Travel Reference
In-Depth Information
ATMs in South Korea function much the way they do anywhere else but are commonly
found in bank branches themselves rather than on the street and in shopping malls, and they
operate only during designated hours, usually from 8am to just before midnight. Most (but
not all) will have a button to switch from Korean to English, Chinese, or Japanese, and a
few—usually one per branch of a major bank—will be equipped to take foreign cards, usu-
ally identified with a “Global ATM” sticker or the Maestro, Plus, and Cirrus logos. If in
serious doubt, try to find the nearest branch of an international bank like Citibank, which
will inevitably have ATMs that take foreign cards.
International withdrawals don't usually incur charges on the South Korean end, but
your bank back home is bound to bill you US$5 or so per transaction. Domestically, small
charges, typically 1,000 won or so, apply for conducting ATM transactions outside busi-
ness hours or using a card from a different bank at a bank machine. Withdrawals or fund
transfers are also subject to limits usually agreed on with your bank when you establish an
account.
Internet banking is a mixed bag. The range of services available in Korean is spectacular,
and virtually all major banks now have websites built in English and other major languages
that allow you to check balances, pay bills, transfer funds, or even remit money overseas.
However, many have a tendency to revert to Korean when things go awry. Security, while
well-intentioned, is also a hassle—in addition to dongles or onetime password cards you'll
need a digital security certificate downloaded from the bank that you're supposed to use for
all online banking (and e-government) transactions. To top it all off, many banks require the
installation of complex firewalls and ActiveX controls—which, of course, function prop-
erly only in Microsoft's Internet Explorer. The security gauntlet has caused more than a
few expats to give up on Internet banking altogether. If you dare, KEB and Shinhan (again)
probably have the most foreign-friendly sites.
Remittances abroad by South Koreans and expatriates alike used to attract a fair amount of
scrutiny from banks and the authorities but are now common transactions. Legally speak-
ing, foreign nationals are free to send up to US$50,000 per year out of the country with
few or no questions asked, and more than that if they can prove the funds were legitimately
earned in South Korea. Remittances can be done through your bank—some can even set
up automatic or online remittances for you—or through companies like Western Union, al-
though the fees will be higher. South Korean banks typically charge around 20,000 won for
