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HOME News & ForumLiving at SNULife in Seoul |
The Korean financial system is currently still not very open to foreigners.
Within 30 days of moving to Korea you are required to register for an alien registration number, upon the issuance of which you may perform all domestic financial activities in Korea. It is strongly advised that you open up a domestic bank account, as using foreign accounts will result in you having to pay high commission fees. However, it must be noted that transferring money from a domestic bank to a foreign account is rather restricted and will require some paperwork or a visit to the bank. |
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 Bank Services
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| If you have come as a staff member, a Korean account will be created for you, along with your alien registration number and card. However, if you are either a visiting, or an exchange student, you will have to take care of these matters yourself. Most major commercial bank locations will provide you with an English-speaking consultant. The e-commerce in Korea is well-developed, so you will find it very comfortable and convenient to use Internet banking (or e-banking) services. For more information, you may want to visit English websites of the major commercial banks. Links are provided below. |
Other financial services |
| Loans, credit cards, and opening stock-accounts can also be consulted about at local bank branches. Major financial institutions, both domestic and international, are readily available either through a bank, or through separate branches of each investment firm. You may refer to the links provided above for this information also. |
Foreign Accounts |
In cases when one desires to continue using his/her original account and credit card, there are some steps
that need to be taken, and some inconveniences to be endured. |
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(1) It is not impossible to access your account from Korea through e-banking. However, there have been many cases when the connection failed, especially in urgent cases. Also, the outflow of transactions is monitored, and you may need to visit the bank every time you need to make a transaction, so it is strongly advised that you open a domestic account.
(2) Using stock-trading services may also be limited due to similar reasons as those listed above. You will be forced to use services abroad through the Internet, which will raise similar Internet-related problems. The domestic Internet connection is excellent, but the connection to a foreign server may be limited in bandwidth.
(3) When you wish to use a foreign credit card in Korea, it is advised that you contact your card company and inform them where exactly you are going and request a change in your personal profile. If you do not, there’s a possibility that the company will consider your card to be stolen, especially if you are moving from a distant location. |
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