Tips on Banking

Use your survival Korean at the bank.

Tips on Banking

Assistance to use bank machines, complete bank transactions such as check bank balances, print bank account information, deposit money, wire money, transfer money to another account, pay bills such as electricity bill, gas bill, cell phone bill, through ATM or bank tellers.

Bank Machines

Bank machines are widely available and almost all of them have the option to conduct the transaction in English. But it is better if foreigners can also do the transaction in Korean, just in case the English option is not available.

Banks are usually open from 9 to 5 or 9:30 to 4: 30 Monday to Friday. Also bank machines located inside the bank are available until 10 or 11 p.m. Bank machines located in convenience stores are available 24 hours. However, note that all banks “shut down” for a short period of time around midnight (check with your own bank for their times) in order to update their system. This means that you will be unable to access your account during that time.

The transaction fee to use bank machines varies. It is cheaper to use your own bank when withdrawing money through bank machines. When you withdraw money or send money using your own bank during bank hours, no transaction fee will be deducted from your account. If you do the same transaction after bank hours, there is a charge of 500 won when you use your own bank.

The transaction charge is more expensive if you use other banks. The transaction fee is around 800 to 1,200 won for withdrawing money, and 1, 200 won to 1,500 won for transferring money. It is much more expensive to use ATM machines that can be found in convenient stores. Withdrawing money’s transaction charges range from 1,000 won to 1,200, and for transferring money, it costs between 1,200 to 1,700 won.

Useful Terms in Korean in Checking Balance Account and Printing Bank Account Information

If you want to conduct a balance inquiry and print your bank account information on your bankbook, you can insert your bank book in a bank machine located in your own bank. You also have to remember that the PIN (비밀 번호) of your bank book and ATM card differ. You can only check your bank account history in your own bank.

ATM cards are more flexible and can be used in any ATM machines available in your area. The first thing that you will see on the screen of the bank machine is 거래 (transaction)선택 (choose), it means choose a transaction. When you press it, you will see different kinds of entries such as 예금 인출 (savings withdrawal), which are usually on the top of the other entries; below are예금조회 (inquiry), 계좌 이체 (account transfer), 입금 (deposit), 통장 정리 (bankbook update) , 명세 표 (receipt), 종료 (end transaction), 기타 (others), 최소 (cancel), 비밀 번호 (PIN).

For balance inquiry the following entries will appear: 잔액조회 (balance inquiry), 입출 내역 (withdrawal breakdown), 입금내역 (deposit breakdown), 최소 (cancel). Simply choose and press the transaction you prefer.

For withdrawing money, simply press 예금 인출 (withdrawal). Your PIN will be asked – simply input it by pressing the numbers on the machine, then there will be some cash amounts (e.g.: 3 만 원, 5만 원, 10 만 원, 70 만 원 – that is 30,000, 50,000 etc) that will appear in the screen. Just press the amount that you like, and the money will come out. Note that sometimes you will be asked to choose if you would like to have cash or gift cheques, or the denomination of the money (in 10,000 or 50,000 notes, or in 100,000 cheques (수표) for large amounts)

Bank Terms in Korean That You Should Remember When Transferring Money Using an ATM machine

1. When you want to transfer money to another account use 계좌 이체 (account transfer). You will see different names of banks, choose the bank that you will transfer the money, input the bank account no, and the amount money you want to transfer. Sometimes, you will be asked for your PIN again, so simply input your PIN. There is a record that will appear on the screen after you input the bank name and amount of money. If you think that the information is right, press확인(confirmed), get your receipt, or you can insert your bank book to print your bank account information, if you are using your own bank.

2. When you deposit money to you own bank account, press입금 (deposit), you will be asked if you want to deposit 현금(cash) or 수표 ( cheque). Press your preference

Bank Machine for Paying Water and Electric Bills

There is a bank machine in the bank that is used for paying electric and water bills. You can see terms in Korean like 공과금 (직접 남부) utilities, 아파트 괄리비 (남부) apartment management, 입출금내역 (조회) account deposit/withdrawal breakdown, 국고/국세 taxes, 전자 동장, 하귄. Simply press the transaction that you want, insert your bank card or swipe your bankbook, insert your bill, and enter your phone number.

Written and prepared for Gwangju News September 2010 issue by Marie (Mheng) Pascual Igwe