SETTING UP AN ACCOUNT
Once you receives ARC, You will open up an account.
Sometimes the bank wants extra document for opening up an account.
It is better to check with the bank for required documents before you go.
Mostly you only need a passport however please contact your school or office of education if you need additional documents.
We will use your bank account as your salary account. If you have already have an active Korean bank account that you would prefer to use, please contact your administration office.
GETTING A BANK CARD: You can get a bank card as soon as you get your ARC. To make the process run as smoothly as possible, please ensure you bring your ARC, Passport, bankbook.
*Every bank has their own hotline for foreign language. Please search for the number if you need*
RESTRICTIONS: Most of bank in Korea, when you open a new account, there will be a restrictions until the bank verifies the purpose of your account. This is to prevent "borrowed-name account".
Restrictions (limits on amount) will be off after 3 months. (limits on transactions, sending money, cash out)
ONLINE BANKING / USING APPS
Getting online banking and settling apps on your phone could be long journey if you wish to do it yourself.
We STRONGLY suggest to visit the bank and ask for online banking and setting your phone with apps and security systems etc.
They will set everything for you :)
REMITTANCE ACCOUNT
When you leave Korea, you will get a number of monetary deposits into your selected account such as severance and contract completion bonus. These will be deposited up to a month after your final contract end date and can only be deposited into a Korean account. It is therefore important that you either set up online banking or have a remittance account in order for those funds to get to you.
Online banking is one of the most cost-effective options to send money to another country. A remittance account is another option if you would prefer not to use online banking. This is an account set up just for sending money to another account overseas. When funds are placed in this account they are automatically transferred to the linked foreign account. To set up a remittance account, you will need to bring your passport, ARC and the details of the foreign account you want to link to (such as account number, SWIFT code, branch address, etc.).
Some recommended remittance accounts are the NongHyup 1 Remittance Account (lower remittance fees), KEB Hana Easy-One Foreign Remittance Account (higher remittance fees but more English support) and Citibank Korea Remittance (no remittance fees if you transfer to another Citibank account).
Not every bank branch is able to set up remittance accounts, so do your research before you visit the bank. Note that you are restricted to designating one bank in Korea as your foreign exchange bank so once you have opened this account, you may not remit money with another bank.