take your receipt.
*NOTE: That you must use an ATM of the bank to which you are transfering money. This is because an account holder would pay a fee for a transfer to another bank. As this fee cannot be collected from this type of cash transfer (sender has no account), the transactions are limited to transactions where there is no service fee (within same bank).
Also, 무통장 transaction are limited to W1million/day.
For information on Internet transfers, scroll down this page and click on 'Online Banking'.
K4E Editor: We try to make the information on Korea4Expats.com as complete and accurate as possible, so if you notice any errors or omissions in the content above, please let us know at email@example.com
Last Updated on 2017-01-09
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