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Because of this, we highly recommend opening an account with a Korean bank once you have obtained your ARC first and will share recommendations based on that assumption.The rules and regulations are constantly changing, so use this as your starting guide before you head over to a bank. Majority of the banks’ hours are Monday – Friday, 9AM – 4pm; each branch will may have different operating hours/days.Most banks do not charge a service fee or require a minimum balance when setting up an account.
Especially if you don’t have an Alien Registration Card / 외국인등록증 (ARC), the process is extremely complicated.
Since September 2007, many Korean banks have selectively opened bank accounts for foreigners unless they have been in possession of their ARC.
This was in result of many phishing scams that occurred throughout the 2000s.
Most banks won’t allow you to bank online, transfer money overseas, or get an ATM card without an ARC.
If you ever need to transfer money to another country’s bank account or use an ATM outside of Korea, make sure to ask about 외국환 지정거래.
Citibank is a unique bank in Korea where if you have a Citibank account in the US, you can make global transfers between your US & Korea account for free.
There may be required tax filings you have to do for Citibank due to it being based in the US.
You’ve packed all your bags, ready to fly from a different county and move into your new home for the next 6 months, 1year, maybe forever!
The last thing you want to worry about is money and banks, but having a Korean bank account while living in Korea has started to become a necessity.Tags: Adult Dating, affair dating, sex dating