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Basic Information on Opening a Bank Account in Korea:
Basic Information on Opening a Bank Account in Korea:
Most, if not all, payments from your school will be a direct deposit, for which you will need a Korean bank account. You can open an account with your Residence Card (RC) after it has been issued. Some banks may open an account for you with your passport or residence certificate (certificate stating that you are in the process of receiving your residence card) but this is not typical. And you will most likely be requested by the bank to revisit once you obtain your RC. If possible, it's best to wait until you receive your physical residence card to open a Korean bank account.
In order to open a Korean bank account you will need your RC and proof of employment. You can request and obtain a proof of employment from your school.
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Consider getting a check card which is equivalent to a debit or ATM card. When you get the check card, you can sign up for it to work at ATM machines only or have it work at ATM machines and also work as a debit card to pay with at stores. When you open an account, you will receive a bank book. If you would like to use the bank book at ATM machines to withdraw money, make sure your bank book is signed up for this service. Because Daegu Bank is the most prevalent one in the city, you might find it useful opening an account with them. However, if you wish to explore other banks as an option, consider KB Bank (great English website and English services), Woori Bank, Hana Bank, Nonghyup (no international transaction, but very upstanding/ethical practices - the bank of choice for Korea's farmers), Korea Exchange Bank and so on.
*It is highly advised that you always have your RC when you visit the bank. You should also have your passport for certain visits such as international transactions.
Remitting Funds to Your Home Account:
The first time you send money to your home account (international transfer) it may take up to 40 minutes to an hour to process the paperwork at the bank. Also, you need to take the following documents:
Passport and Residence Card
Contract
Pay Stub (provided by your school)
Account Information of the Receiving Bank
After this first time, you will only need to bring the receipt of the previous transfer, pay stub, and residence card (unless you go to a different branch, at which point it would be wise to bring your passport).
*Please note that you can also do international transactions online with certain banks
Online Accounts
Setting up your online account can be a little confusing, as there are a lot of safety measures in place. It's best to ask your co-teacher to help you through the process, but we've outlined the basics.
You will have to visit your bank to sign up to create an online account. They will ask you to create your online ID and password at that time. They will also provide you with a security card that is basically full of 4 number codes. You MUST keep this card! You will need it in order to do any transactions online. When creating your account, you will also have to download a security certificate that is specifically linked to your bank account. You can either save this on your computer, or on a USB/external hard drive (you will subsequently need to plug in that USB whenever you try to access your account). Once that is in place, your online account is complete!
Transferring Money to Other Korean Accounts
This can easily be done through an ATM. You will need the receiving party's account number and the name of their bank (KB, KEB, NH...etc). Just follow the instructions on the ATM and wait for a receipt of the transaction.
Direct Deposit
This is available regardless of the bank you ultimately choose. Just simply provide your school's administrative office with your bank information. They will also probably need a copy of your bank book.
Automatic Bill Pay
This option is available to you at any bank. You may want to enlist the help of your co-teacher, or someone else fluent in Korean, if you'd like to set it up online. Or, you can go to a bank teller and ask them to set it up (however, it might be helpful to take your co-teacher with you, or have it written on a piece of paper). All of your bills will be automatically deducted from your account monthly. If you don't have enough money in your account at any given time, the auto-deduct will be canceled and you'll have to set it up again. Make sure to cancel it if you move apartments!
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