U.S. Grantee Handbook: Living in Korea
Living in Korea
A. Your Community
Individual cities and provinces may publish living guides for their area, which cover a range of topics such as:
- Detailed information on transportation costs and services
- Lists of educational institutions
- Medical services for foreigners
- Information on driver’s licenses, car rental, and vehicle registration
- Information on telecommunications and financial services
- Leisure and volunteer activities
- Directories of hospitals, libraries, banks, cultural centers, etc.
The Institute for Basic Science (IBS) has also published a Living in Korea guide for international researchers which contains much useful information on daily living.
> Seoul Metropolitan Government
> Busan Foundation for Int’l Cooperation
If you are living in a major metropolitan area, there may be a global, cultural, or village center local to you.
Global centers offer support services and opportunities for engagement to members of the expat community in Korea. Services may include:
- Korean language classes (free or low-cost)
- General and psychological counseling
- Professional consultation (legal, real estate, tax)
- Interpretation or translation
- Cultural activities
- Volunteer activities
Websites for global centers, or related agencies, include those in:
Seoul
- Seoul Foreigner Portal (Seoul Global Center Network)
- Itaewon Global Village Center
Busan
Daejeon
Gwangju
B. Housing
Popular housing locations for foreigners in Seoul include:
- Itaewon
- Hannam-dong
- Ichon-dong
- Seodaemun-gu
- Gangnam/Seocho-gu
- Pyeongchang-dong/Seongbuk-dong
For a brief description of each of these locations, visit the Seoul Metropolitan Government website.
Other popular housing locations may be found in university districts. In general, locations closer to the center of the city and south of the Han River have steeper housing rates.
University-Affiliated Housing
Often after obtaining affiliation with a Korean university, either as a visiting faculty member, a special student, or even a student enrolled in a Korean language program, you may become eligible to reside in university housing. Depending on your status at the university, the accommodations may vary in size and furnishings. All grantees are encouraged to inquire with their affiliate contact/professor as to possible university housing. If the affiliate contact/professor does not have information about housing, grantees may wish to inquire directly with the university housing office or international student office. Both of these offices may also be able to provide housing suggestions for facilities near campus which past visitors have utilized.
For Singles
- Korean-Style Boarding House (Hasukjib or Hasukjip 하숙집)
Generally located near major universities, a hasukjib is a shared house which offers rooms (shared or single) for rent. Other rooms in the house are communal. Food, in the form of Korean-style breakfast and dinner, may also be included in rent costs. Hasukjib are usually populated by young people who are either students or unmarried college graduates. Depending on the personality of each house, the degree of privacy and freedom varies (e.g., some have curfews). Per information from Yonsei, the cost of rent ranges between 350,000 KRW to 550,000 KRW per month depending on the size of the bedrooms, the quality of the facilities, and whether the room is shared or not. It can be particularly challenging to arrange to stay in a hasukjib prior to arrival in Korea as managing staff may insist on meeting prospective boarders in person before deciding whether to accept them.
- Goshiwon (고시원)
Goshiwons are similar to hasukjib, in that they are usually populated by students or young professionals. However, rather than being a shared house, they are more like off-campus dorms. As such, goshiwon rooms tend to be quite small. Depending on the goshiwon, there may be a communal kitchen and communal bathrooms, or a small bathroom and minimal cooking appliances in the rented goshiwon room. A goshiwon by its nature is less communal than a hasukjib, and goshiwon are also usually cheaper than hasukjib. Goshiwon listings can be found on websites such as goshipages.com
- One-Room/Studio Apartment)
Studio apartments, typically called “one-rooms,” are widespread throughout Korea, but they are concentrated around university and business districts as students and single workers tend to be their main clients. One-rooms may be partially furnished or unfurnished. Most have heating and air conditioning on a single-room basis (as opposed to a central system).
For Families
- Officetel (Office + hotel)
Officetels are buildings which house a combination of office and living spaces, meaning residents usually rent them for one of these two purposes exclusively. Officetel spaces are basically larger versions of one-room apartments, and thus they tend to be more expensive than one-room apartments. In addition to standard administrative fees, officetel residents must pay additional maintenance fees required of commercial business buildings. Security in officetels tends to be tight as a superintendent oversees the building. Underground parking may be available.
- Serviced Residence
A serviced residence is a fully furnished apartment designed for both short-term and long-term residents. While offering services that may be found at a hotel (such as a front desk, conference room, lounge, etc.), serviced apartments are generally larger and more affordable than hotels. An example of a past serviced residence in which grantees have lived is DMC Ville.
- Apartment
Apartments are the most popular form of housing in Korea, and they may be procured using one of two payment methods: wolse or jeonse.
- For wolse apartments, the renter must provide an initial security deposit and then pay monthly rent and utilities. In general, the higher the deposit, the lower the monthly rent.
- For jeonse or “key money” apartments, the renter pays a very large deposit up front which the apartment owner retains and uses for interest/investment income until the apartment is vacated, at which time the initial deposit should be returned to the renter.
Apartments in Korea tend to be smaller than many of those in the U.S.
As noted in the Housing Types section of the handbook, after obtaining affiliation with a Korean university, either as a visiting faculty member, a special student, or even a student enrolled in a Korean language program, you may become eligible to reside in university housing. As such, all grantees are encouraged to inquire with their affiliate contact/professor as to possible university housing. If the affiliate contact/professor does not have information about housing, grantees may wish to inquire directly with the university housing office or international student office. Both of these offices may also be able to provide housing suggestions for facilities near campus which past visitors have utilized.
Other places to look for housing: DISCLAIMER: Inclusion of information about a particular housing site or app is not an endorsement of said service by KAEC/Fulbright Korea. This information is provided for reference only, as an initial jumping off point for grantees.
Metropolitan and Provincial Websites
Local government websites for metropolitan and provincial areas often have information on living and working in their area. This information may include details on housing types and processes. Some local governments also provide lists of real estate agencies (부동산) with English-language services.
Seoul Metropolitan Government Website: Living in Seoul
Daejeon Metropolitan City: Living in Daejeon
Busan Metropolitan Government Website: Housing
There are several Facebook pages which offer housing listings. These pages may also serve as communities for the buying and selling of second-hand furniture, cooking appliances, etc. for housing. Note: About two thirds of the grantees for whom this handbook was designed are based in Seoul. If you are not based in Seoul, please substitute the name of your placement city or province when looking for Facebook housing or buy & sell groups.
- Seoul Housing
- Seoul Housing, Rooms, Apartments, Sublets
- International Student Housing in Seoul
- Expat Women in Korea
- Expat Women in Korea Buy and Sell
- Buy and Sell in Seoul
- Seoul Buy & Sell
General Applications & Websites
- Ziptoss
- Simple Spaces (for shared residences)
- Goshipages (for goshiwon)
Apps/sites that may require more Korean proficiency
When considering furnishing your apartment, here are some tips on places to look:
1) Daiso: Daiso is a chain of stores that offers a plethora of inexpensive household items. It also has an online store called Daiso Mall (다이소몰).
2) Facebook: South Korea has a fairly large expat population moving in and out, which leads to a fairly robust secondhand market. You can find this secondhand market on Facebook in groups such as:
- Buy and Sell in Seoul
- Expat Women in Korea Buy and Sell
- Seoul Buy & Sell
- MONA – Less Waste, More Impact
3) Karrot: Karrot is a community-based buy and sell app used mostly by Koreans. As such, although it offers an English interface, many of the postings on Karrot are in Korean. Using Karrot, you can search for items you want to buy by neighborhood. You can download the Karrot App to your phone from the Google Play Store or the Apple Store.
4) Online Markets: Coupang, GMarket, and 11 Street are the three biggest online markets in Korea (in the style of Amazon). Online stores often offer fast shipping of inexpensive furnishings.
5) Chain Stores: Emart and HomePlus are the two biggest chain stores in Korea. Pricewise, they are not likely to be quite as inexpensive as Daiso, for example, but they will likely have a broader array of certain household items.
6) Ikea and Costco: Korea has a few Ikea stores as well as a handful of Costco stores located in various parts of the country. If you have a Costco membership in the U.S., be sure to bring your Costco card with you as you can typically use it in Korean stores as well.
Grantees, no matter their housing situation, will likely be responsible for paying monthly utility bills. Utility bills may include gas, electricity, internet, etc.
Grantees may also receive a maintenance fee (관리비) bill if living in a place such as an officetel or apartment building. This bill may include general utility bills or be in addition to it.
A few notes on utilities:
- Gas – Hot Water: A gas boiler is usually used to heat water, including the water for the ondol (온돌) floor heating system. The boiler thermostat and controls will typically be found on a wall control panel, which can be used to heat both the ondol floor and hot running water (난방/온수) OR only hot running water (온수). Once heated, the ondol floor retains heat, so it is not recommended to leave the ondol on high for long periods of time. Turning the ondol off and/or turning hot water off in general when not in use can help reduce the cost of gas bills. (For example, in the summer, if you only need hot water for showers or occasional kitchen tasks, turn the hot water off completely when not in use.) Some grantees have also opted to get an electric heater or blanket in order to save on gas bills from heating.
- Gas – Cooking: It is not uncommon in Korean houses/apartments to see a gas pipe with a valve on the wall running to the stovetop. If you are having trouble turning on your stovetop, be sure the pipe valve is open as otherwise you will not be able to turn on the stovetop.
- Electricity: Electricity bills are usually quite reasonable. As with using a lot of gas in the winter for heating, though, using a lot of electricity in the summer for air conditioning will, of course, cause a rise in electricity costs.
- Internet: Your place of residence may or may not offer preinstalled internet. Please be sure to inquire before moving in as you will want internet should you be required to self-quarantine.
Bill Payment Below is an example gas bill with instructions for payment. Note: The gas bill is for January, so it is higher than it would be in many other months. You can find more information about bill payment on the IBS Living in Korea website.
There are four main categories of waste:
- Food waste
- Regular garbage
- Large waste items
- Recycling
In Korea, there is no direct fee for garbage collection. Instead, funding comes from the sale of garbage bags that are color-coded by waste category and usable in only one district, the district in which they were purchased. In Seoul, food/wet garbage bags (음식물 쓰레기 봉투) are typically yellow with black lettering. Regular garbage bags (일반 쓰레기 봉투) are typically white or pink with black lettering. Recyclables typically can be placed in any bag; you do need to purchase separate bags for recyclables.
Tip: If you purchase a pink grocery bag from a store to cart home your groceries, the bag usually also serves as a regular garbage bag for the district in which the grocery store lies.
Garbage bags come in many sizes based on liters (1L, 2L, 5L, 10L, 20L, etc.). They can typically be purchased in convenience stores, grocery stores, etc. Depending on the store, bags may be on display, or they may only be available by request at the register when you checkout.
Please be diligent about separating and disposing your garbage and recyclables properly.
Food waste (음식물 쓰레기)
Korea separates food waste from regular garbage, but not all waste from food is “food waste”. In general, only food that could be fed to livestock should be thrown away as food waste. As such, animal bones, eggshells, crustacean (crab, lobster, shrimp, etc.) and clam shells, nut shells, onion and garlic skins, tea bags, tea leaves and diapers should be placed in regular garbage bags, and not with the food waste.
Your apartment building may have one collective food trash bin, you may have to buy a food waste bucket to place outside, or you may need to drop off food waste in yellow bags to a set collection spot. Food collection days vary, so check with your landlord. For more information about disposing of food waste, visit the IBS Living in Korea website.
Tip: Keep food waste in a closed container, or in the freezer, until you are ready to throw it out. This prevents unpleasant odors and the breeding of fruit flies and other pests.
Regular Garbage (일반 쓰레기)
For regular garbage, you will need to purchase city/district garbage bags. Ask your landlord when collection days are for regular garbage and where the collection spot is located. There may be a communal bin for the apartment building, or garbage may need to be placed in a set spot near the street.
Large Objects
In Korea, you CANNOT simply leave your unwanted furniture and other large unwanted items outside; you must buy a special sticker for the items, put them outside, and contact a company to pick them up. Contact your landlord for more information. Large items include: furniture, large appliances, and basically anything else that can’t fit in a regular trash bag.
Recycling (재활용품)
Recycling does NOT require special bags. If you live in a larger apartment complex, your building may have designated, labeled recycling bins outside. Recyclable items should be cleaned of all food and other residue before disposal. Recycling is categorized into the following types:
Recycling Paper (종이)
- Newspapers (tie into bunches less than 30cm thick)
- Books, notebooks, paper shopping bags, calendars (remove plastic coverings, notebook springs, etc. before disposal)
- Milk and juice boxes, paper cups (dry before disposal)
- Boxes (snack, pizza and chicken boxes, corrugated cardboard; if not overly covered in oil or other food waste) ※ NO toilet paper or tissue, plastic-coated paper bags, plastic-coated paper cups, etc.
Recycling Plastic (플라스틱)
- PET bottles (beverages, beer, water, soy sauce, etc.)
- PE (big bowls, baskets)
- Synthetic resins (shampoo bottles, detergent containers, yogurt containers, makkeoli bottles, etc.)
- Big bowls (rubber flower pot type things)
- Fertilizer sacks, PVC pipes, styrofoam
- Anything that has a PET, HDPE, LDPE, PP, PS, PVC, or OTHER recycling logo
Recycling Glass (Bottles) – 유리 (병)
- Beer, Soju, soft drinks, other drinks, etc. ※ Remove bottle caps/plastic sleeves, and empty/rinse out bottles ※ Be careful not to break any glass, or to mix broken glass in with other trash ※ NO sheet glass, mirrors, heat-resistant dishes, milky white bottles, cosmetic bottles, china dishes
Recycling Cans (Iron, Aluminum) – 캔 (철, 알루미늄)
- Iron and aluminum (cans used for food and beverages)
- Other cans (Butane gas cans, pesticide cans). ※ Crush cans before disposal. If the can is pressurized, poke a hole in it first. Tabs can be placed inside the can.
Recycling Metals (고철)
- Scrap iron (tools, iron plates)
- Non-ferrous metals (nickel-silver, stainless steel, wires, aluminum, window sashes) ※ Wrap items up to prevent them from mixing ※ You can disassemble umbrellas, chairs, etc. and recycle the metal parts ※ NO paint and oil containers, or any toxic material containers
Recycling Clothing (의류)
- Clothing
- Other non-clothing items (carpet, leather bags, dress shoes, blankets and comforters, diaper covers) ※ Items too large for the bin should be placed in bags or tied up. Buttons, zippers, etc. should be bagged and kept separate.
Recycling Vinyl (Plastic Bags) (비닐)
- Single use plastic bags. This includes the black plastic bags you get when buying food on the street as well as the clear bags you get when buying fruit and vegetables in the stores. It also includes the plastic that’s used to secure fruits, vegetables, and side dishes to styrofoam plates.
- Snack bags, etc. ※ Before disposal, please put all your small bags into bigger plastic or paper bags so that the wind won’t scatter them.
C. Phones
Until you receive your Residence Card, options regarding phone set-up are more limited. SIM cards may be purchased from multiple companies, but they are usually from one of Korea’s three main cellphone service providers:
- KT Olleh
- LG U+
- SK Telecom
It is possible to get a SIM card before getting your Residence Card. However, you will likely not be able to use the phone number provided through such a SIM card for personal authentication (e.g., necessary when registering for certain phone apps).
Below are a few services grantees may wish to explore when setting up phone service.
DISCLAIMER: Inclusion of information about a particular phone company/service is not an endorsement of said service by KAEC/Fulbright Korea. This information is provided for reference as an initial jumping off point for grantees. Information is from a combination of web and grantee sources.
Before Residence Card (Options presented in alphabetical order)
Itaewon KT Branch Store (other branch stores in districts with a large foreign population): A PY2018 grantee reported that they were able to get a SIM card from the Itaewon KT branch, where they are used to dealing with foreigners and providing plans linked to passports. However, they noted that the plan had to be renewed every 90 days and the plan could not be renewed at all branches. Koreainfo: One company that offers prepaid SIM cards without a Residence Card is Koreainfo (koreainfo.kr). SIM cards from Koreainfo are through KT Olleh or LG U+. Prepaid SIMs can be purchased for call & data or data only. You can also purchase a rechargeable SIM card. Koreainfo additionally offers mobile WiFi routers/Wifi eggs and smartphone rental.
After you receive your Residence Card, you can purchase a postpaid plan instead, if you wish. Most plans are contract free. Koreainfo is English-friendly.
Woori Mobile Service: Another company which offers prepaid SIM cards without a Residence Card is Woori Mobile Service in Korea (https://www.woorimobile.kr/). SIM cards from Woori can be delivered to you.
After you receive your Residence Card, you can purchase a postpaid plan, if you wish. If using a postpaid plan, you must use the SIM card for at least 6 months before you can cancel your plan. If you cancel, you have to pay the price of the remaining months as a fee. However, initial plan prices can be quite low, so you may wish to explore Woori Mobile Service as an option. Woori Mobile also offers prepaid WiFi service. Woori Mobile Service is English-friendly.
After Residence Card (Options presented in alphabetical order)
- All of the options listed above: The same companies listed above offer postpaid plans that you can purchase after receiving your Residence Card. You need your Residence Card linked to your phone number in order to use it for personal authentication.
- freeT: freeT Prepaid Phone offers Mobile Virtual Network Operator (MVNO) service through SK, KT, and LG U+. freeT prepaid plans can be recharged in convenience stores and at certain ATMs.
- KT Prepaid USIM: After receiving your Residence Card, you can purchase a KT prepaid USIM which can then be charged in several ways (https://www.ktmmobile.com/usim/usimPrePaid.do). USIMs can be purchased through the KT Shop for direct delivery to you. KT has many local hotspots for free data use, and once the USIM has been purchased and set up, it can be recharged through several different means.
Area Codes in Korea
Korea’s country code for phone purposes is +82. Cellphone numbers in Korea all start with the digits “010.” If calling a Korean number with an area code/mobile code beginning with “0” from outside of Korea, this “0” is usually dropped. For example, when calling the KAEC office domestically you would call 02-3275-4018; internationally, you would call +82-2-3275-4018.
You can access a local telephone directory by calling +114. For a list of local area codes in Korea visit www.countrycode.org/southkorea
KAEC Staff & Office Numbers (Save in your phone):
- Your program officer’s Kakaotalk ID & mobile number
- The KAEC office number: 02-3275-4018 (if calling domestically)
U.S. Embassy
- U.S. Embassy American Citizen Services: 02-397-4114
- For a non-emergency, you can also email American Citizen Services at seoulinfoACS@state.gov.
General Korean Numbers (primarily retrieved from visitkorea.com)
- Police Department – 112
- Fire Department – 119
- Medical Emergency/Ambulance – 119
- Korea Disease Control and Prevention Agency (KDCA) – 1339
- Korea Travel Hotline – 1330
- This is a one-stop helpline run by the Korea Tourism Organization which offers 24/7, multilingual assistance. In order to assist travelers with immigration, safety and medical needs, tourist complaints, and other concerns, 1330 can connect callers to Emergency Services, the Immigration Contact Center, or the Tourist Complaint Center. For more information, click here. You can also download the 1330 app, which allows you to quick connect with the hotline in order to make general or emergency calls. You can additionally use the app to connect via live chat with the hotline.
- Immigration Contact Center – 1345 (09:00-22:00)
- Lost & Found Center – 112
- This is the same as the police department number. There is also a website: www.lost112.go.kr
Please note that some (but not all) applications may require personal authentication. This may require a fully functioning (aka non-temporary) SIM card/phone number, which can be procured after you receive your Residence Card.
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Communication |
Transportation: Maps & Navigation |
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Transportation: Reservations |
Food Delivery |
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Miscellaneous |
D. Banking
Be Prepared
All grantees are strongly advised to arrive in Korea with sufficient financial means to support themselves, and any dependents, for 8-10 weeks after arrival. This is to account for the potential length of time it may take to set up a Korean bank account, which is affected by the processing time for a Korean Residence Card (See Passport & IDs).
Stipend Payment Schedule
If a grantee does not have an already established Korean bank account when they arrive in Korea, the grantee’s first stipend will be wire transferred to their U.S. bank account AFTER their arrival in Korea. No grant benefits are disbursed prior to arrival.
All Fulbright grantees in Korea are required to establish a Korean bank account as soon as possible after entering the country. Only the first month’s stipend will be in USD. All other stipends will be in KRW.
Similarly, all other monetary benefits (e.g., book allowance, dependent allowance) and any reimbursements (e.g., dependent tuition allowance) will be distributed in KRW as a wire transfer to the grantee’s Korean bank account.
Once you have established your bank account, please send your program officer a scan/photo of the first page (the information/signature page) of your bankbook. Thereinafter, all stipend disbursements will be sent to this bank account. After submitting your Korean bank account information to your program officer, the next payment of award benefits is expected to be distributed in 7-10 business days.
If you wish to switch to using a different Korean bank account later, please inform your program officer of your desire to switch accounts and send a scan/photo of the bankbook for your new Korean account.
Regular allowances are distributed bimonthly around the last day of the month, with the exception of allowances for the last month of a grantee’s award. These allowances may be postponed until the grantee completes any required reports.
Reimbursements
Reimbursements through allowances such as the Dependent Tuition Allowance will be processed only with the submission of valid receipts. Receipts may be submitted to your program officer via email as a scan/photo of each receipt. Please provide a brief description of what the receipt was for when sending it to your program officer.
Banks
Most of Korea skipped the check-writing era completely and went immediately to online wire transfers, which are inexpensive, efficient, reliable, and universal. Once your Korean bank account has been set up, your monthly allowances and reimbursements will be sent via wire transfer in KRW.
Recommended national banks include (in alphabetical order):
- KB Kookmin Bank
- KEB Hana Bank
- Nonghyup (NH) Bank
- Shinhan Bank
- Woori Bank
If placed in a location with specific local banks, please note that local banks may be difficult to access outside of their respective cities.
Finding the Right Bank for You
Typically, foreigners in Korea must have a Residence Card before they can open a full-access bank account. However, we have found grantees may have greater success with opening an account if they go through their affiliate.
For U.S. Scholars, it is recommended to ask your affiliate which bank their staff primarily use as they may be able to assist you with acquiring an account from this bank. Particularly if you are a Teaching/Research Scholar, please confer with your affiliate before opening a Korean bank account as they may require you to use a particular bank (if receiving funds from them for lecturing fees).
For U.S. Students, if your affiliate does not have information about banking, consider reaching out to your host institution’s international student office for advice as they may know of campus/local bank branches exchange students use which are foreigner/English-friendly.
Opening a Bank Account
Full-Access vs. Limited Bank Accounts: Although you may be able to open a limited bank account prior to receiving your Residence Card, opening a full-access bank account is typically restricted until after you receive a Residence Card. To open a full-access bank account, you will likely need:
- Passport
- Residence Card
- Grant Award Document
- Grant Award Letter
- Employment Verification Letter
- Note: This document may be supplied by your university if you are an enrolled student or paid lecturer. If it is not supplied by your university, Fulbright Korea can issue a document explaining your grant status in lieu of an employment letter since you are not an employee of Fulbright Korea. This letter serves as verification of your regular grant stipend payments.
- Copy of your address (공문 or housing contract)
- Korean phone number
What to Ask For: When opening a Korean bank account (or expanding a limited bank account after receiving a Residence Card), grantees may wish to ask about the following:
- card type (ATM card vs. debit or “check/cash card” vs. credit card; as a foreigner in Korea, you are unlikely to qualify for a credit card)
- banking apps (Korean-only vs. English-friendly)
- internet banking (this is typically not set up automatically; you need to request it)
- international/online usage of cards (for traveling or buying items from foreign websites)
- usage of card for transportation (“T-money”; not all banks allow foreigners this option)
- international transfers or overseas remittance accounts
Opening a bank account may take one or two hours. If you are uncertain of your Korean ability as it pertains to opening a bank account, you may wish to ask your affiliate, a friend, or another individual whom you trust to accompany you to the bank the first time. If you must go to the bank without someone to translate, there is an interpreter phone number that your bank can call.
In general, accounts should be opened at a main branch, rather than a local branch, as main branches may be able to offer/set up services local branches are unable to. For example, only main branches of banks offer international services, such as international check cards and overseas remittance accounts. There may be multiple banks in a neighborhood that appear the same, but only one is a main branch. Staff at any branch can tell you where the nearest main branch is located.
If ever you have questions later on, you can call your bank’s foreign customer service line. Service line staff are often native English speakers who can answer your questions specifically. When you call, have your account number (in your bankbook) and Residence Card close at hand.
Bank cards (카드) & Bankbooks (통장)
After opening/updating an account with your Residence Card, it is recommended that you request a VISA or Mastercard that can be used internationally and online. These services must be requested; they are not automatically given. International cards must be connected to an account opened at a main branch. Some grantees have previously been issued ATM-only cards, so be sure to inquire if you would like a debit card. (Note: Debit cards are used in Korea much more often then credit cards. They may be referred to as “cash cards” or more commonly “check cards.” It is increasingly difficult in Korea to get a credit card as a foreigner.)
Each bank account holder is issued a bankbook (통장) with a magnetic strip in it. The bankbook can be used like an ATM card at ATM machines. Your bank account activity (aka the history of your account transactions) is printed in this book whenever you use it in an ATM. When your bankbook is full, simply go to the bank with your old book and your ARC, and they will give you a new one.
Unlike in the U.S., web and mobile banking is often not automatically set up/accessible when you open a bank account in Korea. Be sure to specifically ask your bank about web and mobile banking when you set up your account. If you set up your account using a passport, as opposed to a Residence Card, you may not be able to access web and mobile banking services until you bring your Residence Card to the bank.
For both web and mobile banking, the bank will issue you a digital certificate that you must have on your device in order for you to utilize banking services. This digital certificate may be uploaded to your mobile phone at the bank by the bank teller; you can then transfer the digital certificate to your pc so you can also use the bank’s website for banking services. If you specifically want to use the digital certificate on your computer, but not your mobile device, you can also bring a flash drive to the bank to put the digital certificate on.
The software for web banking tends to be on the older side. As such, you may need to use Internet Explorer to gain access to web services and install extra security programs/extensions onto your computer.
Whether you are utilizing banking on your computer or mobile device, you will also need a special keycode card to finalize all wire transfers you want to send. An example of this card is below:
DO NOT LOSE THIS CARD!!!! Some grantees have chosen to take a photo of their card in case they lose it as, if you lose this card, you must go to the bank to get it replaced before you will be able to make any further wire transfers.
Once it is set up, web and mobile banking is overall quite easy and efficient to use. As a plus, some banks, such as Nonghyup and KEB Hana, have accessible sites and applications in English.
Domestic
Bank transfer is the preferred payment method in Korea. It is both easy and convenient.
If you set up web/mobile banking with your bank, you can transfer money via the bank’s website or mobile application (using the keycode card referenced in the page on “Web & Mobile Banking”).
If you do not have web/mobile banking, you can transfer money domestically via ATMs using your bankbook or ATM/debit card. To transfer money, you will need:
The recipient’s name used to register their account (you do not enter their name, it is only for verification)
The recipient’s bank (you will need to select the bank from a list of options)
The recipient’s bank account number
International (to the U.S.)
Wiring money to a foreign bank is called overseas remittance (해외 송금, or 외화 송금 foreign currency remittance). There are many options for sending money back home to the United States.
Some banks, such as Nonghyup and KB Kookmin, offer special foreigner remittance-only accounts; simply transfer money from your regular account to your remittance account, and it will automatically be transferred to your designated bank in the U.S. (You must visit your bank in Korea in advance to designate your bank in the U.S. for remittance.) If planning to make frequent transfers between the U.S. and Korea, you may wish to set up a dedicated remittance account as remittance accounts may offer lower transfer fees, as well as English-language customer support.
You can also directly transfer money from your Korean bank account to your U.S. bank account, without setting up a remittance account. Only one bank account can be used for overseas remittance. This bank account becomes your primary Korean bank account.
International wire transfers can either be done via a banking app/website, once internet banking has been set up, or in person at the bank with appropriate ID.
You will need your U.S. bank account information in order to transfer funds to it. Usually, this would include the bank’s Swift code, your account number or AB code, the bank’s routing number, and the bank’s address. If you do not know this information, please consult with your U.S. bank.
Before completing a wire transfer, ask your U.S. bank if they charge for incoming wire transfers. Many U.S. banks charge around $10-$20 for this service, and total fees (U.S. and Korean) can sometimes add up to around $30-$40.
When leaving Korea, another potential option to explore is the purchase of traveler’s checks or cashier’s checks. Up to $10,000 USD, or its equivalent in won, can be carried into the U.S. either as a check or in cash.
Third-Party Money Transfer Apps
Some foreigners in Korea choose to utilize third-party money transfer apps such as Sentbe, Hanpass, or Wise (previously TransferWise) to transfer money internationally as they may offer lower transfer rates. DISCLAIMER: Inclusion of information about a particular third-party money transfer app is not an endorsement of said service by KAEC/Fulbright Korea. This information is provided for reference only, as an initial jumping off point for grantees; KAEC cannot guarantee the legitimacy of such services.