[edit] Banks 은행
[edit] Opening an Account 계좌 개설
Let us look at the common savings account. First, fill out the form provided by the bank. You will need to write your name, address, and how much money you will put in your account on the spot. It is possible to use your signature instead of a dojang (도장), or personal stamp. A foreign national will need an ARC or their passport. Banks have many teller windows. Go to the one that deals with new accounts and follow the procedures. Once you have opened a savings account you will be issued a bank book (통장). This may be used to make deposits or withdraws from the different branches of the same bank.
[edit] Types of Accounts 예금 종류
- Regular Savings (보통예금) : Interest is not high, but you may withdraw your money at any time with no penalty.
- Fixed Deposit (정기예금) : Pays high interest, the condition being that your money be kept in the account for a predetermined period of time.
- Lay Away Deposit (적립예금) : Pays high interest, but you are required to deposit a specified amount of money into the account every month or over some other set period.
[edit] ATM Cards and Credit Cards 현금카드 및 신용카드
ATM cards may be made when you open a bank account. You must decide on a four number password at the time you apply.
Credit cards, on the other hand, take between 7 to 10 days to be issued, and are delivered to the address of the applicant. Loss of either an ATM or credit card must be reported to the bank immediately.
Often ATMs are not open for 24 hours, closing at 11pm or earlier. Not all ATMs will accept international bank cards so be prepared.
[edit] Automatic Payment of Public Utilities 공공요금 자동이체
It can be a hassle to pay public utility bills such as for gas, water, and electricity at the bank window, as each bill has different dates by which they are supposed to be paid. If you go through a procedure ahead of time, the bank will do the work of paying your bills for you. The process is simple. All you have to do is submit to the bank a form asking for automatic payment of these public utility bills. The bank will then take
money from your account and pay these bills, then send you a receipt for each.
[edit] Sending Money Overseas 해외송금
There are three methods of sending money overseas; telegraphic transfer (전신송금) (T/T), bank check (송금수표), and postal check (우편송금). Apply using the proper form, checking what it is you want. Telegraphic transfers are the fastest and surest method of sending money to a bank account in another country. Sending money will, at a least require you have to have your passport, plus some banks may ask for your ARC, bank book (통장) and a wage statement (급여명세표) from your employer. Some people recommend mailing traveler's checks.
[edit] Telegraphic Transfer (T/T) 전신송금
The fast and sure way to send money, by telegraphic cable. You must know the name of the bank, the name and address of the branch, the account number, swift code, and the bank code.
[edit] Postal Transfer 우편송금
Using registered mail, a check is sent to the bank receiving payment. It takes
as long as letters to deliver.
[edit] Bank Check 송금수표
A bank check issued by your bank is sent to a recipient (수취인) residing overseas. As the check is sent through the regular mail, this method should be used only when sending smaller amounts of money.
[edit] Currency Exchange 환전
Exchanging money requires that you have your passport or Alien Registration Card with you. Most banks are able to exchange money. If you sell foreign currency you have with you when you enter the country, be sure to keep the receipt, because it is more advantageous when you purchase foreign currency again when it comes time to leave.
[edit] Money Matters Between Individuals 개인간 돈 거래
Money transactions are a symbol of trust. Therefore financial dealings between individuals must be kept perfectly clear. Whenever one lends someone money, for example, make sure you receive a bond of debt (차용증) (an I.O.U.). It should be a record of the person's name, address, Resident Registration Number (주민등록번호), the amount being borrowed, the monetary unit, date the money was borrowed, date the money will
be repaid, and interest if any, and the document should be stamped with the person's registered personal stamp (ingam dojang 인감도장). Write a receipt for the person when they have repaid you.
When the other person's credit behavior and financial standing is in doubt, secure something as a guarantee (dambo 담보). There are two kinds of guarantee, a personal guarantee (injeok dambo 인적담보), meaning that another individual or group of individuals guarantee the loan on behalf of the person borrowing the money. Then there is a physical guarantee (muljeok dambo 물적담보), usually in the form of collateral (저당권) or provisional registration (가동기) on real estate, or by transfering the ownership of the same.
Movable estate (동산) or collateral securities (유가증권) may also be used as physical guarantees.
[edit] Banking terms
- 해외 송금 (wire transfer). Note: The English found on Korean banking forms often uses the word 'remittance' for 해외 송금
- 지점명(branch name)
- 은행인식코드 (bank code)
- 계좌번호(account number)
- 받는사람(beneficiary)
- 은행 번호(routing number)
- 은행 분점의 번호(transit number)
- 개설하다(establish;set up;open;inaugurate)
- 은행 계정 (bank account)
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