Banking

Most students at Yonsei open accounts at Woori Bank. There are many Woori Bank ATMs on campus and throughout the city. There is a branch in the basement of the Student Union Building at the Sinchon campus.

To reach an English-speaking representative at Woori Bank, call +02-1588-5000

Opening an Account

Bring your passport. You will be asked for your local address and phone number. No initial deposit is required. In order to apply for a debit card, you must register your Alien Registration Card with the bank.

Options

• An international ATM card
• A BC Card (a US-style debit card)
• Online banking
• A Korean-style savings account

When you open an account, the teller will automatically assume you want the standard "foreigner’s account," which most people get, and which pays about 0.20% interest. There are a number of banking options available to foreigners, but the teller will NOT mention them unless you ask.

On-line banking is available. If you inquire about it, they will ask you to fill out a form, create a user ID and password, and provide you with an instruction sheet in Korean.

It is possible to get an international Woori Bank ATM card (If you do not ask, you will be given a card for domestic use only). The international card can be used at any ATM abroad that supports Mastercard. Some international students prefer to transfer money home using this method.

For those who prefer to save their money in dollars instead of won, dollar accounts are available with fairly low interest rates. ATMs are available from 9am to 10 pm and only dispense Korean won. If you use an ATM from your Korean bank during the bank's operating hours, there will be no charge. Outside of banking hours, there is a fee of approximately 600KRW, and an 800-1,000KRW commission will be charged when you use a different bank's ATM.

Transferring Money In and Out of Korea

ATM which accepts international bank cards can be found in the post office in the Student Union Building (or any other post office) and in most subway stations (including the Sinchon station). Global ATM cards with a Cirrus, Plus, Mastercard, or similar logos can be used. There is usually a fee charged for withdrawing money outside of your home country. Cash advances on credit cards will be charged an additional transaction fee on top of the interest. To wire/transfer money from abroad to Korea, the person sending the money will need the following information:

• The account number
• The name of the bank and the branch (e.g. Woori Bank Yonsei Branch)
• The route number (or "swift code") (HVBKKRSE for the Woori Bank)

There is a transfer fee of 5,000-25,000KRW, depending on the amount transferred. Funds will be available for use after approximately a week. There is no limit on the amount, but transfers exceeding 20,000USD will be reported to the Office of National Tax Administration.

To transfer money to a bank outside of Korea, you need the following:

• Your passport
• The name of the recipient bank, including the specific branch and address
• The recipient’s account number
• Recipient (your) bank’s route number (or "swift code")

There is a transfer fee of 15,000-25,000KRW, depending on the amount transferred. Funds will be available for use after approximately 3 weeks. The maximum transfer is 10,000USD. For amounts greater than 2 million KRW, you are required to show a proof that you have legally earned at least as much as the amount of the transfer.

Getting Student ID Cards

Please fill out the following form and submit a hard copy to the Woori Bank Yonsei branch

For foreigners, fill in the blanks for the residence registration like below.

• Male: Date of Birth (YY/MM/DD)-1000000
• Female: Date of Birth (YY/MM/DD)-2000000

For more information, contact Woori Bank +02-313-3198

There is a fee for replacement cards:

• Initial issuance: free of charge
• 1st reissuance: 5,000 KRW
• 2nd reissuance and thereafter: 10,000 KRW

Reporting Loss Cards

In case of a lost card, immediately contact the UIC office and Woori Bank (1588-9955). In case of a lost or stolen card, any k-cash charges are not refundable.