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Korean currency notes come in 50000, 10,000, 5,000, and 1000 won denominations. For larger sums, bank checks are used which can be exchanged for cash at banks or used at some stores. Personal checks are not used in Korea. Most banks provide foreign currency accounts ( most commonly in US dollars ).

  • Paper Money
    Paper Money
    • (Bank checks with a value of KRW 100,000 are widely used, and are as readily accepted as cash. To use a check, present the check with your ID card, and endorse (sign) the back of the check.)

       

  • Exchanging Foreign Currency to Korean Won
    There is no restriction in the amount you can exchange, but you have to report to customs if the amount is
    ver US$10,000 or equivalent. There are three ways to transfer money overseas through foreign exchange banks.
  • Exchanging Korean Won to Foreign Currency
    Non-Korea residents who have stayed in Korea for less than 6 months are allowed to exchange up to US$ 3,000 and Korea residents and non-Korea residents who have stayed in Korea for more than 6 months are allowed up to US$10,000
  • Sending Money Overseas
    • Within the range of local sales of foreign currency and of income earned in Korea ( Evidence of local sales of foreign currency and valid passport required ) Not all smaller branch offices provide remittance service. Individuals who send money repeatedly are usually required to send it from the same branch each time.
    • If you work and pay taxes here in Korea, You are allowed to send all of your net income each month (A copy of pay-check, employment contract and alien registration card required)
    • If you do not have any record of local foreign currency sales and are a non-resident, the limit is US$3,000 ( Valid passport required )
    • If it is a transfer related to a company with proper payment authorization, there is no limit (Valid passport, and payment authorization required ) Service charges will vary between 10,000-20,000won
  • Websites of Major Korean Banks

    Bank

    Phone

    Homepage

    Jeju Bank

    Location : 1349 Ido 1-dong, Jeju City, Jeju Special Self-Governing Province

    Phone: 1588-0079 Business

    Hours : 09:00~17:00 (except for weekends and holidays)

    http://foreign.e-jejubank.com/foreign/eng/engMain.jsp?site=3

    KB Kookmin Bank

    1599-9999

    http://money.kbstar.com/quics?asfilecode=5023&_nextPage=page=eng

    Woori Bank

    1588-5000

    http://eng.wooribank.com/eng/eng_main.jsp

    Shinhan Bank

    1588-8000

    http://www.shinhan.com/en/index.jsp

    Hana Bank

    1599-1111

    http://www.hanabank.com/contents/eng/

    SC First Bank

    1588-1599

    http://www.scfirstbank.com/gw/index.html

    Citibank Korea

    1588-7000

    http://www.citibank.co.kr/eng/main/main.jsp

    Korea Exchange Bank

    1588-3500

    http://www.keb.co.kr/main/en/

    Nonghyup

    1588-2100

    http://www.nonghyup.com/eng/main/main.aspx

    Industrial Bank of Korea (IBK)

    1566-2566

    http://www.ibk.co.kr/common/navigation.ibk?linkUrl=/english/main.jsp

    Korea Development Bank (KDB)

    1588-1500

     

    Suhyup

    1588-1515

     
  • Post office Banking
    You can send money by the international postal draft which is used commonly by the currency exchange regulation of international postal union. The fee is cheaper than that of sending by the bank because people send money in person to the recipient after getting the international postal draft. Sending money overseas is available in the post office of colleges or large post offices throughout the city. For more information about postal banking services and regulations, visit the website of the Ministry of Information and Communications at click on English, and then 'CyberPost'.
    • Ever Rich-Postal Saving and Insurance : http://www.epostbank.go.kr/
      • Call center : 1588-1900
      • Certificate 1577-8787
      • International 82-42-612-6000
Source| Guidebook for living in Korea for foreigners

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