Bank and Credit Cards

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Bank and Credit Cards

Financial Market Summary

Banks
Foreigners are able to open general deposit accounts without any restriction. It does not matter whether they reside in Korea or not. For residents, tax and interest rates are calculated in accordance with Korean laws.

For non-residents, tax and interest rates are calculated according to the laws of their country plus Korean laws.

Those who want to open an account should bring their certificate of alien registration or passport to open an account. In Korea, tax on interest income is collected first.
Banking hours are from 9:30 to 16:30 on weekdays. Although banks adopted the five-day workweek as of July 2002, some branches will be open on Saturdays from 9:30 to 13:30 to provide the following services: cashing and issuing checks, and depositing and withdrawing funds. However, visitors will not be able to conduct inter-bank related businesses such as fund transfers.

Using ATMs :
You can withdraw cash from ATMs with your cash card or credit card. However, foreigners may need help from a Korean companion because directions for use are usually written in Korean. Only Global ATMs, available in certain banks, accept foreign cards.



Credit Cards
Loan Consolidation Tips

Korean banks and credit card companies issue credit cards affiliated with international brands to foreigners. Each company has its own regulations for qualification. Usually, there is no problem for those who are employed by a company listed on the Korean Stock Exchange.

Foreigners who have an account with a Korean bank can apply for credit cards of the brands that the bank is affiliated with such as VISA, MasterCard or JCB. American Express and Diners Club cards are issued only through the following-mentioned card companies or local branches of foreign banks.

General Requirement
Certificate of current employment. (Certificate of income tax) Specified volume of business with the bank and an average balance for specified term. Specified annual salary or other earnings

Major credit card companies
BC Card
Affiliated with Visa, MasterCard and JCB. (Tel. 82-2-524-8700)

Samsung Card
Affiliated with Visa, MasterCard . (Tel. 82-2-3468-8181)

LG Capital
Affiliated with MasterCard and JCB. (Tel. 82-2-3420-7000)

Dongyang Card
Affiliated with American Express Card. (Tel. 82-2-552-2700)

Diners Club International
Affiliated with Diners Club Card. (Tel. 82-2-3498-6100)

 


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