Banking In Korea

Banking in Korea is easy but also rather complicated.

Essentially Banking in Korea is the same as everywhere else, if not a little easier or harder depending on where you come from. I will say this, though, while many of the larger banks usually have paperwork and an English speaker present, I would not count on it. I was even in the expat area and was trying to do something pretty simple, and I had asked my teller a question, and she did not understand, her English was excellent, but banking and terms used in different countries can make it rather complicated.

I would recommend one of these banks as they tend to be a little more foreigner-friendly Citibank Korea, Korea Exchange Bank, Woori Bank, and Hana Bank. I personally use Korea Exchange Bank as they make it easy for me to transfer money back to the US. However, if I had a Citibank account back in the states I could send money home for free, which you can bet I will be opening up the next time I make a visit.

Opening an Account

Opening up an account is relatively easy as most of the bigger banks do not place very many restrictions on foreigners. I know that Hana Bank will allow a foreigner to open an account without having an Alien Registration Card but will still require a Passport.

Online Banking

Honestly, this is probably the most complicated and hardest part about banking in Korea. Almost every bank in Korea has online banking, but unfortunately, not all of them offer sites in English. Due to an ever-growing foreign presence, many are starting to offer English but not much more past the introduction page. Many will require you only to use a certain browser and install special software to be able to access your account. Before everything, you will also have to get the online banking setup at the bank before you can even begin to consider using online banking. This sounds complicated, but it’s pretty simple once everything is set up.

ATM

ATMs in Korea are actually amazing. You can do so much more at an ATM in Korea than I ever could have done back home. I have not gotten online banking (not really any reason why, I just haven’t). I can do everything I want to do from almost any ATM, and that is including sending money back to the states. If you are at your bank’s ATM, you can see all your past transactions there.

What bank do you use in Korea? Anything else to add that I left off?

Cheers!