Having the ability to send money home at our own convenience and at the lowest price is something of an automatic expectation for most, yet a reality for few. This can largely be attributed to the reluctance of many to adopt internet banking or simply not knowing the full range of options available to them and at what price. While visiting a teller can be a pleasant way to remit money home, there are other ways that can save you time and money.
Columns - Banking
Quite often I am asked the question, “How can I receive money from an overseas account into my Korean bank account?” I am also frequently contacted by understandably concerned customers whose outward remittance was delayed due to insufficient or incorrect information being passed on as part of the transaction.
If you had a chance to read last month’s column, you’d no doubt agree that there is a lot of unnecessary trepidation and skepticism surrounding Korea’s online banking system.
Digital certificates, online security code cards and one-time password devices (OTPs) can seem overwhelming for international residents in Korea, but these terms shouldn’t raise so many doubts and concerns.
It’s never too early to start teaching your little ones about the value of money. Children in Korea can open accounts, too. Checking accounts, time deposits, installment accounts, and even online banking are available for minors and are great tools to help them learn to manage money at a young age.
The regulations to access these products and services vary depending on age and nationality.
An installment account is an interest-earning account into which you can save a little bit at a time.
The first thing you need to decide in selecting your installment account is how often you want to deposit into it. You can choose to either make regular, automatic deposits for a designated amount each month, or you can freely make installment deposits whenever you have time and extra cash.
Many aspects of the credit card system in Korea are probably a little different than what we may be used to back home — wherever that may be. First of all, when applying for a credit card from your local bank, you probably have hundreds of different options to choose from.
Setting up your own business in Korea can be a daunting task and many variables that we cannot hope to cover here today can affect the process of establishing your business and then setting up your banking. It is best to speak with your teller directly about your unique situation and goals.
There are several ways to pay your local bills.
First you have to register for online banking in person at your local bank branch in Korea and then download your digital certificate. Next, just log in to the personal Internet banking service on your bank’s website and choose “domestic transfer.” Then make a domestic transfer to the bank account number listed on your bill.
The big blue digital display hanging in the bank that shows exchange rates is confusing. How do I know which rate to look at when I’m exchanging money?
~Mystified by Exchange Rates
The first thing to consider is which foreign currency you want to exchange. Available currencies are listed in the first column of that exchange rate board. Please note that your bank may also offer additional currencies that are not posted. Ask your teller if you don’t see your currency listed.
Foreign currency accounts, sometimes called multi-currency accounts, are available to you at your local bank in Korea. A foreign currency account is a useful account for organizing, saving, withdrawing, remitting overseas and receiving inward overseas remittances in several different currencies.
You can deposit and withdraw any foreign currency — except Korean won — whose interest rate is officially posted by your bank.