Commercial banks: Banks that have their headquarters in metropolitan areas and nationwide network of branches
(e.g., KEB Bank, KB Kookmin Bank)
- Special-purpose banks: Banks that are directly supervised and managed by the government to supply funds to specific sectors (e.g., Korea Development Bank, NH Bank)
- Regional banks: Banks that are founded with regional private capital for regional distribution of financial services and balanced development of regional economies (e.g., Busan Bank, Jeju Bank)
- Mutual savings banks: Small-loan financial institutions that are founded as stock company for convenience of small and medium-sized enterprises and small loans (e.g., Tomato Mutual Savings Bank, SBI Savings Bank)
09:00 to 16:00 (excluding weekends or holidays)
- Procedure: Remittance of up to USD 1,000 at a time is allowed without restrictions
- Telegraph Transfer (TT): Most common for large-amount remittance or rush remittance
- Demand Draft (DD): For non-rush remittance or small-amount remittance
- Required documents: Foreign currency remittance application form, alien registration card, and additional documents depending on the purpose of remittance
Ex) Additional documents required for foreign worker’s remittance of salaries
- Employment contract (written) or certificate of employment
- Domestic income-certifying documents
- Passport or entry visa
- Employer-confirmed, tax-related evidentiary documents (excluding illegal aliens and industrial trainees)
- Certificate of tax payment (for cases of self-employment)
- Required information: Remittance applicant’s name, address and phone number; recipient’s name, address and phone number; name and address of the recipient’s bank (city, region, country); account number; SWIFTCODE; and bank code
- Foreign currency remittance/payment application form has to be prepared in English.
- Recipient’s name (English spelling) and account number have to be accurate.
- Name under the account number and the recipient’s name must be identical.
- Recipient’s bank, branch, and country names must be stated on the foreign currency remittance application form.
- Remittance to countries such as Myanmar, Libya, Iran, and Sudan is banned.
When receiving remittance from overseas
- Matters to inform overseas remitter: Recipient’s bank name (English), bank HQ address, account number, SWIFTCODE, recipient’s name (English)
Required documents for receiving remittance from overseas : Documents that can prove the basis of receiving remittance (e.g., export contract, service contract)
- However, remittance could require different documents depending on its amount so one must check with the main creditor bank.
- Funds type for currency exchange: foreign currency notes, traveler's check
- Required documents: passport or ID card
- Limit for currency exchange : currency exchange in excess of USD 10,000 per instance shall be notified to the National Tax Service of Korea.
- Application procedure: visit branch office → apply for service → register password for transfer → receive security card or OTP card → access to internet banking → issue a certificate
- Required documents: ID card (ID card recognized in Korea. Foreign passport not allowed), bankbook
- A system enabling bank transactions by phone
- Application procedure: visit branch office → apply for service
- Services: balance check, interbank remittance, remittance to another bank, applying for or terminating automatic transfer of time deposit, loan interest, taxes, etc.
- Required documents: ID card, bankbook
- Information required for telebanking: account password, telebanking password, resident registration number and account number
- Financial services enabling bank transactions anytime, anywhere by using mobile phone with internet access
- Services: transaction details check, account transfer, deposit check, foreign exchange rate check, checking of cashier’s check, credit card transactions, cash service, etc.
- Like a debit card, payments are immediately deducted from the account. Therefore, it should be used within the extent of account balance.
- Eligibility: anyone at least 18 years of age or those who are over 14 and have deposit accounts
- Annual membership fee: none
- To apply: visit a card company website or bank/card branch office
- The annual membership fee, composed of a basic annual membership fee and affiliated services fee, is invoiced once a year and differs depending on the card.
- Screening criteria differ by issuing organization. Contact your specific bank or card company for further information.
- Lena Kim Executive Consultant