Banking
Opening an account, sending money abroad and getting a credit card as a foreign resident.
6 articles
Getting a Credit Card in Korea as a Foreign Resident
Why credit cards are hard to get without a Korean credit history, what check cards do instead, and how to build the record that makes approval possible.
Korean Pension Refund for Foreigners: Who Can Claim the Lump-Sum
Whether you can reclaim your National Pension contributions when you leave Korea depends on your nationality and visa type. Here is how the lump-sum refund works and what to prepare.
Remittance Limits in Korea: What Caps Apply and How to Raise Them
Three different limits get confused with each other — your bank account transfer cap, the transfer service annual cap, and the foreign exchange reporting threshold. Here is what each one is.
Opening a Bank Account in Korea as a Foreign Resident
What banks ask for, why new accounts come with transfer limits, which banks handle English service well, and how to lift the restrictions once you have a track record.
Savings Accounts in Korea: Yegeum, Jeokgeum and What the Advertised Rate Means
How Korean deposit and instalment savings products differ, why the headline rate is rarely what you receive, the 15.4% withholding on interest, and deposit protection limits.
Sending Money Out of Korea: Limits, Documents and Cheaper Routes
How outward remittance works for foreign residents in Korea — the reporting thresholds, the proof-of-income documents banks ask for, and how transfer services compare with bank wires.