Financial services in South Korea
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Financial services in South Korea refers to the services provided in ROK by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.
Foreign banks
Foreign banks (Citibank, HSBC, Deutsche Bank, etc.) which have a presence in ROK are not international branches, but rather wholly Korean entities, due to Korean law.[1] The branches must obtain a banking license from the Korean Financial Services Commission (FSC).[2]
International ATMs
Korean citizens may apply for an international ATM card corresponding to an interbank network such as Cirrus or PLUS, but foreign residents may not.[3] 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.[4]
Interbank ATMs are common throughout the country, especially in densely populated urban areas such as Seoul.[5]
See also
References
- ^ "ANNEX – Republic of South Korea" (PDF). European Banking Authority.
- ^ "Banking Regulation in South Korea: Overview". Practical Law. Retrieved 2023-03-28.
- ^ "영문사이트". www.customs.go.kr. Retrieved 2024-07-10.
- ^ SNUgle-i. "Open a Bank Account - Guide for Living in Korea". SNUgle-i. Retrieved 2023-03-28.
- ^ "ATMs in South Korea: Credit cards and fees". Wise. 2022-03-28. Retrieved 2024-07-10.
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