If you're planning on working in Korea, you're probably going to need a Korean Bank Account. There are several banks here, for example, Woori Bank, Nonghyup, Key Bank, etc. There are other banks here such as Citibank or HSBC. I was told by a Korean friend that Citibank is not linked abroad but HSBC is.
When you go to the Bank, you will need:
- your passport and/or Alien Registration Card
- contract to show proof of employment (not required at all banks but you might want to bring it along just in case)
There is a first come- first serve policy and you will have to take a number from a number dispensing machine. If you are in bigger cities, there is usually someone who can speak English at the branch. When your number is flashed, you can go to the representative and tell them you want to open a bank account.
They will give you a form to fill out. The form also has English on it and if you have questions, you can ask the employee. Once the form is filled out, you can choose whether you want a bankbook or an ATM card. Unlike the states or other countries, you can use your bankbook in the ATM machines. All you have to do is insert it with the text right-side-up and the ATM machine will take it.
You can do everything with a bankbook as you can with an ATM card and you can keep track of your deposits and withdrawals. Opening up a bank account is free but some banks may charge you 1,000won (approximately $1) to get a debit card in addition to a bankbook.
There is something called a "check" card, which is more similar to ATM cards in the states, which allows you to make purchases in stores whereas the debit card only allows you to take out money.
There is also an "international" check card which will allow you to access your Korean account from anywhere in the world if you are traveling. So if you plan on traveling, it might be more convenient to get an international check card. You might want to check if a prospective bank has one before opening an account.
Those are just a few of the things to consider before opening a bank account. Also there are other options like opening a checking/savings account, a dollar account or an account in another currency. You can also sign up for internet banking.
You should find out about these options from the bank representative. It is sometimes difficult if the bank representative does not have very good English skills. They may just opt to say it isn't available if it is too hard for them to explain. However, the case could be that such an option really is unavailable. If all else fails, the best thing would be to get a Korean person or someone who speaks good Korean to go with you to the bank.
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