The banking system in Seoul is efficient, safe and well-organized. Many expats marvel at how, in comparison to obtaining a work visa, banking is so easily done. While some expats may feel more comfortable doing their banking with an international financial group, the majority of expats in South Korea simply create a bank account with a Korean bank. It’s very easy to create an account, every bank has at least one clerk who can speak English, and they are far more representative of banking in Korea. Banks in Seoul are open from 9 AM to 4 PM on weekdays.
You will find ATM’s all over Seoul – literally everywhere! Some accept foreign debit cards, but many only accept Korean debit cards. Even ATM’s found in banks will often not accept foreign cards, so be sure to ask your banker if that is possible before creating your bank account. Most ATM’s in subway stations accept foreign debit cards, and Citibank’s ATMs usually accept foreign cards. This is rarely a problem for expats, as most have their accounts set up and have Korean debit cards as well as their debit cards from home.
If you use an ATM from the bank you do business with, there usually isn’t a charge during the day and it’s much smaller after bank hours than if you used a different bank’s ATM. If you use your foreign debit or credit card in an international ATM, the charge is usually around 3000 won.
International transfers are fuss free – you just need to have your passport, your bank book, your alien card, and your banking information for the transfer. Visit the teller and say you want to make a transfer, they take your documents and five minutes later it’s done. (See the sending Money Overseas” section for more information.)
Here are the international banks represented in Seoul as well as the most popular national banks with expats.
International Banks
Citibank
Website: http://www.citibank.co.kr/
Online Banking: Yes, in Korean and English.
Deutsche Bank
Website: http://www.db.com/
Online Banking: No.
Hong Kong Shanghai Banking Corporation (HSBC)
Website: http://www.hsbc.co.kr/
Online Banking: Yes, in English.
Mizuho Corporate Bank
Website: http://www.mizuhocbk.co.jp/
Online Banking: No
Standard Chartered (SC) First Bank
Website: http://wholesalebanking.standardchartered.com/
Online Banking: No
National Banks
Bank of Korea
Website: http://eng.bok.or.kr/
Online Banking: No.
KB Finanacial Group
Website: http://money.kbstar.com/
Online Banking: Yes, in English and Korean.
IBK (Industrial Bank of Korea)
Website: http://english.ibk.co.kr/
Online Banking: Yes, in English and Korean.
Shinhan Financial Group
Website: http://www.shinhan.com/
Online Banking: Yes, in English and Korean.
Hana Finanacial Group
Website: http://www.hanabank.com/
Online Banking: Yes, in English and Korean
Woori Financial Group
Website: http://www.wooribank.com/
Online Banking: Yes, in English, Japanese, Chinese and Korean.
Korea Exchange Bank
Website: http://www.kebcanada.com/
Online Banking: Yes, in English and Korean.
Nonghyup Financial Group
Website: http://banking.nonghyup.com/
Online Banking: Only in Korean.
