Banking Service

Many banking, insurance, financial products and services are available in Korea. There can be some restrictions imposed to foreign students in banking or finance due to strict national regulations. Depending on the types of international transactions, there can be some specific stipulations on documents and transaction amount.

BNK Bank is location in University of Ulsan’s Student Building on 1st Floor.

1. Required Documents to open a bank account(On-campus BNK Bank)

• Alien Registration Card

• Passport

• Confirmation letter of opening account

• Certificate of Enrolment

※ Confirmation letter of opening account can be issued at Global Lounge.

2. How to open a bank account

• Prepare for the required document

• Visit a bank and take a ticket from the queue machine

• Go to the counter when your number appears on the electronic display

• Type in alien registration number, date of birth, contact number and signature according to a bank official’s requests

• Apply for the Debit card and Mobile banking if needed

3. Transfer

When you want to send money overseas, you can transfer money at a bank. Through designated foreign exchange banks, you can transfer up to $50,000 (remittance + exchange rate) a year, and if you have a document showing how the money was acquired, then you can transfer any amount within one’s range of income. Different banks have different fees and restrictions on transfers, so it is recommended that you compare the information at different banks. It is convenient and fast to transfer money through telegraphic transfer. For such a transfer, you need to write down the name of the recipient, address, account number, the name of bank, and other pertinent information in English.

• Note on Financial Crimes

  • If you are requested to give bank account information, credit card number and/or any passwords over the phone, you should immediately suspect voice-phishing, which is a criminal act in which such information is used to gain access to personal financial accounts. Foreign students involved in voice-phishing will be punished according to the law.

  • It is crucial not to disclose any personal banking information such as an ID or password to anyone, and to keep banking certificates secure.

4. Currency

Foreign exchange and a traveler’s check can be easily exchanged at Currency Exchange in the banks or airports in Korea. However, as the amount of currency they can exchange can differ, you had better contact the bank before you exchange a large sum of money or non dollar currency.