How to Use

Banks in Korea are open Monday through Friday from 9:30 to 16:30. They are not open Saturdays, Sundays, or legal holidays. When you visit a bank, you must first take a number from the number ticket dispenser. The ticket dispenser is usually located near the entrance of the bank or in the middle of the row of windows. If you cannot find it, you may ask a security guard to indicate where it is. Take your number and wait until it appears on one of LCD displays above the windows. When your number appears, go to the window where your number is showing.

Weekdays: 9:30-16:30 Saturday, Sunday, & legal holidays: Closed

Opening an Account

Foreigners residing in Korea can open bank accounts just like Koreans. They can open installment savings accounts as well as regular savings accounts. They can also buy nearly all types of financial products, but they may not receive tax credits or buy tax-free products. When opening a bank account, you have to show your passport and alien registration certificates. You do not need a seal; you can open a bank account with your signature only. Choose a four-digit password, being careful that it is not revealed to others because banking crime by means of identity theft is increasing. For enhanced security, you may want to change your password regularly. The interest rate on a regular savings account is presently not very high, 0.5% annually on average; for an installment savings account, it is about 4% annually.

Money Exchange

Money may be exchanged at all banks.

ATM

The ATMs installed at banks are generally in operation from 9:00 to 22:00. The operating hours may vary from bank to bank,with some banks'ATMs available 24 hours a day. The operating hours of ATMs in subway stations, convenience stores, and on the street may also vary. ATMs not directly operated by banks, such as the NICE ATMs, may charge higher transaction fees. Some ATMs do not provide cash service. A growing number of ATMs in Korea do offer foreign language options.

Use of Bank Cards

Foreigners who have opened bank accounts will receive ATM cards. They may also receive debit cards. However, there are qualifications for obtaining credit cards, although it is not entirely impossible to get one. Those who are interested in obtaining credit cards are advised to go to a nearby bank for consultation.

Overseas Remittance of Foreign Currency

Up to US$ 20,000 in foreign currency may be remitted per day.

Overseas Remittance of the Korean Won

Remittance of Korean won exchanged into foreign currency entails some complicated restrictions. Many foreigners remit money in the name of a Korean friend or colleague. You can remit Korean won overseas as follows:

Foreigners who have resided in Korea for over five years can freely remit up to $10,000 in Korean won per year, just like Koreans. Any amount over US$ 10,000 is reported to the National Tax Service, and you may be required to submit documentation to confirm the source of the funds. At the bank, they need to fill in the application form for remittance. They may be requested to present your passport and document that proves your residency in Korea for over five years.

Foreigners who have resided in Korea less than five years can remit the equivalent of up to US$ 10,000 during their stay. If their reentry is confirmed, they may remit up to another US$ 10,000. When remitting funds, they are required to show passports.

Foreigners who are on the payroll of an employer can freely remit an amount within the limit of their salaries. They also may remit the equivalent of over US$ 10,000 without their transactions being reported to the National Tax Service, regardless of whether they have stayed in Korea over five years or not. When remitting funds, they must show their passports, alien registration certificates, and pay stubs.

Available Banks

	Kookmin Bank----------------------------------------------www.kbstar.com
	Korea Technology Credit Guarantee Fund--------------------- www.kibo.co.kr
	Industrial Bank of Korea --------------------------------- www.kiupbank.co.kr
	National Agricultural Cooperative Federation---------------www.nonghyup.com
	National Federation of Fisheries Cooperatives---------------www.suhyup.co.kr
	ShinhanBank----------------------------------------------www.shinhan.com
	Korea Exchange Bank-----------------------------------------www.keb.co.kr
	Woori Bank----------------------------------------------www.wooribank.com
	Korea First Bank-----------------------------------------------www.kfb.co.kr
	Hana Bank----------------------------------------------www.hanabank.co.kr
	The Korea Development Bank----------------------------------www.kdb.co.kr
	The Export-Import Bank of Korea-------------------------www.koreaexim.go.kr
	KorAm Bank---------------------------------------------www.goodbank.com
	Bank of Korea--------------------------------------------------www.bok.or.kr

Foreign Banks in Gyeonggi Province

Citibank(BundangBranch)                                Tel: 1566-1000, www.citibank.co.kr/ Hong Kong Shanghai Bank(BundangBranch)           Tel:789-5400,www.kr.hsbc.com

Currencies of Korea

Korean currency includes both coins and bills in the following denominations.

	Coins: 10 won, 50 won, 100 won, and 500 won The 10 won coin is copper. The 50 won, 100 won, and 500 won coins are light gray, and their sizes get slightly larger as the denomination increases.
	Bills: 1,000 won, 5,000 won, and 10,000 won The 1,000 won bill is mainly reddish, 5,000 won bill brown, and the 10,000 bill green.
	Checks: Bills in denominations over 100,000 are in the form of checks. When you actually use a check, you will generally be required to endorse it with your name, address/phone number, or ID number. You may also be requested to present your ID card.

Taxes in Korea break down largely into national and regional taxes. National taxes are handled by the National Tax Service. Regional taxes are levied by each local autonomous government, including those of the metropolitan cities, provinces, cities,counties, and districts. They vary from one jurisdiction to another.