Opening a bank account in Korea

Korean bank card and pass book

Opening a bank account for foreigners in Korea is a very simple process. You are even able to open a bank account on a tourist visa.

Today, I will explain the process of opening a bank account with Woori Bank and getting the Woori V Expat Check Card. The process is the same in every bank.
Before you visit the bank you should make sure you have as much information as possible such as your passport, alien registration card (not needed if you have passport), student card and your address in Korean.

You do not need to know Korean when opening a bank account but it helps to understand some of the basics. When you enter the bank you should pick up the form for opening a bank account and fill it out. If you are having trouble a member of the staff should be able to help you out. In every bank you can always find one person who can speak basic English.

On the form you will have to fill out your address in Korean, name, job or school and passport number or alien card number. You must write down your name exactly as it is on your passport.
When you have finished writing down all your details give the form to the staff and they will give you a number. You will then have to wait while they process the form, usually about 15 minutes but it depends on how busy they are. They will issue you your new bank card and passbook on the spot. They will ask you to check to make sure all the details are correct.

What you receive is a Woori V Expat Check Card and Pass Book / Bank Book.
The card can be used overseas as it has the Cirrus logo and it can also be used as a debit card. That means that you can pay for things in the shops using your card. Some of the cards also offer T-money so you can pay for transportation. The bank book can be used for withdrawing or depositing money into your account from your ATM. It is a good way of keeping track of your money as every time you use it you current balance will be updated in the bank book.

There is no charge to open the bank account and no minimum deposit needed. This is the same at most banks however some may ask for a small minimum deposit.