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: 2010-9-9
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Bank Accounts
No restrictions are placed on foreigners to open local savings accounts. Some banks have English forms. Many types of accounts exist, with longer-term accounts offering higher interest. Many banks allow foreigners to open accounts in some non-Korean currencies as well. Regular and foreign currency accounts generally do not require minimum balances or maintenance fees.
Fill out an application form, decide how much money to initially deposit, and choose a password for use with the ATM and withdrawing money (generally 4 numbers between 0-9). You should also bring your passport. Foreign residents can open an account based on their signature.
Required Documents :
passport or Certificate of Alien Registration.
Korean banks have phone banking, allowing customers to check their account balances and transfer money with any phone. However, the recorded menu messages are only in Korean. The service does not cost any extra. However, transferring money to an account at another bank does involve a small transaction fee, which is cheaper than the fee charged when transferring money at the bank.
Many banks now have Internet banking, allowing customers to transfer money between accounts over the Internet instead of physically coming to the bank or an ATM machine. Although only a few have English versions available, more banks are planning them in the future. The service does not cost any extra. However, transferring money to an account at another bank does involve a small transaction fee, which is cheaper than the fee charged when transferring money at the bank.
For further information, please see a bank teller nearby your place.
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#426, hakdong-no, gangnam-gu, seoul, south korea (135-705) TEL: 82-2-2104-1268 / FAX: 82-2-2104-2410
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