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Global Inspiration GyeongGi-Do

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Obtain a wide range of useful information on Gyeonggi-do here.

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BANKING


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Opening a BankAccount

  • step 1
    Go to the bank – bring your passport.
  • step 2
    Get a numbered ticket and wait for your turn.
  • step 3
    When it is your turn, go to the teller, get a new bank account form and fill it out.
  • step 4
    Write down your name, foreigner registration number, apress and contact number(s).
  • step 5
    According to the teller’s instructions, enter a 4-digit password.
  • step 6
    Apply for an ATM card (check card) if you need one.
  • step 7
    Keep you passport to yourself and do not show it to anyone.

Making a Deposit

Fill out the deposit form or the withdrawal form and bring it to the teller.
You don’t need your password to make a deposit but need both your password and signature (or seal) to withdraw funds.

Using Bank Services When You Don’t Have a Visa

You cannot use bank services if you don’t have a visa. Nevertheless, it is not safe for you to keep your cash with you and you can open an account under somebody else’s name. Think carefully whether the person is really trustworthy. Go to the bank together to open an account but you enter your password. Make sure you keep your seal and bankbook.

Using The ATM

An ATM is a machine to/from which you can deposit/withdraw cash or check using your bankbook or ATM card.
The exact procedure varies from bank to bank but it is easy enough that anyone can use it after one or two tries.
In most cases the onscreen instructions are in Korean. Some ATMs have English or Chinese instructions but no other languages are currently available.
When you use an ATM, make sure you remember your password.
If you enter a wrong password three times in a row, you can no longer use the bankbook and the card.
In that case, go to a teller with your ID and show them that the bankbook and the card belong to you.
Then you can change your password and start using the ATM again.
When you withdraw money from an ATM, you pay a fee.
The amount varies from bank to bank but is usually between 500 and 2,000 won.

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Paying Utility Bills

Utility bills refer to your electric bill, water bill, TV reception bill, gas bill and mobile phone bill. If your employer pays the bills, you don’t need to concern yourself with these. If not, you should check the amounts shown on your various utility bills delivered to you by mail every month and pay them at the nearest financial institution, such as a bank or a post office.

Paying in Person

You can bring your bills to a financial institution and pay in person. Today many banks do not accept such payments at a teller’s counter.
In that case, you can use the automatic payment terminal. You need the bank’s bankbook to use the terminal.

Auto Transfer Payment

You can apply for an auto transfer payment so that the billed amounts are withdrawn from your bank account on the designated date every month. You can apply at the bank or call the billing institution and apply by phone. After you make the arrangement, make sure you remember the payment date to ensure there is enough money left in the account. If you fail to make the payment due to an insufficient balance twice in a row, the service will be suspended. Make sure you cancel the auto transfer arrangement one month before you return to your country or move to another place.

ATM Card : Allows you to deposit and withdraw cash without your bankbook and seal.
Check Card : Allows you to deposit and withdraw cash; when you make a purchase using a check card, the amount is debited from your bank account immediately after the payment. You cannot borrow money from the bank using a check card.
Bank Hours : 09:00 AM–4:00 PM, Monday–Friday

Remittance

The safest way to send money is through a bank. Almost all banks offer overseas fund remittance service. The service fee varies bank by bank.

How to Send Money

First, open a bank account in your home country under your family member’s name. Bring the recipient’s name, apress, phone number, bank name, account number and your ID to the foreign currency counter of your bank. The teller will handle the rest. Keep the remittance receipt for your record. You can save time if you bring this receipt with you next time you go to the bank to send money. Some people use the telegraphic transfer (money order) service but that is not a good idea. Only three countries, Thailand, Indonesia and the Philippines, receive money orders from Korea and it takes very long for the fund to arrive. Having your family member open a bank account in your home country and sending money to that account is the best way to send money home.

Using Private Remittance Service

Many people use private remittance services (brokers) when they send money home instead of official financial institutions, such as banks or the post office. Private remittance services are faster, cheaper and more convenient. However, there is always the risk of losing money. The service provider often disappear with your money. Caution is required.

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