Last updated 2022.05.25
Banking: General Info
Banks
Most of Korea skipped the check-writing era completely and went immediately to online wire transfers, which are inexpensive, efficient, reliable, and universal. Once your Korean bank account has been set up, your monthly allowances and reimbursements will be sent via wire transfer in KRW.
Recommended national banks include (in alphabetical order):
If placed in a location with specific local banks, please note that local banks may be difficult to access outside of their respective cities.
Recommended national banks include (in alphabetical order):
- KB Kookmin Bank
- KEB Hana Bank
- Nonghyup (NH) Bank
- Shinhan Bank
- Woori Bank
If placed in a location with specific local banks, please note that local banks may be difficult to access outside of their respective cities.
Finding the Right Bank for You
Typically, foreigners in Korea must have a Residence Card before they can open a full-access bank account. However, we have found grantees may have greater success with opening an account if they go through their affiliate.
For U.S. Scholars, it is recommended to ask your affiliate which bank their staff primarily use as they may be able to assist you with acquiring an account from this bank. Particularly if you are a Teaching/Research Scholar, please confer with your affiliate before opening a Korean bank account as they may require you to use a particular bank (if receiving funds from them for lecturing fees).
For U.S. Students, if your affiliate does not have information about banking, consider reaching out to your host institution's international student office for advice as they may know of campus/local bank branches exchange students use which are foreigner/English-friendly.
For U.S. Scholars, it is recommended to ask your affiliate which bank their staff primarily use as they may be able to assist you with acquiring an account from this bank. Particularly if you are a Teaching/Research Scholar, please confer with your affiliate before opening a Korean bank account as they may require you to use a particular bank (if receiving funds from them for lecturing fees).
For U.S. Students, if your affiliate does not have information about banking, consider reaching out to your host institution's international student office for advice as they may know of campus/local bank branches exchange students use which are foreigner/English-friendly.
Opening a Bank Account
Full-Access vs. Limited Bank Accounts: Although you may be able to open a limited bank account prior to receiving your Residence Card, opening a full-access bank account is typically restricted until after you receive a Residence Card. To open a full-access bank account, you will likely need:
What to Ask For: When opening a Korean bank account (or expanding a limited bank account after receiving a Residence Card), grantees may wish to ask about the following:
- Passport
- Residence Card
- Grant Award Document
- Grant Award Letter
- Employment Verification Letter
- Note: This document may be supplied by your university if you are an enrolled student or paid lecturer. If it is not supplied by your university, Fulbright Korea can issue a document explaining your grant status in lieu of an employment letter since you are not an employee of Fulbright Korea. This letter serves as verification of your regular grant stipend payments.
- Copy of your address (공문 or housing contract)
- Korean phone number
What to Ask For: When opening a Korean bank account (or expanding a limited bank account after receiving a Residence Card), grantees may wish to ask about the following:
- card type (ATM card vs. debit or "check/cash card" vs. credit card; as a foreigner in Korea, you are unlikely to qualify for a credit card)
- banking apps (Korean-only vs. English-friendly)
- internet banking (this is typically not set up automatically; you need to request it)
- international/online usage of cards (for traveling or buying items from foreign websites)
- usage of card for transportation ("T-money"; not all banks allow foreigners this option)
- international transfers or overseas remittance accounts
Opening a bank account may take one or two hours. If you are uncertain of your Korean ability as it pertains to opening a bank account, you may wish to ask your affiliate, a friend, or another individual whom you trust to accompany you to the bank the first time. If you must go to the bank without someone to translate, there is an interpreter phone number that your bank can call.
In general, accounts should be opened at a main branch, rather than a local branch, as main branches may be able to offer/set up services local branches are unable to. For example, only main branches of banks offer international services, such as international check cards and overseas remittance accounts. There may be multiple banks in a neighborhood that appear the same, but only one is a main branch. Staff at any branch can tell you where the nearest main branch is located.
If ever you have questions later on, you can call your bank's foreign customer service line. Service line staff are often native English speakers who can answer your questions specifically. When you call, have your account number (in your bankbook) and Residence Card close at hand.
Bank cards (카드) & Bankbooks (통장)
After opening/updating an account with your Residence Card, it is recommended that you request a VISA or Mastercard that can be used internationally and online. These services must be requested; they are not automatically given. International cards must be connected to an account opened at a main branch. Some grantees have previously been issued ATM-only cards, so be sure to inquire if you would like a debit card. (Note: Debit cards are used in Korea much more often then credit cards. They may be referred to as "cash cards" or more commonly "check cards." It is increasingly difficult in Korea to get a credit card as a foreigner.)
Each bank account holder is issued a bankbook (통장) with a magnetic strip in it. The bankbook can be used like an ATM card at ATM machines. Your bank account activity (aka the history of your account transactions) is printed in this book whenever you use it in an ATM. When your bankbook is full, simply go to the bank with your old book and your ARC, and they will give you a new one.
Each bank account holder is issued a bankbook (통장) with a magnetic strip in it. The bankbook can be used like an ATM card at ATM machines. Your bank account activity (aka the history of your account transactions) is printed in this book whenever you use it in an ATM. When your bankbook is full, simply go to the bank with your old book and your ARC, and they will give you a new one.