General banking information

  • Typically, banks are only open from Monday-Friday, from 09:00-16:00.

 

Opening a Bank Account

Typically, bank accounts must be opened in person. Your company may have an established relationship with a bank, and may be able to set it up for you in advance. If your company sets up the bank account for you in advance, you may still need to go to a bank branch in person, in order to set up additional services such as online banking.

To open a bank account in person, you will need to bring your passport. Some banks allow you to open a bank account with only your passport, but some require an ARC. American passport holders will need to provide their Social Security number (SSN) on some additional forms, in order to comply with FATCA.

Try to do all of the following in the same visit, so you do not have to return to the bank again:

  • open your bank account
  • online banking
  • get a card that has T-money functionality built in
  • authorize your card for overseas and online usage
  • international remittance


ATM information

  • Bill pay ATMs are only available during business hours. They are located inside bank branches, and are thus out of reach when the bank doors are locked.

  • ATMs tend to stop service from 23:00 to 07:00.

    • Online banking (interbank transfers) also shuts down for about 90 minutes each day, usually around 00:00-01:30. The exact time varies by bank.

  • Using an ATM outside your bank's network will incur a small fee (between 500-1,100 won).

  • Foreign cards can be used at ATMs that carry the sign "Global ATM". You may incur fees from your home bank, the Korean bank, and a currency conversion fee.

  • The ATMs most likely to work with foreign cards are the ATMs inside KEB Hana and Citibank branches.

 

Banks with designated English-language foreign customer desks

 

Banks open on Sundays

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