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Telecommunications & Banking

[ Telecommunications & Banking ]

Banking

Various Financial Institutions

Korean financial institutions do a variety of tasks such as lending, deposits, funds, insurance, exchange, remittance, and bills.

First Financial Institution

There are two types of banks: general banks and special banks. The general banks are financial institutions established under the Banking Law of the Republic of Korea. They are divided into commercial banks, which operate nationwide store networks, and regional banks, which operate in headquarters in provincial cities. Kwangju Bank is the representative local bank in Gwangju. Special banks are the banks established by the government for public interest, including KDB Industrial Bank, IBK Industrial Bank, Nonghyup Bank, Suhwa Bank, and Korea Eximbank. And the central bank is the Bank of Korea, which operates differently from commercial banks due to monetary policy, monetary policy formulation and policy stabilization.

Second Financial Institution

It refers to financial institutions other than banks, which are similar to commercial banks without being subject to the Banking Act. Insurance companies, securities companies, investment trust companies, mutual savings banks, Saemaul coffers, post office deposits, credit cooperatives, leasing companies, venture capital, credit companies, installment finance companies. (Modified)

List of Banks and Their Services

Division Name of Bank Representative Account and Preferential Service
Commercial Banks Kookmin Bank
http://www.kbstar.com
[ KB WELCOME Bank book] Provides additional services such as various bank transaction fees and exchange rate preference to foreign customers who perform salary transfers and foreign exchange transactions. It is a deposit with free deposit and withdrawal, and ordinary / savings deposit which can subsist to a living savings.
Shinhan Bank
http://www.shinhan.com
Foreign bank account [Shinhan Global OK bank account]: possible to remit money, exchange money, and favor domestic financial transaction fee with one account.
[Shinhan Foreigner's Dream package] For foreign residents in Korea
Ul-e bank
http://www.wooribank.com
[We Fortune Salary Passbook] This is a foreign-only salary passbook that allows you to conveniently check the details of your deposit and withdrawal transactions by using mobile phone SMS without visiting the bank. There is no limit to the duration and amount of the subscription.
KEB Hana bank
http://www.kebhana.com
[Easy-One Pack Account] If you use a credit card (check card) for foreign customers, you will be exempted from various fees. If you have more than 300,000 won deposits per month on payroll transfer or Easy-One Pack deposit, you will be exempted from additional bank CD / ATM withdrawal fees. .
[168 savings] This is a customized savings product for foreign customers. The rate of preferential interest rate can be given the highest annual rate of 0.3%.
Specialty banks Industrial Bank
http://www.ibk.co.kr
[Korean Dream Account] Foreign exchange and his/ her spouse are entitled to exchange rates and fees for automatic remittance overseas. You can get interest rate bonus and accident insurance free of charge at the time of deposit transaction, and there is exemption of bank transaction fee and point benefit.
Nonghyup Bank
http://www.nonghyup.com
[NH Foreigner Preferential Savings Account Book] exempt from transfer and withdrawal fee of cash dispenser. 60% for overseas remittance fees, and 50% for foreign exchange cash.
Suhyup Bank
http://www.suhyup-bank.com
If you sign up, you will receive an unlimited cash withdrawal fee for all ATMs / CDs in the whole country, providing a maximum annual interest rate of 4.0%. It is possible to select the interest calculation method according to the lifestyle of the user (the balance interval method or the deposit period method).
Industry Bank
http://www.kdb.co.kr
[KDB Dream Regular Saving] This is a high-earning product that offers a preferential rate depending on the conditions of membership, free of charge, with no limit on the amount of accumulation, the date of accumulation, and the number of accumulations. The preferential interest rate is added to the basic interest rate.
Local Bank Kwangju Bank
http://www.kjbank.com
[KJB Good Neighbor Bank Account] For foreigners only, it provides bank transfer fees and interest rate preferential service through electronic finance according to usage results.

Opening a Bank Account

If you want to open an account, bring your passport and alien registration card with you to the nearest bank branch to open a bankbook.

International Remittance

If you send money at the counter, you must bring your ID card (passport and alien registration card). Swift Code, Account Number, Payee Name and Telephone Number are required.

Exchange

When making a foreign exchange purchase/ sale statement to exchange money at a nearby bank, write simple personal information such as name, resident registration number, and contact information.

Utility Bill Payment

Most financial institutions, such as banks, post offices, credit unions, and Saemaul coins, collect bills. Most bank branches have separate bureaucratic storage facilities for fast progress of bureaucratic receipt and smooth storage. You can pay bills such as national treasury and jiro from this machine, and you can inquire the account balance. The best way to pay for utility bills is to let the bills disappear by automatic transfer from your bankbook on a fixed date. You can apply at each bank window.

Using ATM (cash dispenser, CD)

ATMs are installed in banks, airports, hotels, department stores, convenience stores, subway stations and tourist attractions. Foreign credit cards can be used on ATM devices that have a 'Global' flag or a logo on their credit card company. NICE ATMs can sometimes use foreign cards. It can be withdrawn in units of 10,000 won and 50,000 won, and some devices can withdraw 100,000 won. ATM usage times and fees vary from bank to bank, but most ATMs are available from 8 am to 10 pm. In general, if you use a bank ATM like your card, there is no fee when you withdraw before 4:00 pm, but you pay a fee of 600 ~ 1,000 won after 4:00 pm on weekdays and when you withdraw from weekends or other banks. ATMs at convenience stores are available 24 hours a day, but the fee is 1,300 won more than bank ATMs.

Issuing Card

Credit Card
Allows the cardholder to purchase goods or services first without having to immediately pay for them, and the payment is first paid by the card company, regardless of the balance of the account associated with the card. It is usually a credit transaction a month after the card company sends a bill to automatically pay off the deposit account. The credit card company checks the identity and financial status of the customer and issues the card by screening. The annual fee differs depending on the card.

How to Apply
A customer who is 19 years of age or older (with adult age under civil law) with a certain income can be issued by any customer who meets the eligibility criteria set by the bank.

1. When you apply online: You can go to each bank's website and apply.

- You need to get a certificate of authenticity or a certificate of mobile phone to verify your identity.
- Identification (Foreigner registration card, passport or driver's license)

2. When you visit a bank and apply for a card

- Identification documents: ID card (Alien Registration Card, passport, driver's license, etc.)
- Job confirmation documents: employment certificate, work medical insurance card, etc.
- Income verification documents: receipt for income withholding withholding, payroll statement, etc.
- Application for enrollment (application for enrollment): It is provided by each bank.
- Stamp (Can be replaced by signature)

Check Card
It is designed to be able to make payments using cards instead of cash in situations where you have to pay for services or goods and pay only for the amount of the balance of the linked account. Also known as debit card. Depending on the bank, some check cards are a combination of a debit card and a credit card. It is the same as a debit card in that it is used within the balance of the account. However, it can be used as a minus lender within a certain range The age at which you can join is different.

How to Apply:

1. When you apply online: You can go to each bank's website and apply.

- To verify your identity, you must go through a certificate or cell phone certification.
- Identification (Foreigner registration card, passport number or driver's license)

2. When you visit a bank and apply for an issuance

- Identification documents: ID card (Alien Registration Card, passport, or driver's license)
- Your bank account (if you do not have it, you can make it on that day)
- Application for enrollment (application for enrollment): It is provided by each bank.
- Stamp (Can be replaced by signature)
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