South Korea’s Liu Xu must spend money in life, so spending money requires a bank card, and it is always inconvenient to carry cash. So how do Korean international students apply for a bank card? Follow me and find out! Welcome to read.

To apply to open a local bank account in South Korea, you need to submit the following documents:

Passport

Alien Registration Certificate

Bank account Account

The bank provides a variety of accounts, and customers can choose the account that suits them according to their needs. Most accounts have no balance requirements and no account maintenance fees.

Korean Currency

The official currency of South Korea is the Korean Won. The basic unit of the Korean Won is the Yuan, represented by WON. There are two types of banknotes and coins. The denominations of banknotes are 10,000 won, 5,000 won and 1,000 won, and the denominations of coins are 500 won, 100 won, 50 won, 10 won, 5 won and 1 won. There is also a check of 100,000 won in circulation, and you need to show your ID when using it. Generally, only coins and 1,000-yuan banknotes can be used in public transportation and beverage vending machines.

International credit cards, ATMs and bank cards

Generally speaking, international credit cards can be used almost anywhere, but in Korea, if you hold foreign credit cards and debit cards, Card means you can only use these cards at some ATM machines.

But if a bank in South Korea issues you a bank automatic teller machine card, that is, an ATM card, you can use this card to withdraw money from the bank's ATM machine without any restrictions. There are not many ATM machines that operate 24 hours a day in South Korea. Generally, ATM machines stop being used at 11 o'clock at night, so you must pay attention to its opening hours when using an ATM machine.

Note: Please consult the bank staff for specific usage details and regulations of bank cards issued by banks.

Current savings account

There are no restrictions on the deposit amount and the length of the deposit period. Customers can deposit and withdraw money at any time according to personal needs. Generally, the longer the deposit period, the higher the interest rate. the higher. Take the Korea Exchange Bank as an example. The bank pays interest on current savings deposits twice a year, in June and December, and the interest is added to the principal. However, it should be noted that when calculating interest, the average balance is less than 50 No interest will be paid on accounts worth KRW 10,000.

Note: When making a deposit, please refer to the bank's regulations at the time. In addition, the interest rates of each bank in South Korea will be somewhat different. For specific situations, it is better to consult the local bank.

Time deposit account

There are certain differences between time deposit accounts in South Korea and domestic time deposit accounts. Taking Korea Exchange Bank as an example, time deposit accounts are divided into general time deposit accounts. and time savings deposit accounts. There is no special requirement for the deposit period of general time deposit accounts, but the required deposit period is at least 1 month and no longer than 60 months. Interest is settled every month or upon maturity. It is more suitable for savers with remaining funds. General time deposits The minimum deposit amount is 10,000 won, and those who meet the regulations can also enjoy tax discounts. For specific tax discount regulations, you can consult the bank staff when handling this business.

The characteristic of a fixed savings deposit account is that it can be deposited and withdrawn at any time. The bank will pay interest even if the deposit is only for one day. It has great flexibility in withdrawals and each person can open multiple accounts. The interest settlement dates for fixed savings deposits are four times a year, in March, June, September, and December, and the interest is added to the principal. However, when interest is calculated, no interest is paid on accounts with an average balance of less than 500,000 won. .

Credit card account

Customers who use this account must pay installments and interest to the bank every month. The function of this account is somewhat similar to that of a certificate of deposit, except that the customer does not need to pay money in advance, but only repays it to the bank every month.

Taking the Korea Exchange Bank as an example, the conditions for applying for a credit card are as follows: Foreigners who have obtained a foreigner's registration card, a domestic residence declaration certificate for foreign nationals, are employed in South Korea, or work in an embassy or foreign government agency and can submit a confirmation Anyone with a valid identity document can apply for a credit card at the Foreign Exchange Bank. After application, the bank will notify the applicant whether he or she can apply for a credit card based on the approval principles for issuing credit cards to foreigners.

Application procedures: Go to the bank, discuss applying for a credit card, register and confirm identity, review credit level and settlement ability, confirm settlement limit, notify the issuance of a credit card, go to the bank to collect the credit card.

Note: The validity period of a credit card is two years. After expiration, you can apply for an extension of the validity period. When applying for an extension of the validity period, you need to submit the application form and all documents submitted when you first applied.

Foreign currency fixed deposit and lump sum savings account

This account has no limit on the deposit amount, and the deposit period is required to be within 1 year (can be determined by month or day). The deposit currency The type is subject to the type of foreign currency listed and announced by the bank. However, other types of foreign currencies can be negotiated with the bank and deposited with the bank's approval.

If the account is liquidated before maturity, that is, if the account is liquidated midway, the interest will vary according to the deposit period. If the account is liquidated in less than 7 days, there will be no interest. If the account is liquidated in less than 7 days, there will be no interest. If the account is liquidated in more than 7 days - less than 1 month The interest rate shall be settled at 1/10 of the agreed interest rate. If it exceeds 1 month but less than 3 months, it shall be settled at 3/10 of the agreed interest rate. If it exceeds 3 months to 6 months, it shall be settled at 4/10 of the agreed interest rate. 6 The interest rate for more than 1 month will be settled at 6/10 of the agreed interest rate. The interest rate for the period between the expiration of the account and the day before the account is liquidated shall be based on the general 7-day foreign currency time deposit interest rate. When depositing foreign currency deposits in foreign currency cash or withdrawing them with traveler's checks, the bank may charge a certain handling fee according to regulations.

Note: The above-mentioned relevant regulations on savings accounts for regular zero-deposit withdrawals of foreign currencies are based on the Korean Exchange Bank as an example. Therefore, when handling this business, you can consult the bank staff who handle the business for relevant matters. .

The above is the relevant introduction to bank cards for studying in Korea. I hope it can help you.