*Important* - Before you go abroad, it is recommended that you inform both your local bank and your credit card company that you will be using your card in another country. Some banks will freeze your account after the first transaction abroad assuming that your information or card has been stolen. We also recommend that you leave a copy of your banking information with a family member or friend, in case of an emergency.

Bank Machines (ATMs)

Referred to as “CD Card” (see-dee-ca-deu) in Korean 

Since the World Cup in 2004, there have been a lot more ATMs with an English option added in Korea. Although there might be an English option, and the machine might have the PLUS or CIRRUS logos on them, it doesn’t necessarily mean that it’ll accept your foreign bank card with the PLUS or CIRRUS logo on it…hmm. Look for the “Global ATM” symbol on the machine. 

In Seoul, there are many ATMs that will accept a foreign card. Most are in major subway stations or tourist areas. In some of the smaller cities, it can be much more difficult to find one. Most KEB Banks (Korea Exchange Banks) will have ATMs that will accept a foreign bank card. When you find an ATM that works for your foreign card, REMEMBER IT! ATMs that allow a foreign card will sometimes only allow a maximum withdraw amount of 300,000 Won ($300US) but you can withdraw again and again if needed. 

The Korean numbering system is set up in groups of 4 zeros, unlike the western system of 3. For example, 100,000 Won = 10 x 10000 won bank notes. So be careful when withdrawing money from a machine. The machine will ask you how much you want to withdraw and it will be in multiples of 10,000. So if you want 100,000 won ($100US), you will enter 10 (10000 won being the largest bill available). Therefore, you will receive 10 x 10000 won bank notes.

1,000 Won = $1 US (approx.) 

• Note – There are a few 24 hour ATMs in Korea but most ATMs will usually shut down by around 11 pm and many bars will stay open all night. So withdraw what you think you’ll need for the entire night! Be careful of holidays as well. Take out enough money to last you until after the holiday because you won’t be able to use most ATMs during the holidays.  

Debit & Credit Cards 

Visa and Mastercard are very widely used in Korea and accepted almost anywhere. American Express is also welcomed in most places.  

When using a credit card issued in a country other than Korea for cash advances, you need to look for the “Global ATM” symbol on the machine. Most machines will have the VISA/MASTERCARD/AMEX symbols on them but won’t work unless they also have the Global ATM function. Most chartered banks in Korea have at least one machine that can process a foreign credit card request. 

Sending Money Home

Hopefully you’ve chosen to have your bank account in a bank that has an English speaking representative. One benefit of being a foreigner is that you’ll sometimes be able to bypass the bank queues and go directly up to the foreign exchange area to do your banking. Just make sure to wait in line the first time and see how it goes. The next time you come in and they see you waiting, they’ll usually wave you over to help you. 

To send money home you’ll need the following: 

1. Your passport and Korean address.
2. Your alien registration card.
3. Your account number to where you are sending the money including the bank’s address and branch number.
4. Your home address in your home country.
5. Name of your school and school’s address (for your first transaction)
6. Sometimes they’ll ask you to fill out a form stating your income (first time only)

• Note – Most banks have a maximum amount that you’re allowed to send home. This amount varies from bank to bank but usually it’s between 60 – 80% of your income. Some will actually allow you to send more but it’s at their discretion. If you need more than your salary sent home you can ask your director or a Korean friend (someone you trust!) and remember that you can take up to $10,000 US with you when you leave Korea (not that it’s a good idea to carry that much cash on you). 

The transfer fee is usually around 10,000 – 15,000 won charged by the Korean bank you are sending from. The fee is not always standard. If you are sending money home every month, or you have a good relationship with your bank representative, they will sometimes give you a cheaper rate for transfers. Your bank in your home country may also charge a fee to your account depending on the type of account you have.