Banking in Korea
The only currency that is in circulation as legal tender in Korea is the South Korean Won (KRW). Students will not be able to use US dollars or any other foreign currencies. Most major credit cards can be used nationwide, and students may exchange foreign currency at many banks and post offices.
Opening a bank account
Most students at Yonsei open accounts at Woori Bank (English Information: 1588-5000, Press #7), because it has a number of ATMs on campus and is easily found throughout the city.
It is recommended that you deposit your cash into your bank account for safety, and don’t carry too much cash.
What do I need to bring to the bank?
1. Passport & Student’s National ID Card
2. Personal Information: Current Mailing Address in Korea, Mobile Number
When are banks open?
Nationwide, banks are generally open from 9:30 a.m. to 4:00 p.m. on weekdays. However, many operate ATM kiosks that are open late or 24 hours.
Where can I find a bank on Sinchon Campus?
There are three Woori Bank locations on campus.
1. Student Union Building (Bldg. 207) *
2. Yonsei Alumni Center (Bldg. 016)
3. Severance Hospital Main Building (Bldg. 005)
* Student ID card reissuance requests (form required)
There is also a KEB Hana Bank located in the Engineering Research Park (Bldg. 102).
Where can I find Woori Bank on the Yonsei International Campus?
Woori Bank is located on the 1st floor of Songdo Dormitory 1 (Bldg. 307)
How can I withdraw/send money abroad?
ATMs that accept international bank cards can be found in the Woori Bank in the Student Union Building. There are many international ATMS throughout the city, but not all can do international transactions. Be careful to look at the stickers on the machine to know if it is an international ATM.
International ATMs can make transfers with bank cards linked to Cirrus, Plus, MasterCard, VISA and some other major international networks. Keep in mind that there is usually a fee for withdrawing money outside of your home country. You should also avoid cash advances on your credit card if possible because on top of the transaction/transfer fee, you will be charged interest on your withdrawal.
To wire/transfer money from abroad to Korea, the sender will need to know:
- The account number
- The bank and branch (e.g. Woori Bank Yonsei Branch)
- The routing number or “swift code” (HVBKKRSE for the Woori Bank)
- Your passport number
- The name of the bank, including the specific branch and address, to which the money is being wired