BANKING IN KOREA>
Your school will assist you in opening an account.  All you need is your valid visa, passport and alien registration card. There are several large Korean banks. Usually, at least, one clerk will speak English and they will enjoy speaking to you. Woori Bank, Citibank, KB Star and Standard Chartered Bank are all good banks to deal with. Find the branch either nearest your apartment or school. When you set up your account ask for a cheque card (debit card). This is free of charge and lets you pay without the use of cash. If you do not ask for this you will be issued with a simple cash withdrawal card.

ATMs are plentiful and you can easily find one. They are not 24 hour. They usually close around 10pm or 11pm and reopen early in the morning. Instructions are in English. If you require cash outside these hours use a bank machine in a 24 hour store. There will be no English instructions and there is also a fee. If you need a cash advance on your credit card then this can prove a little more difficult. Many say they accept credit cards, but actually do not accept foreign credit cards. The train station or bus station is usually the best place to start in finding a machine that will accept your foreign card.

Sending money home to your home bank account is very easy. Allow 30 minutes to 1 hour the first time you want to send money, as with communication difficulties and paperwork it can be time consuming.  You can send the money by electronic transfer. Banks charge different fees but it is standard to pay 15 000 won in fees. There will also be an international clearing charge that will be applied before you receive the money in your nominated account. This is usually around 20 USD. Make sure that you send the money in the currency you want it to arrive in your bank account. For instance do not send US dollars if your bank account is in UK pounds. Make sure you make it clear what currency you want the money sent. You will need all your home account details, which include the bank’s full address. Ask your bank for all these details before you leave for Korea.