Opening a Bank Account in Korea
How do you go about opening a bank account in Korea? Below is some information to get you started.
Soon after you arrive in Korea, you will undergo a health exam that is needed in order to get your immigration card that will make you officially legal to teach English in Korea. Once this is done, you want to go about opening a bank account in Korea.
You need to go to the bank in person to open your Korean bank account. At every bank there will be someone who speaks English, so ask at the front.
What to bring to the bank
- Your alien registration card
- Your passport (you may not be asked for this, but bring it in case you are)
- Money to deposit. While there is no minimum deposit that is required, you should bring at least 10,000 Won.
- ATM card fee: These is a small fee, around 3,000 Won to obtain an ATM card. Some banks do not charge for this card while others will. You will only be allowed to have one ATM card.
Services charges for Korean bank accounts
Account fees: Most Korean banks do not charge a monthly fee. You will pay for the transactions that you have made if you make any.
ATM fees: Some Korean banks will never charge ATM fees, but others will charge if you use the ATM outside of the bank’s banking hours. If you use another bank’s ATM, you will incur additional charges.
How to send money overseas from your Korean bank account
Sending money from your Korean bank account to your overseas bank account is easy. Simply go to your bank during its regular banking hours and visit your assigned English speaking teller. You are able to send 5 million Korean Won at a time and will be charged around 15,000 Won (depending on the bank), to send this amount or less home. It is a good idea to send over the maximum allowed amount (5,000 Won) at a time, to reduce the transfer fees.
How to access money from your Korean bank account while overseas
If you have gone on vacation outside of Korea and need to access your account, you can withdraw money from most ATMs for a charge of 3-5,000 won per transaction. It is therefore a good idea to withdraw a larger amount of money at a time to save on these charges.
Now that you know how to go about opening a bank account in Korea, it’s time to start saving some of that money you are earning from your pay! One of the great perks about living and teaching in Korea is that you can save a lot of money! As the cost of living is very inexpensive in Korea, you are able to save a lot of what you make, which you can then send home to pay off your student loans or to put towards future travels.