When you want to send money overseas, you can transfer money at a bank. Through designated foreign exchange banks, you can transfer up to $50,000 (remittance + exchange rate) a year, and if you have a document showing how the money was acquired, you can transfer any amount within one’s range of income. Different banks have different fees and restrictions on transfers, so it is recommended that you compare the information at different banks. The most convenient and fastest way to transfer money is through telegraphic transfer (T/T). For such a transfer, you need to write down the name of the recipient, address, account number, the name of bank, and other pertinent information in English.
Money withdrawal with foreign card
Most debit- and credit cards (Master, Visa and Amex) can be used in Korea and many ATM’s have an English language option. There is a small fee which you need to pay for every transaction you do with your foreign debit- or credit card.
Keep in mind there are few ATM’s which do not support foreign cards and you might get error messages like “Wrong PIN” or “Insufficient funds”. If you are sure your PIN was correct and there are sufficient funds on your account, do not keep trying to take out money from this machine and try another one. Your card might get swallowed by the machine if you keep on trying.
ATM’s which accepts any kind of international card can be found at Hanyang Hospital, and in front of the Student Service Center. Both are ATM’s from Shinhan Bank (신한은행)
Opening a Korean bank account
For students it can be convenient to open a Korean bank account. You can do this at the Shinhan Bank which is located at the Alumni Building (building 42 on the campus map). Before you can open a bank account you need your Foreigners Registration Card. Bring your passport, foreigners registration card and student ID card (optional).