How to make money transaction effectively in Korea ?

When I first arrived in Korea, of course I brought enough cash (won) for 1 month's living needs and also an Indonesian Visa/Mastercard credit card. If you need more cash, you can visit the nearest ATM marked Visa or Master to withdraw money.

Do i need to open local Korean bank account during my study in Korea ?

By opening an account at a local bank like Woori Bank, of course the advantage is that you don't have to worry about the difference in the rupiah and won exchange rates, and you don't need to bother making international transfers constantly, you can take money to the nearest ATM anywhere, easy cashless transactions with a bank card , and there are special card promotions from banks.

When can i open a local bank account in Korea ?

Once you arrive and are registered at school, you can immediately register to open a bank account, but based on my experience, for Woori Bank you will be charged a deposit fee of around 200,000 won as collateral because at that time I didn't have an ARC (alien registration card). Creating an ARC by the university usually takes 2-3 weeks, and if you create an account after having an ARC, there is no deposit fee.

What are the requirement to open a local bank account in Korea ?

Passport, Visa Card / ARC ( alien registration card ), korean phone number.

How to make debit and credit card at local bank in Korea ?

After you register to open an account, after 1 week you will be given 1 debit card which is also valid as a credit card. Very practical, right? no need to bother having 2 cards. Woori Bank has various types of cards with different benefits, but to find out this information, you need to have mobile banking and read the information in Korean of course.

How to transfer money from International bank to Korean bank ?

There are several ways to do this, the most common is visiting Indonesian banks and carrying out transactions with the help of bank staff. The process can usually take one week. Another way is to use an application like Flip. After downloading the app, just follow the step by step to transfer money from an Indonesian account to a Korean bank account. This method is faster and can receive money in just a few hours, but in limited quantities. For large transactions, it takes longer.

How to check our debit and credit card transaction ?

Of course, by downloading the mobile banking application and asking for assistance with mobile banking activation from the nearest bank. However, we also need to pay attention to our own Korean language skills, because there are applications that don't have English, so we need to learn Korean terms in the application.

When and Where we can use card for daily use ?

All shops in Seoul generally accept cards as a means of payment, from minimarkets, coffee shops, supermarkets, fashion shops, restaurants, to bookstores.

What to do if our card is missing ?

Because Korea is a safe country, there is a public assumption that anything we leave in public areas is rarely stolen. Usually people who find lost items immediately contact the police or keep the item until the owner comes to take it back. If the card is lost, immediately check the place where the card might have been left, and if you don't find it, immediately contact the bank service number to block it and make a new card.

Transaction with Card

Q&A

Dimanakah uang cash biasa dapat digunakan ?

Bila mengunjungi pasar tradisional seperti gwangjang market, dongdaemun market, biasanya menggunakan uang cash. Jadi perlu mempersiapkan uang secukupnya sesuai jumlah jajanan yang kamu ingin beli.

Selain pasar, secara umum toko - toko masih menerima uang cash, tapi ada toko tertentu seperti coffee shop yang hanya menggunakan cashless.

Transaksi dengan uang cash

Q&A

Dimana bisa menukarkan mata uang lain ke won ?

Bawa uang rupiah atau dollar ? jangan kuatir karena ada beberapa tempat yang menyediakan mesin money changer ( hongdae mrt station, gongdeok station, gimpo station, dan masih banyak titik lainnya.

Money and Budgetting

Won exchange rate, bank accounts, e-money cards, cashless transactions

6/30/20213 min read