Bank-Opening a bank Account
A resident foreigner can open a bank account by simply visiting the bank in question, whether he/she resides in Korea or not. (A resident foreigner refers to an individual who has been in Korea for more than 6 months, while a non-resident foreigner refers to a person who has been in Korea for less than 6 months.)
|Required Documents||① You should be at a branch of the bank chosen by you and ask to open an account.
② You should present your resident foreigner registration certificate and passport.
③ The branch will give you your bankbook and cash card on the spot.
※ You may use the cash card to withdraw money from an ATM (Automated Teller Machine)
|Tax & Interest Rates||① For a resident foreigner : Korean regulations are applied to the foreigner’s tax and interest rates.
② For a non-resident foreigner : the tax rates are affected by the regulations of the foreigner’s country, whereas interest rates are affected by Korean regulations.
|Business hours||① Business hours : Mon ~ Fri, 9:00am~4:00pm
② Bank’s ATMs : You can use them at any time outside the following time slot: 10:00 PM ~ 8:00 AM.
Exchange of Money
- If you have a passport or foreign registration card, you can easily exchange foreign money or traveler’s checks for Korean won at local banks. Be sure to keep the slip that the bank issues as evidence of a foreign exchange transaction. The slip will help you sell your Korean won for a foreign currency more easily on your departure from Korea.
- Current Exchange Ratehttps://www.kebhana.com/
- Korea POSThttp://www.koreapost.go.kr/