Banks: General Information
Bank opening hours are 09:00–16:00, Monday to Friday. Closed on weekends and public holidays. ATM hours vary by location and branch.
ATM fees are higher after bank closing hours and on weekends/holidays. Using another bank's ATM incurs additional fees.
Opening a Bank Account
- Visit your nearest bank branch in person
- Bring: passport, alien registration card (or travel document)
- If using passport as ID: provide your full Korean address plus a copy of home country ID, Korean credit card, or Korean tax receipt
To obtain an ATM/debit card, you must be employed in Korea or have a Korean guardian.
Overseas Remittance
Amounts up to US$1,000 per transaction can be sent without restrictions.
Two main methods:
- Telegraph Transfer (TT) — For large sums or fast transfers
- Demand Draft (DD) — For smaller amounts when speed is not critical
Required: remittance application, alien registration card. Forms must be filled out in English. Verify the recipient's name spelling, account number, bank name, and SWIFT code.
Bank Cards
Credit Card
Eligibility: alien registration card holder, 20+ years old, employed in Korea, with an account at the issuing bank. Required: income certificate (past 3 months), employment contract, alien registration card, passport.
Check Card (Debit Card)
Same eligibility as credit cards but with no annual fee. Payments are deducted directly from your bank account.
Taxes
Foreigners have the same tax obligations as Korean citizens. Taxes are divided into national tax (income tax, corporate tax, etc.) and local tax (acquisition tax, resident tax, automobile tax, etc.).
Tax help for foreigners:
- Government call center: 110
- National Tax Service: 82-1588-0560 (multilingual)
- English hotline: 82-2-397-1440
- Online: www.nts.go.kr (English available)
- Local tax: www.wetax.go.kr
Voice Phishing Warning
Never give out bank account numbers, credit card numbers, or internet banking info over the phone. Never hand over your bankbook or cards to another person. If you suspect a scam, call 112 (Korean National Police Agency).
Source: KOTRA 2019 Guide to Living in Korea. Information may have changed — always verify with official sources.