Foreigners are able to
open general deposit accounts without any restriction.
It does not matter whether they reside in Korea or not.
For residents, tax and interest rates are calculated
in accordance with Korean laws.
For non-residents, tax and interest rates are calculated
according to the laws of their country plus Korean laws.
Those who want to open an account should bring their
certificate of alien registration or passport to open
an account.
In Korea , tax on interest income is collected first.
Banking hours are from 9:30 to 16:30 on weekdays.
Although banks adopted the five-day workweek as of July
2002, some branches will be open on Saturdays from 9:30
to 13:30 to provide the following services: cashing
and issuing checks, and depositing and withdrawing funds.
However, visitors will not be able to conduct inter-bank
related businesses such as fund transfers. Using ATMs :
You can withdraw cash from ATMs with your cash card
or credit card.
However, foreigners may need help from a Korean companion
because directions for use are usually written in Korean.
Only Global ATMs, available in certain banks, accept
foreign cards.
Credit
Cards
Korean banks and credit
card companies issue credit cards affiliated with international
brands to foreigners.
Each company has its own regulations for qualification.
Usually, there is no problem for those who are employed
by a company listed on the Korean Stock Exchange.
Foreigners who have an account with a Korean bank can
apply for credit cards of the brands that the bank is
affiliated with such as VISA, MasterCard or JCB.
American Express and Diners Club cards are issued only
through the following-mentioned card companies or local
branches of foreign banks.
General
Requirement
Certificate of current
employment.
(Certificate of income tax) Specified volume of business
with the bank and an average balance for specified term.
Specified annual salary or other earnings
Major
credit card companies
-
BC Card
Affiliated with Visa, MasterCard and JCB.
(Tel. 82-2-524-8700)
-
Samsung Card
Affiliated with Visa, MasterCard . (Tel.
82-2-3468-8181)
-
LG Capital
Affiliated with MasterCard and JCB. (Tel.
82-2-3420-7000)
-
Dongyang Card
Affiliated with American Express Card. (Tel.
82-2-552-2700)
-
Diners Club International
Affiliated with Diners Club Card. (Tel.
82-2-3498-6100)
Korean
Currency
Coin denominations are
10, 50, 100, and 500 won. Notes are 1,000, 5,000 and
10,000 won.
Bank checks of 100,000 won are also used as notes, but
when you use a bank check, you may need to show your
ID card or passport.
Money
Exchange
Foreign banknotes and
travelers checks can be converted into Korean won at
foreign exchange banks and other authorized money exchangers.
The exchange rate is subject to market fluctuations.
For example, in 2000, a U.S. dollar was equivalent to
about 1,200 won.
The Exchange Rate ARS Service:
Tel. 82-2-3709-8000 (Code No.351) Thomas Cook: 82-2-733-6601American
Express Travelers Checks: Tel. 82-2-399-2916
