UPDATE: KB Bank also has a character limit of 22 characters, so if your name is longer than this, it will be difficult to make a bank account. In previous cases, at other banks, I was able to do it by combining two names and I could still manage to use online banking. BUT, at KB Bank there is no way to register for online banking because they also set the 인증 character limit to 22... When I asked them what I could do as an alternative 인증 method, they basically said there was nothing that could be done. SO if you have a long name... go to Shinhan.
Hi! Thank you for the very very informative video! I'm a student here in Korea and I can barely form sentences in Korean. Thankfully Shinhan is my first choice and the bank our university recommends. I will definitely bring my senior with me to the bank when I open an account haha!
I'm glad I could help! I think several universities work with either Shinhan or Woori for student accounts. I've had a really good experience with Shihan over the years though, so it's good you'll end up with them! I hope everything goes well!
It's really great to hear that my video was able to fill in those pieces of information for you! I'll keep aiming to be just as thorough with future videos ^^
Thanks for watching! I'm glad you found the video informative. That's always my goal^^ Feel free to let me know if there are any other topics you'd like me to share.
I'm glad you found it informative even if you don't have plans on living in SK yourself! It can be fun to learn how things are done in other countries ^^
Very informative video! This video reminded me that I was able to create my first bank account with help from you @Alice the first time I came to Korea! Since I was unable to speak Korean 😢 I might advice anyone planning to create a bank account to find a peer fluent in Korean to help out! There are a bunch of things hard to understand for a foreigner!
Haha did I?! Honestly this whole channel was very much inspired by my experiences watching and trying to help our classmates. I think I should find a way to share with more KGSP students.
Brilliant video! Thank you so much for making this. Just in time before I arrive in Korea too! I was wondering how much money they require you to put in to start your account especially if you are new to Korea and won't have a job just yet.
Oh that's a good question!! I don't think there is a minimum for a basic checking account. But, I recall the teller mentioning that it's good to put in 10,000 won ($10). There's also no deposit schedule. BUT if you want a savings account, there will be a monthly minimum that you have to deposit into it. But that also depends on how much interest you want to collect. I presented it kind of openly, but there is a set of savings accounts to choose from and sometimes new ones are introduced. So it'll be explicitly written like the term, the monthly minimum deposit, the interest rate, etc.
By international use, Do you mean for example getting international transfers to your bank account? ( Can you please do mention briefly how that works in shinhan bank? ) And what do you recommend? setting the check card up for online shopping and international use and use getting a normal T money card for transportation?
No, Korean debit cards only work in Korea. So, if you went abroad or shopped online from a foreign shop, the card declines. You have to ask for them to approve it for both online and international permission. I will have to make another video specifically on transferring money. I actually use two bank accounts. So one card has the T money function and the other has everything else. I don’t recommend the regular T money transportation card because you have to keep recharging it (I did that for 4 years lol Much better to just have two bank accounts)
@@MyRealLifeinKorea would love to tune in to that video when it’s out! Bec money transfer is a very important topic in my opinion and am so glad you’re willing to that down for us. Ok then will give it some thought. :) Thank you so much for this video! You break things down and make a rather scary procedure sound very easy! Will definitely tune in to all your future videos! Thank you :)
You can put it down as your number when you make an account, but you won’t be able to use mobile or online banking until you have a phone (sim) registered in your name because you need to use the phone for ID verification.
Hi! Not every bank will have every type of currency and it can change from day to day depending on demand/availability for that currency. If you want a less commonly available currency, it would be better to go to a money exchange spot instead of a major bank.
It may not be the best plan for everyone, but I honestly brought a lot of cash. If you transfer money, you have to worry about wire/remittance fees on top of the exchange rate. So, I just decided to bring cash and asked the bank staff to exchange it and deposit it.
I think for English, your best bet is to go to a bank branch in Itaewon or Gwanghwamun areas since they are frequented by foreigners. While it's not required, it's more likely they would offer services in other languages. Otherwise, you can go to any branch and call the English customer service line (all banks offer this) so they can translate for you while you go through the steps with the teller. This might actually be more convenient if you don't live near the neighborhoods I mentioned.
