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상단검색

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Financial Services

Financial Services

Types
  • 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)
Hours

09:00 to 16:00 (excluding weekends or holidays)

Remittance

Overseas remittance

  • Procedure: Remittance of up to USD 1,000 at a time is allowed without restrictions
  • Type
    • 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
  • Notice
    • 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.
Currency exchange
  • 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.
Internet banking
  • 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

Telebanking

  • 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

Mobile banking

  • 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.
Check card
  • 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
Credit card
  • 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.
Credit card issuers apply standards of foreign residents
Card company Screening criteria Required documents
Hana Card
(former) KEB Card
(Changes expected in the screening criteria and documents-to-be-submitted, in the process of KEB Bank–Hana Bank merger)
  • Anyone currently employed in Korea (regular employees of financial institutions or listed/registered/outside-audited corporations, or equivalent), employees of embassy or domestic/foreign government agencies
  • Bank account pledger (minimum KRW 1.2 mil)
  • Property tax paid: KRW 100,000 or more in the past 1 year
  • P3 or higher level customer or PB customer (3 months or longer banking transactions)
  • Nationality-certifying documents Pick one out of alien registration card, domicile registration card, and government agency-issued certificate
  • KEB Bank: Bank account pledge of minimum KRW 1.2 mil required for card issuance
Woori Card
  • Joint guarantor required for foreigners
  • Alien registration card or passport
  • Income-certifying documents, certificate of employment
Shinhan Card
  • Regular employees of Fortune 500 companies or more
  • Regular employees of Tier-1/ Tier-2 financial institutions or more
  • Attorney / tax accountant / CPA / patent attorney
  • For associations/foundations, manager or higher
  • Shinhan Bank customers with “Ace” level or higher
  • Alien registration card or passport
  • Income-certifying documents, certificate of employment
Citi Card

For customers with residency period of 1 year or more

  • Annual income of KRW 70 mil or more
  • Own a real property
  • 3-month banking transactions with Citi Bank worth KRW 50 mil or more
Passport, domicile registration card or alien registration card, employment-certifying documents, income-certifying documents (salary bankbook maintained for 3 months or more, or certificate of tax withholding)
Online
consultant
KOTRA
Lena Kim Executive Consultant