Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.
Opening a bank account in South Korea
The process of opening up a bank account in Korea may be easier than what you would have to go through in your home country! The bank will require you to fill out a short application, verify your documents, and assuming there are no problems, you will walk out with a new bank account!
Type of accounts, services & fees
Find out here about the different accounts suitable for expats in South Korea, available banking services and fees.
Cash, cards & cheques
When travelling, it is always advised to bring your money in several different forms in case of any emergency occurrences. In general, it is easier to make purchases using cash or a credit card (in department stores, bigger restaurants and hotels).
Send money to and from South Korea
Find out about your options on importing and exporting money to South Korea – available services, fees, restrictions and required declaration.
Financing your home in South Korea
Due to the fact that many tenants engage in
“jeonsei” contracts, where the total or majority of the cost to rent must be paid upfront, mortgage loans are quite common in Korea.
How they work in South Korea
Depending on the time of your intended stay in Korea, it may be to your advantage to invest in certain insurances. Unfortunately, accidents do happen everywhere and dealing with one in a foreign country without the right resources could be a disaster. Follow these instructions in order to be well prepared and protected during your time in Korea.
The most important taxes
Taxes in Korea comprise of national and local taxes. National taxes are divided into internal taxes, customs duties, and three earmarked taxes; the local taxes are divided into province taxes and city & county taxes.
How is your income taxed in South Korea?
A person is either a resident or a non-resident of Korea depending on residence or domicile. A resident is liable to income tax on items of income derived from sources both within and outside Korea. On the other hand, a non-resident is liable to income tax only on items of income derived from sources within Korea.
How to file your tax return in South Korea
The following article gives a rough outline on how and when to file your annual income tax return. Find out about due dates, payments and required documents/forms.