A resident foreigner can open a bank account by simply visiting the bank in question, whether he/she resides in Korea or not.
(A resident foreigner refers to an individual who has been in Korea for more than 6 months, while a non-resident foreigner refers to a person who has been in Korea for less than 6 months.)
※ You may use the cash card to withdraw money from an ATM (Automated Teller Machine)
|Tax & Interest Rates|
You can transfer money overseas from a bank. You may send up to $50,000 (including an exchange fee) out of the country. All your money transfer transactions should be made at a bank selected by you. If you can present a document showing how you have acquired the money, you may send a sum not exceeding the amount of income acquired in Korea out of the country. Different banks have different fees and restrictions on transfers.
If you have a passport or foreign registration card, you can easily exchange foreign money or traveler’s checks for Korean won at local banks. Be sure to keep the slip that the bank issues as evidence of a foreign exchange transaction. The slip will help you sell your Korean won for a foreign currency more easily on your departure from Korea.
Credit card companies issue credit cards to those who meet their specific requirements for issuance. So if you don’t have a good credit record, your request for a credit card might be rejected.
※ Different banks or credit card companies may require different documents.
|Annual membership fee||The annual membership fee is a fee charged for the issuance of a credit card and the various services offered by a credit card company. The annual membership fee is charged every year, starting in the month of issuance.|
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