• HOME |
• FIND A JOB |
• BLOG |
• JOB FAIRS |
• JOB SEARCH ADVICE |
• POST JOBS

Banking in South Korea

You can use a home or South Korean bank to set up an account or change currency. Credit cards offer the best exchange rates, but they aren't as widely accepted in South Korea as they are in North America.

Obviously, the advantages of using a Western bank are that some employees speak English and it may be easier to have money wired from the States or Canada.

If you are still paying off bills at home, rather than wiring money to pay them off, one teacher suggested exchanging money (sometimes on the black market), purchasing traveler's checks in U.S. dollars, then sending those home. You'll still pay a fee for the checks, but this method is considered to be the most economical. If wiring money is still your preferred method of money transfer, you can have it done at any bank. It takes three to four days and the fee is based on how much you wire.

For your every day needs, open an account at a local bank once you've obtained a residency permit. You'll get an ATM card and will only pay a fee if you use it at ATMs that don't belong to your bank. On weekends you can only use the ATMs for your bank. In order to avoid a cash crunch, you may want to withdraw extra money on Friday and deposit whatever is left on Monday. If you get stuck, you may be able to change money at one of the international airports.

The following are American and Canadian banks in Seoul and Pusan:

Pusan

American Express Bank Ltd.
44-1, 2-ga, Chungang-dong
Chung-gu
Pusan, Korea
(051) 244-0017

Bank of America, NT & SA
77-1, Chungang-dong
Chung-gu
Pusan, Korea
(051) 462-0621

The Bank of New York
1198-7, Ch'oryang-dong
Tong-gu
Pusan, Korea
(051) 465-7071

The Chase Manhattan Bank
44, 2-ga, Chungang-dong
Chung-gu
Pusan, Korea
(051) 245-8073

Citibank, N.A.
51, 1-ga, Taech'ang-dong
Chung-gu
Pusan, Korea
(051) 464-3696

Seoul

American Express Bank Ltd.
64-8, 1-ga, T'aep'yongno
Chung-gu
Seoul, Korea
(02) 399-2929

Bank of America, NT & SA
1 Changkyo-dong
Chung-gu
Seoul, Korea
(02) 729-4402

The Bank of California, N.A.
1, 1-ga, Chongno
Chongno-gu
Seoul, Korea
(02) 7221-1700

Bank of Hawaii
25-5, 1-ga, Ch'ungmuro
Chung-gu
Seoul, Korea
(02) 757-0831

The Bank of New York
250, 2-ga, T'aep'yongro
Chung-gu
Seoul, Korea
(02) 774-1441

Bankers Trust Company
91-1, Sogong-dong
Chung-gu
Seoul, Korea
(02) 752-7752

The Chase Manhattan Bank, N.A.
34-35, Chong-dong
Chung-gu
Seoul, Korea
(02) 758-5246

Citibank, N.A.
89-29, 2-ga, Shinmunno
Chongno-gu
Seoul, Korea
(02) 731-1114

Manufacturers Hanover
541, 5-ga, Namdaemunno
Chung-gu
Seoul, Korea
(02) 778-5411