Opening a bank account in South Korea

When you arrive in South Korea, one of the most important things you will have to do is open a bank account. Koreans don’t use checks so your check card is your life-line when it comes to paying for anything unless you like to carry cash; I don’t recommend carrying too much cash.

To open an account you will need to have and do several things. It will be very difficult for you to live in Korea without a Korean bank account because you will need the account for a lot of things. You will need an account for these reasons and more.

1. To get paid by the school you will be working for

   The first time you get paid by your school, you will get cash because it takes time to set up your account. I will talk about the process later.
   Once you have your account, your school deposits your payments straight into your bank account. Sometimes, you have to use the bank the school tells you to use so don’t be alarmed if your Director tells you to open an account with a specific bank.



{img cred}

2. To send money home

   At some point during your stay in Korea, you may want to send money to your home country. The fee to send money internationally is about 17 thousand won which is about $15 (this differ depending on the bank and the exchange rate however).

3. To make purchases

   I was unable to use my Bank of America credit card in Korea when I needed to but I called them and they said it is now possible for me to do so. I don’t intent to anymore since it’s paid off. So, check with your home bank to see it’s possible to use your check card or credit card abroad. I use HSBC so I can use my debit card internationally with no fees or worries. I recommend opening an account with them if you are a constant traveler.

With that said, what is the process of opening an account? What does it take? Opening an account is very easy but you will need a few things.

4. Your passport

   Until you get your alien registration card, this is your only form of identification. Guard it with your pepper spray. Your Director will ask you for it a few days after you arrive in Korea. He will take it to the Korean immigration office to get your alien registration card made.



{img cred}

5. Alien registration card

   Once you have this card, keep your passport at home unless you need it for a particular reason. It takes about two weeks to have the card made. After that, make sure to take your passport back from your Director. If you lose your passport, it is a very bad and a painstaking process to get one made abroad. But if it should happen to you, contact your home country embassy in Korea or wherever you are. It speeds up the process if you have a copy of the information page handy, so run to Kinkos or any color copy machine and get that done.

6. Your address or your school address

   You need one of these addresses to open a bank account. If you want to use your schools, just take a business card from your Director.

7. A Korean

   You will need a Korean co-Teacher or a Korean friend to go with you. They will translate for you because it is very difficult trying to communicate with only gestures and sounds. You will look like a retard if you don’t take a Korean with you.

Once it’s opened
You will get a check card and a bank book. The bank book has your account number on it. Give the number to your Director so you can get paid. The bank book can also be used to access your account at the ATM and it records all your transactions. If you want to get fancy, you can get a monthly phone plan and ask the bank for mobile updates and or the ability to pay with your phone.

That’s all there is to it.

I have heard other foreigners say their bank account opening process was more complicated. If you had a tougher time than I depict above, please do share so others will be aware.