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

• 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.