Bank Account
Where can I open a bank account?
- The Student ID can be connected to Woori Bank which can be applied at the Division of Student Affairs at Building 67, 2nd floor. However, exchange students are not able to connect Student ID with Woori Bank.
- Shinhan Bank located at Student Center, 2nd floor.
- Nonghyup Bank located at Building 109, 1st floor.
- Banks in Korea open at 9 am, and close at 4 pm, and could take up to 30 to 40 minutes to make one.
What document do I need when opening a bank account?
- Each bank might have different requirements, but in general, you need to come with your ARC, passport, certificate of registration (or certificate of admission for freshman), and certificate of residence.
- Banks may also require some amounts of money to be deposited upon the opening of a bank account.
Which card do I have to get when opening a bank account?
- There is an ATM card that is only able to take money out of a bank, and a check card which is a common name for a debit card. Make sure you ask to open a bank account with a debit card function since sometimes banks just issue an ATM card.
- Generally, most of the cards cannot be used for international payment, unless you specifically apply for international transaction.
Am I able to apply for Internet Banking?
- In Korea, there is the service to do transactions and transfer money through internet banking. Make sure you already have your ARC and Korean phone number to apply for this function. Next, you may ask the bank staff to help you to get this service.
How much is the limit of each bank transaction?
- When first opening a bank account, there is a transferring limit which depends on your purpose of opening the bank account. Also, each bank has its specific regulation about the limit of transactions. This was put in place to help decrease overseas money laundering crimes.
- Changing the transaction limit is especially important when it comes to paying for tuition. However, the bank staff might ask you additional documents to support your reason for changing the transaction limit.
What should I do if I forgot my password?
- Foreigners are unable to change the password remotely from the phone. If you forget your password you have to go back to any bank branch of your bank and ask them to reset your password.
Can I open a bank account before I receive my Alien Registration Card?
- There are some cases where you can open a bank account on campus. Aside from the required documents, some banks may require some additional documents such as a copy of your tuition fee, a copy of your passport, and a residence certificate. Moreover, there could also be restrictions based on country of origin, so please check directly to the bank.
What is an OTP?
- You can transfer money with internet banking, however, as an extra form of protection, you need the assistance of an OTP card. Some banks give it to you for free when opening a bank account, while some banks charge a reasonable fee for this service.
Disclaimer: The information can change and we recommend you to check the latest information.