Financial services in South Korea
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History |
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Business culture |
Industries |
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Regional |
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stock brokerages
.
Foreign banks
Foreign banks (
HSBC, Deutsche Bank, etc.) which have a presence in ROK are not international branches, but rather wholly Korean entities, due to Korean law.[citation needed] The branches must obtain a banking license from the Korean Financial Services Commission (FSC).[1]
International ATMs
Korean citizens may apply for an international
PLUS, but foreign residents may not. Foreign residents in ROK, however, may use such interbank networks at ATMs in ROK through ATM cards procured in foreign countries. Foreigner can open an account in a local bank and get a local ATM Card if they have a residence card. Shinhan Bank and Woori bank allow foreigners to open bank accounts without a residence card.[2]
Interbank ATMs are common throughout the country, especially in densely populated
urban areas such as Seoul
.
See also
References
- ^ "Banking Regulation in South Korea: Overview". Practical Law. Retrieved 2023-03-28.
- ^ SNUgle-i. "Open a Bank Account - Guide for Living in Korea". SNUgle-i. Retrieved 2023-03-28.