Banking Services for International Students in Korea | Bank Account, Remittance, and Currency Exchange

Banking Services for International Students in Korea

Information on Bank Account Opening, Overseas Remittance, and Currency Exchange for International Students

1. Opening a Bank Account

To open a bank account in Korea, the following documents are required:

-Identification document (passport, Alien Registration Card, or Resident Registration Card)

-Seal (or signature)

-Documents confirming the purpose of financial transactions

Bank Account Opening Process

STEP 1. Prepare the required documents.

STEP 2. Receive a waiting number at the bank and wait for your turn.

STEP 3. Consult with a bank employee and open an account.

If necessary, you can also apply for internet banking and an ATM card (for deposits and withdrawals) at the same time.

2. Overseas Remittance

Foreign nationals can send money overseas through nearby banks.

-Overseas remittance can be made through foreign exchange banks.

-Up to USD 100,000 per year can be remitted without submitting supporting documents.

-If the amount exceeds USD 100,000, the bank may request additional documents.

-Remittance fees vary by bank, so it is recommended to check in advance.

3. Financial Products

Korean financial institutions provide various financial products and services.

Examples include:

Deposits

Funds

Insurance

However, depending on domestic financial regulations, there may be some restrictions on financial transactions for foreign nationals.

4. Currency Exchange

Foreign currency and traveler’s checks can be exchanged at banks or currency exchange offices at airports.

Things to consider when exchanging currency:

-The currencies handled may vary depending on the bank.

-When exchanging a large amount of money or currencies other than US dollars (USD), it is recommended to contact the bank in advance.

-Using internet banking may be advantageous in terms of exchange rates.

-When sending money to an overseas account, using telegraphic transfer (TT) can be a fast and convenient method.

5. Korean Currency Units

The currency unit of the Republic of Korea is the Won (₩), and the international currency code is KRW.

(Coins)

10 won

50 won

100 won

500 won

(Banknotes)

1,000 won

5,000 won

10,000 won

50,000 won