How to Make a Korean Bank Account as a Foreign Exchange Student
Everything you need to make a Korean Bank Account!
If you're planning to be studying in Korea for more than a semester, you're going to need to get a Korean bank account and debit card. We're here to tell guide you through the process of making a bank account, transferring and exchanging money, etc. Knowing these things beforehand will help you greatly with a smooth transition into life in Korea. Before we get started, it's good to know that Korean banks are generally only open on weekdays from 9 AM to 4 PM. Make sure you don't miss anything in the checklist to prepare before your visit!
1. How to Make a Bank Account
Foreign exchange students can open deposit accounts and monetary trust accounts for foreign currency deposits at foreign exchange banks for the purpose of receiving remittances from their home country.
*The maximum amount of a single remittance, the remittance process, and the remittance fee are subject to the laws of the country(generally the home country of the foreign student) where the remittance is made.
Bank Account Issuance Process | |
Step 1. Get a queue ticket | Once you arrive at the bank, get a queue number and wait for your turn which will be shown on a screen. |
Step 2. Receive a consultation with a banker | Tell the bank employee that you are there to make a bank account. If you need access to internet banking and a physical copy of the debit card to take out cash, tell them so. |
Step 3. Fill out an application form | After receiving the application, you should fill in the foreigner registration number, date of birth, address, contact information, signature, and other items that the bank employee has checked for you to complete. |
Step 4. Make a bank account password | Set a 4-digit password for the bank account and cash withdrawal card. |
Step 5. Issuance Confirmation | Receive your bankbook and cash withdrawal card. |
2. Remittance
If you wish to make a remittance, you can visit a bank with the necessary documents.
Materials needed: passport, payment application form, designated application form for the foreign exchange bank, and proof of study abroad such as admission permit.
- If you wish to make a remittance, you must prepare a payment request form and proof of remittance at the designated bank.
- Overseas students must submit documents proving their enrollment, such as a certificate of enrollment issued by the school, every year.
- According to foreign exchange transaction regulations, if the cumulative amount of remittances exceeds $100,000 USD annually, it must be reported to the tax authorities.
- To receive the remitted money, you must present an identification card such as a bank transaction passbook, passport, or foreigner registration card, as well as a seal (including a signature).
3. Currency Exchange
To use money in Korea, currency exchange is necessary! Currency exchange can be done at various banks or exchange offices in Korea. However, there is a commission fee for currency exchange, and please note that the commission fee varies depending on the bank or exchange office.
There is no limit on the amount that can be exchanged. However, some exchange offices may set a limit on the amount that can be exchanged per person for a specific currency.
If the amount of exchanged currency exceeds the equivalent of USD 10,000 per transaction or USD 100,000 annually, it must be declared to customs and reported to the National Tax Service.
How to Exchange Money at a Bank | ||
Materials needed: passport, documentation proving study abroad facts such as designated application forms for transaction foreign exchange banks, payment application forms, and admission permits. | ||
Bank Exchange Process | Step 1. Visit the Foreign Exchange Counter | Visit the Foreign Exchange Counter and get a queue ticket |
Step 2. Present Identification | When your number is called, present your passport or ARC to the bank employee | |
Step 3. Ask for an exchange | Tell the employee that you're here to exchange money | |
Step 4. Complete the foreign currency sales application form | Fill out a foreign currency exchange application form that includes your name, identification card number, and exchange amount. | |
Step 5. Check the exchanged amount | Receive your Korean Won and check the amount exchanged. | |
In addition, you can exchange currency using internet banking or by visiting a currency exchange booth directly, so find a convenient method and proceed with the exchange.
If you need to exchange money when you're first entering Korea, use Creatrip's Airport Currency Exchange Pick-up Service for the best rates at the airport! Click on the link below for more information:
Airport Currency Exchange Pick-up
Today, we looked into how to create a bank account, and transfer and withdraw money in Korea as an international student. In Korea, there are often cases of bank financial crimes such as voice phishing where they ask for your bank account number, card number, and password over the phone, so you should always make sure to double-check and confirm whether it is voice phishing or not. Also, please be sure to manage your internet banking ID and password carefully and prevent it from being exposed to others. After easily opening an account at a Korean bank, I hope you have a more convenient life as an international student in Korea!
Reference
생활법령정보 https://easylaw.go.kr/CSP/CnpClsMain.laf?popMenu=ov&csmSeq=508&ccfNo=3&cciNo=3&cnpClsNo=1
한국유학종합시스템 https://www.studyinkorea.go.kr/ko/overseas_info/allnew_lifeinKorea_05.do
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