All major banks offer internet banking, and the largest ones have options in English (and
in other languages as well). However, the menus are often limited and will only be good for the most regular transactions. Some may not have as many services in English as well as Korean, but its benefits make it worthwhile. If the bank staff does not suggest Internet banking, then you should ask, because it will make your life easier.
Below we will tell you what you need and how to use online internet banking!
Digital certificate (공등인증서/ 공인인증서)
You will need a digital certificate to make online transfers, so make sure to
get one when you create your bank account. This is a digital file that identifies you,
so, you can send money from your account. It's an extra layer of security to
make sure no one is trying to steal from you. You can save this file to your computer, USB, or smartphone, so you always have it when you travel. Just don't miss it and make sure it doesn't fall into the wrong hands!
Some banks offer this certificate inside their app, so you can apply for it on your phone or their website, as well as in the bank.
Smartphone applications
Most banks now have applications in English and Korean, but again services in English
may be limited. There are steps that banks need to take, especially if you opt for these services, which can be a hassle. Usually, online transactions on applications are made with a
card (called 보안카드), which contains several numbers, and which you will enter for each transaction. If you lose this card, go to the bank to replace it. It is very important to have it with you. You can take a picture and always have it on your phone if you don't want to lose it. Also, this card will be given and registered by the clerk in the bank when you ask for the service. Also, make sure you have a Korean phone number with your name written correctly on the contract.
Money and cards from abroad
When you open a bank account in South Korea, make sure you ask about choosing one
that works outside, VISA or Mastercard. This is extremely important! If you transfer money
from your bank account or use ATM card services outside of South Korea, you will need to have a card established as a designated foreign card, or for foreign use. If not, you will not be able to transfer money to other countries. Or worse, you may find yourself traveling to a foreign country with no way to access your cash in South Korea. You can't have two cards for foreign use, but it is easy to change the card at the local branch. Just go and ask the clerk if you need to use a specific Korean card outside of Korea and they will change it for you, for free.
If you are using an ATM card from another country, look for the "Global ATM" signs to be able to withdraw cash from your international bank account. This is usually not a problem since most of them have this service. Most ATMs have Global services, but you will have to pay KRW 3,600 for each withdrawal, and the minimum amount is 10,000 KRW.
Banking and ATM hours
Most banks are open from 09:00 to 15:30, but different banking services can work at different hours. Some branches stay open later or are open on weekends and all banks have ATMs. However, you may be surprised that many banking ATMs also have operating hours. Some are quite limited too!
Large banks usually have ATMs that are open until midnight, and some have 24-hour ATMs, so you can access your bank account when it suits you. However, it often locks the doors after a while and requires an ATM card to open them.
There are always plenty of ATMs all over South Korea that you can use. If you do not use the bank's ATM, then be prepared to pay a small fee. They can be found in 24h stores, such as GS254, CU, and 7Eleven, for better security.
Major banks in South Korea
These are some of the friendliest banks you can find in South Korea and where you should not have trouble opening a bank account with them.
KEB Hana Bank
Home: https://www.kebhana.com/
English: https://www.kebhana.com/easyone_index_en.html
Korea: 02-1544-3000 x8.9
Abroad: + 82-1544-3000 x8.9
Woori Bank Woori Bank Gangnam branch in Seoul, South Korea
Home: https://www.wooribank.com/
English: http://eng.wooribank.com
Korea: 02-1599-2288
Abroad: + 82-1599-2288
Shinhan Bank (Itaewon branch has English service)
Main: http://www.shinhan.com
English: http://www.shinhan.com/en/
Korea: 02-1577-8380
Abroad: + 82-1577-8380
Online banks
KAKAO Bank
Kakao Bank is the only internet-only bank founded by Kakao. That means it offers all online services, from account opening, transfer, and checking account balance to checking transaction details. At first, only Koreans could use it, but by 2020, expats can also use this service. As long as you are over 17, you can use Kakao Bank.
You need to open a deposit and withdrawal card (입출금 통장) to use KakaoBank. To open a Kakao Bankcard, all you need is the Kakao Bank application (iOS | Android) and your ID card.
First, select the purpose of the transaction (거래 목적) and the source of financing (자금 출처).
After creating your 4-digit account password, you should choose the purpose of using the card and send the ID with a single photo. Please note that you should take a photo of your ID card.
Now you just have to take the last step. Instead of visiting a bank branch and working with a bank clerk, Kakao Bank performs the identity verification process through the bank account which you normally use. You must enter another bank account under your name that you are using so they can verify your identity. Kakao Bank will deposit 1 won in the account you just entered. After the check, the "Name of depositors" is displayed in the account transaction details. You will see four letters in Korean. If you've set up text notifications or push apps, you can check them right away. Enter the exact words indicated by the depositor's name, such as (애플) "Green apple" and (멋진 배추) "Chinese cabbage", these are just examples. After completing all this, your account has been created.
You can use this account individually or with another bank. You can ask for a card that will be sent to your home. And you can only transfer money with a friend's KAKAOTALK ID. To send the money to your bank account, just use the one you normally have. Be aware that KAKAOTALK bank operates only in multiple of 10,000KRW if you want to send money from your account into the KAKAOTALK one.
TOSS
Toss is a popular money transfer application that opened in Korea in 2019. TOSS as an application has two methods of money transfer. One is from a Toss account to a bank account as long as you know the bank account number. The other is from TOSS to another TOSS account.
This application is quite friendly to strangers because it has some examples in English.
Also, when you send money with TOSS, you no longer pay any fees between banks. The account makes it pretty easy if you follow their instructions. Some foreigners had some problems with their names, but if you contact them, they will help you. Sending is done by a password or the scan of your fingerprint. Quick, easy, and by connecting to your existing bank account. You don't have to make a new bank account, just make a link between the two.
For more details access this link.
Online banking can be quite a struggle; however, it is very convenient and can be done from the comfort of your bed. Try to learn how to navigate it and take advantage of its services.
You will see that paying rent or bills will never be a problem again.
!! As many asked, Revolut does NOT work in Korea. Korean cards cannot be added to Revolut. However, if you have a card from another country you can make an account and transfer money into your Korean bank account at a lower to no fee per transfer.
Comments