Banking
Setting Up An Account
A teacher from your school will help you set this up. You can choose any Korean bank -- the most popular ones are Hana, NH, and Woori. Every bank offers slightly different services to foreigners; your main priority as a new GET is establishing an account so that you can receive your first months' wages and allowances. You can always change this later
If you already have an active Korean bank account that you would prefer to use, please email the GET Program Manager a scan of the information page of your bankbook.
Getting a bank card: You can get a bank card as soon as you get your ARC. To make the process run as smoothly as possible, ensure you bring your ARC, passport, bankbook and home tax payer number to the bank.
Be sure to ask the bank if they can create a card that lasts longer than 13 months. Some banks will also allow you to make a card that works on public transportation.
Changing Your Salary Account
If at any stage you open up a different bank account and would like your salary deposited there, please email the GET Program Manager a scan of the information page of your bankbook.
Electronic Banking
Setting up online/mobile banking can seem complicated in Korea, but it is not difficult if you have a bit of patience. The following steps will explain the process.
Visiting the bank
To set up online/mobile banking for your bank account, you will need to visit the bank with your ARC and passport. You will choose a login ID and set up a password. They will issue you with a unique security card. The security card is an added form of protection that contains different number combinations linked to your account. You will be prompted to enter in a random selection of numbers from your security card when doing certain transactions online, so keep this card safe.
TIP: If you'd like to send money overseas using online banking, indicate this when you visit the bank so that you can designate them as your foreign remittance bank. See Overseas Remittance.
Setting it up on the website
After you visit the bank, you will need to set up your online account by logging into the bank's website using your login ID and the password you created at the bank. Most banks have English websites. You will be prompted to download a number of security programs*. You will need to use your details (including filling in numbers from your security card) to verify your identity. You will then need to follow the instructions for setting up and downloading a digital certificate (인증서). A digital certificate is a further security measure and needs to be used when doing banking online. It must be saved to your PC or to a device such as a USB. Once you have completed this process, your online banking account should be up and running.
*Some Korean bank websites only work on Microsoft Edge. If you are having difficulties using the site, try a different browser.
Setting up mobile banking
To set up mobile banking, make sure to download the "global" version of the relevant bank's banking app so that you can select English. You will be required to download additional security programs. Follow the instructions on the bank's website for transferring your digital certificate to mobile in order to use mobile banking.
Digital Certificate Renewal
Your digital certificate will need to be renewed every year. This is a simple process and can be done using the issuing bank's website.
See the attached guides below.
Overseas Remittance - Transferring money to a foreign account
You will be able to transfer money to a foreign account using online banking. Rates for transferring money online are cheaper than doing so via a regular remittance account. Note that you are restricted to designating one bank in Korea as your foreign exchange bank. When you go to the bank to set up online banking, you need to indicate that you would like to designate them as your foreign remittance bank and they will give you additional forms to sign. After you have set up online banking, using your online account you can register the foreign bank account you would like to send funds to. You can then transfer directly to the foreign account from your Korean bank account.
See the attached guides below.
Remittance Account
Online banking is one of the most cost-effective options to send money to another country. A remittance account is another option if you would prefer not to use online banking. This is an account set up just for sending money to another account overseas. When funds are placed in this account they are automatically transferred to the linked foreign account. To set up a remittance account, you will need to bring your passport, ARC and the details of the foreign account you want to link to (such as account number, SWIFT code, branch address, etc.).
Some recommended remittance accounts are the NongHyup 1 Remittance Account (lower remittance fees) and KEB Hana Easy-One Foreign Remittance Account (higher remittance fees but more English support).
Not every bank branch is able to set up remittance accounts, so do your research before you visit the bank. Note that you are restricted to designating one bank in Korea as your foreign exchange bank so once you have opened this account, you may not remit money with another bank.
Leaving Korea
When you leave Korea, you will get a number of monetary deposits into your selected account such as severance and contract completion bonus. These will be deposited up to a month after your final contract end date and can only be deposited into a Korean account. It is therefore important that you either set up online banking or have a remittance account in order for those funds to get to you.
The GET Program Manager will contact you about setting up a meeting at the GMOE to settle final affairs, including capturing the details of the account where you would like your money sent.