Opening an account

• A foreigner can open a bank account by visiting a bank whether he/she resides in Korea or not.
• You will need your passport and alien registration card.

Remittance

• You can wire money abroad at a designated foreign exchange bank.
• Through the bank, you can transfer up to US $50,000 yearly.
• You need to present your passport, alien registration card and documents of evidence such as pay stubs when you have income.

Foreign Currency Exchange

• Holding a passport, you can easily exchange foreign money or traveler’s checks for Korean money at Korean banks, including the Korean Exchange Bank and the change booths at the airport.
• You can exchange up to $10,000 (for one entry) at a time. The foreign exchange rates are not fixed and change depending on economic factors.

Credit Card

• Credit card companies issue credit cards solely to those that have good financial status and capacity to pay and therefore, meet requirements for issuance of a credit card.
• A foreigner who intends to receive a credit card needs to find out various benefits and services offered by credit card companies or banks and can sign up for one through the credit card company’s website or by visiting a bank or an office of a credit card company.
• Required documents for the sign-up include an application form with your photo, alien registration card, the document verifying your income including proof of employment and tax invoice. However, different banks or credit card companies may require different documents.
• Credit cards such as VISA, American Express, Diners Club, and Master Card JCB can be used in all participating stores.