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.
To open 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.
An international ATM card
A BC Card (a US-style debit card)
A Korean-style savings account
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:
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:
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.