Teaching English in Korea
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Banking in Korea
Korea is a technologically advanced country and the electronic and effecient banking system is one of the many luxuries that testify to this fact.
In days gone past salaries for foreign teachers were paid in cash. At the end of the month you'd get a thick envelope stuffed full of 10,000 Won notes. All of a sudden you where a millionaire! While I suspect that some Hagwon's still do that (for whatever reason I can't quite fathom), most employers these days, will deposit your full salary (after deductions) into your Korean bank account.
Opening a bank account is therefore a must, and unless you've got a really big mattress, it's better and safer to keep all those precious 10,000 Won notes in a bank. A bank account also simplifies the process of sending money home from Korea.
Opening a bank account in Korea is a straightforward endeavour and unlike other countries where expats have to provide all sorts of proof of common decency, in Korea you simply need your Alien Registration Card.
Once your Alien Registration Card is issued by Korean Immigration (usually a week or two after you land), you should visit a bank with your employer, or by yourself if you can find someone who speaks English. Every branch usually has one person who can speak and understand English and they're usually quite thrilled to welcome a new foreigner to their services.
Opening a bank account is therefore a must, and unless you've got a really big mattress, it's better and safer to keep all those precious 10,000 Won notes in a bank. A bank account also simplifies the process of sending money home from Korea.
Opening a bank account in Korea is a straightforward endeavour and unlike other countries where expats have to provide all sorts of proof of common decency, in Korea you simply need your Alien Registration Card.
Once your Alien Registration Card is issued by Korean Immigration (usually a week or two after you land), you should visit a bank with your employer, or by yourself if you can find someone who speaks English. Every branch usually has one person who can speak and understand English and they're usually quite thrilled to welcome a new foreigner to their services.
Upon request, you'll be issued a debit card with your new bank account and a bankbook. The debit card can be used the same way as you would use it back home i.e. swiping it to pay for groceries, meals etc. Credit Cards are not that easy to come by and you usually need to have been in the country a while and provide proof of income for a couple of months. Different banks have differents rules regarding this.
Transferring money to different bank account within Korea (such as paying your employer for a gas bill) is all done electronically from the ATM and you simply need the name of the receiving bank and the account number, then follow the English instructions on the ATM.
Banks open at 9am and close at 4pm. Certain functions such as transferring money electronically are unavailable from ATM's after 10pm. Most ATM's have an English options so this won't be a problem - just insert your card and press the button for English. However, certain functions and features are only available in Korea. One of the more frustrating things with some banks is that, while most steps of an ATM transaction will be in English, there's sometimes one step in Korean only, which totally defies the whole point of a foreign language service since it leaves you clueless about what to do next.
Debit or Credit cards from your home country will NOT work at any ATM, but only at certain ATM's labelled 'Global', 'International ATM' or something similar. If you have a Visa or Mastercard Credit Card and am planning on bringing it to Korea, have a look at the websites of these respective cards to find locations of International ATM's. All international airports in Korea have International ATM's.
Banks open at 9am and close at 4pm. Certain functions such as transferring money electronically are unavailable from ATM's after 10pm. Most ATM's have an English options so this won't be a problem - just insert your card and press the button for English. However, certain functions and features are only available in Korea. One of the more frustrating things with some banks is that, while most steps of an ATM transaction will be in English, there's sometimes one step in Korean only, which totally defies the whole point of a foreign language service since it leaves you clueless about what to do next.
Debit or Credit cards from your home country will NOT work at any ATM, but only at certain ATM's labelled 'Global', 'International ATM' or something similar. If you have a Visa or Mastercard Credit Card and am planning on bringing it to Korea, have a look at the websites of these respective cards to find locations of International ATM's. All international airports in Korea have International ATM's.
The Green Bannered Nonghyup Bank on a streetcorner
Which bank should you choose?
I've banked with three different banks in Korea and would recommend one specific bank, simply because its services are more geared towards foreigners.
Korean Exchange Bank (or KEB) has unique banking packages for foreigners, provides English services, English bank statements and has a special remittance account that makes sending money home a breeze.
I've banked with three different banks in Korea and would recommend one specific bank, simply because its services are more geared towards foreigners.
Korean Exchange Bank (or KEB) has unique banking packages for foreigners, provides English services, English bank statements and has a special remittance account that makes sending money home a breeze.
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