Last updated 2021.12.21
Closing Accounts
Common plans and accounts that may need to be closed/canceled before leaving Korea include:
Cellphone Plan
Please do not simply abandon your cell phone service without fully paying for and canceling your service plan contract. Unpaid bills for items such as cellphone plans may be included in your Immigration records, and having unfavorable information in your Immigration records may prevent you from being able to receive a visa to visit Korea again.
When closing/canceling your cellphone plan, be sure you to bring your passport and Residence Card (ARC) with you. If you have already closed your Korean bank account when canceling your cellphone, be sure to have another payment method (e.g., cash, U.S. credit card) available for any outstanding fees left.
Internet Plan
Similarly, if you independently established a contract with an internet service provider, your internet service provider should be contacted in advance to close your service plan.
T-Money (or other transportation payment linked to bank account)
If you have T-Money, or another transportation payment system, linked to your bank account through your credit/debit card, it is recommended to stop using your debit/credit card for transportation at least a couple weeks before you intend to close your Korean bank account. Typically, transportation payments are deducted from a linked bank account about twice a month. You will want to reference when these deductions are made from your account each month in order to determine when you must stop using your debit/credit card for transportation payments, so as not to have any outstanding transportation fees,
Bank Account
Grantees have two options when it comes to bank accounts.
1) Close your bank account by visiting your bank:
2) Leave your account open after withdrawing the majority of your money:
If you are no longer using a debit/check card associated with your Korean bank account, please be sure to either destroy the card completely (e.g., cut it up into pieces) or to call the bank and report the card "lost". If you report a card as lost, the bank will deactivate the card so no one can use it ever again.
- Cellphone Plan
- Internet Plan
- T-Money (or other transportation payment linked to bank account)
- Bank Account
- Memberships (gym, library, etc.)
Cellphone Plan
Please do not simply abandon your cell phone service without fully paying for and canceling your service plan contract. Unpaid bills for items such as cellphone plans may be included in your Immigration records, and having unfavorable information in your Immigration records may prevent you from being able to receive a visa to visit Korea again.
When closing/canceling your cellphone plan, be sure you to bring your passport and Residence Card (ARC) with you. If you have already closed your Korean bank account when canceling your cellphone, be sure to have another payment method (e.g., cash, U.S. credit card) available for any outstanding fees left.
Internet Plan
Similarly, if you independently established a contract with an internet service provider, your internet service provider should be contacted in advance to close your service plan.
T-Money (or other transportation payment linked to bank account)
If you have T-Money, or another transportation payment system, linked to your bank account through your credit/debit card, it is recommended to stop using your debit/credit card for transportation at least a couple weeks before you intend to close your Korean bank account. Typically, transportation payments are deducted from a linked bank account about twice a month. You will want to reference when these deductions are made from your account each month in order to determine when you must stop using your debit/credit card for transportation payments, so as not to have any outstanding transportation fees,
Bank Account
Grantees have two options when it comes to bank accounts.
1) Close your bank account by visiting your bank:
- This is strongly recommended if you do not have plans to return to Korea or plans to need a Korean bank account should you return.
- You will not be able to re-access your closed account in the future.
- There are no fees associated with closing an account.
- If you want to close your bank account, you should do so BEFORE the expiration date printed on the back of your Residence Card has passed. If you wait until after the expiration date has passed, the bank may refuse to close your account.
2) Leave your account open after withdrawing the majority of your money:
- If the account is not used for transactions, it will eventually become "inactive", and only you as the account holder will be able to access it. This means, for example, that if someone else tries to transfer money to your inactive account, they will receive an error notice, and they will not be able to complete the transfer.
- Banks typically check for activity on an account twice a year. If you plan to leave your account open, it is best to check with your bank:
- when they will check for activity
- how long an unused account can stay open before it is considered inactive
- If you are leaving your account open, make sure to have online banking set up or you will not be able to access your account from abroad.
- In order to maintain online access to your account you MUST keep your online banking certificate up to date. If you do not do so, you will lose access to the account, and you will only be able to regain access by returning to Korea in person. Online banking certificates typically have to be renewed once a year. Again, do not miss the online certificate renewal deadline or you will lose all access to your bank account, and the only way to regain access will be to come to Korea.
- Your account is connected to either 1) your passport number or 2) your Residence Card/ARC number, depending on how you set up your account. To reactivate an account after returning to Korea, you will need to present the same ID/number connected to your account. If you are unable to do so, you may need to open a new account.
- Although there no fees associated with an inactive account, please note that you cannot close a Korean bank account from abroad. To prevent having an open account in a foreign country indefinitely (which you should keep track of as it is never a good idea to simply leave an account unattended), please be sure to close your Korean bank account unless you have specific intentions to return to Korea and to use the account.
If you are no longer using a debit/check card associated with your Korean bank account, please be sure to either destroy the card completely (e.g., cut it up into pieces) or to call the bank and report the card "lost". If you report a card as lost, the bank will deactivate the card so no one can use it ever again.