What kinds of banks would you open accounts in Korea for foreigners?
There are five good banks for foreigners in Korea. KEB Hana Bank, KB Bank, Shinhan Bank, Woori Bank, and IBK Bank.
And let’s find out other banks such as NH Bank, SC Bank Korea, Korea City Bank, and KaKao Bank, too.
1.KEB Hana Bank, good exchange currency!!!
KEB Hana Bank is the third biggest bank of its assets in South Korea. Why KEB Hana bank is famous for foreigners is that KEB Hana bank comes from Hana Bank and KEB Bank which deal with foreign currency.
Hana means one in Korean.
Thus there are many foreign currency trade systems in KEB Hana Bank. If you have another country’s currency, it might be a good choice to open a Korean bank account in KEB Hana Bank.
2.KB Kookmin Bank, No.1 biggest
KB Bank is the biggest bank of its assets and numbers of branches in South Korea. KB means Kookmin(means nation people in Korean) Bank.
You could find easily the branches of this bank. Thus you could open accounts.
The disadvantage of opening an account in Kookmin Bank is that the banker would be unkind.
Because KB Bank is the biggest bank and there are many people in all day. Thus bankers are often unkind manners.
This bank is too safe and has many customers, so the interest rate of this bank would keep to being the lowest among other big banks.
Even though they are unkind or indifferent, KB Bank is the best safe bank in Korea. Your goal of opening an account is to protect your money really safely, KB Bank would be your best choice.
3.Shinhan Bank, no.2 biggest
Shinhan Bank is the second-biggest bank in South Korea. In fact, the assets of bank are almost little same with KB Bank.
There are many branches as KB Bank. If you open an account with Shinhan Bank, you could easily use your account easily with ATMs or banks.
Most Koreans have at least one account which is KB Bank account or Shinhan Bank acocunt.
Shinhan Bank is a really big bank, thus, there might not be problems to exchange your currency.
4.Woori Bank, government bank!!!
Woori Bank is the fourth-biggest bank of its assets in South Korea.
The advantage of Woori Bank is safe because Korean Government owns this bank.
And there are many branches. As you know, the government system would little rigid. Thus the customer’s services would not be good as other big banks.
But this bank is really safe and there are many branches, too. Thus if you have a chance to open an account at Woori Bank, it might be a good choice.
5.IBK Bank, founded for lending money to small company
IBK Bank is the fifth-biggest bank of its assets in Korea. This bank is also under a government, which means this bank is really safe.
IBK means the Industrial Bank of Korea. This bank is founded to lend money to small companies.
If you’re not a student, but you come here for business, IBK bank would be a good choice to open bank account for foreigners than other banks’ account.
Bonus, Other banks
NH Bank is the sixth-biggest bank in South Korea of its assets. And the branches of NH bank is the biggest in Korea. But, there are differences between NH Bank and just NH.
NH Bank is really safe and official bank. But just NH might not be safe and not official banks. It seems like some kinds of group of fundings of local people.
Of course, you could trade or exchange money from NH bank to just NH. But that’s it. it might not be safe some branches.
Even Korean doesn’t know exactly the differences between them. And there are few different rules of NH groups. It might be some subscription fee, and some branches of banks have little dangerous financial statements especially in local cities where there are few people.
Thus, if you’re a foreign student and the Korean university gives you an NH Bank card for your Student ID, it’s okay. But you don’t have to make a bank account intentionally at the NH group.
Don’t chisel by their huge branches. The numbers of 70% are not official banks that have no ‘Bank’ at the end of bank name.
There are Standard Charter Bank(SC Bank) and City Bank in Korea. These banks are good for foreigners.
But the disadvantage of these banks is that there are really few branches in Korea.
Thus, there are no branches around you, you don’t have to go to another place to open a bank account at these global banks.
Ther are KaKao Bank and K Bank which are internet banks in Korea. These banks are really popular and growing rapidly.
Unfortunately, foreigners could not open accounts yet there.