Korean Coins and Notes
Coins come in 1, 5, 10, 50, 100, and 500 won denominations. 1 won and 5 won coins are not commonly used. Notes come in the following denominations: 1,000, 5,000, and 10,000 won.
Any amount above 100,000 won is issued as a bank check. Use of bank checks requires confirmation of your identification (major forms of I.D are accepted i.e. foreign registration card or passport).
Qualification for Issuance
Credit card companies issue credit cards to those that meet their specific requirements for issuance. So if you don’t have a good credit record, your request for a credit card might be rejected.
How to Apply for a Credit Card and Required Documents
A foreigner wishing to apply for a credit card needs to find out the various benefits and services offered by the various credit card companies or banks. They can then sign up for one through the credit card company’s website or by visiting a bank or an office of the credit card company. Required documents for the application include an application form with your photo, foreign registration card, document verifying your income. However, different banks or credit card companies may require different documents.
Annual Membership Fee (As of 2008)
Annual membership fee is a fee charged for the issuance of a credit card and the various services offered by the credit card company. The annual membership fee is charged every year, starting in the month of issuance. This fee is divided into the basic annual membership fee and the affiliated service fees (except for family cards and corporation cards). The basic annual membership fee is charged once a year, regardless of the number of cards you have. The affiliated service fees are charged according to the type of credit card/s you possess.
Opening a bank Account
A foreigner can open a bank account by simply visiting the bank in question, whether he/she resides in Korea or not. A residing foreigner refers to an individual who has been in Korea for more than 6 months, while a non-residing foreigner refers to a person who has been in Korea for less than 6 months.
- Passport or foreign registration card
Tax & Interest Rates
- For a residing foreigner : Korean regulations are applied to the foreigner’s tax and interest rates.
- For a non-residing foreigner : the tax rates are affected by the regulations of the foreigner’s country, whereas interest rates are affected by Korean regulations.
When you want to send money overseas you can transfer money at a bank. There are no restrictions on transfer for amounts under $ 1,000. Different banks have different fees and restrictions on transfers, so it is recommended you compare different banks in this respect.
- Passport, contract of employment, foreign registration card, receipts.
When you remit money to your family or relatives
You can remit money to your family or relatives in your country. When the amount of remittance exceeds $ 10,000, you should report it to the tax office. When you intend to remit more than $50,000, you should report it to the Bank of Korea.
When you transfer money to overseas bank accounts
It is convenient and fast to transfer money through telegraphic transfer. For the transfer, you need to write down the name of the recipient, address, account number, the name of bank, and other pertinent information.
Exchange of Money
If you have a passport, you can easily exchange foreign money or traveler’s checks for Korean won at local banks, including the Korea Exchange Bank and the exchange booths at the airport. The foreign exchange rates are not fixed and fluctuate depending on various economic factors.
For More Information
- The Exchange Rate ARS Service : Tel. 82-2-1544-3000(#3), Tel. 82-2-1588-3500(#3)