My friends at the Korean Tax Blog have an article on some difficulties with banking in Korea. I recommend reading the article.
The blog post notes, in part, that:
“I have often received questions from foreigners about the banking system in Korea.
Even for Koreans, it is notoriously complicated. Although difficult to adequately explain the nuances of Korean banking (and the numerous issues surrounding online banking caused by Internet Explorer), I offer you a general guideline for using our system. If you’re an Apple Lover, forget it!
After completing your tax registration at a tax office, it is time to head to a bank near you and open an account. Even I had some difficulties with the banking process at first. However, it is after opening the account that the aforementioned internet problems really come into play. If you don’t have a great deal of patience in these matters, I do not recommend going through the process alone.”Korean Tax Blog by CPA Joseph Zoh
We recommend the author of this article, for most issues related to tax accounting. If you would like a consultation with Sean Hayes, please schedule a call at: Schedule a Call with Attorney Sean Hayes.
- Opening & Managing a Bank Account in Korea
- Foreign Account Tax Compliance Act (FACTA) in Korea
- Korean Act on Special Cases Concerning the Establishment and Operation of Internet Banks
- Korean Inheritance Law on Registration of Inheritances in Korea
- Steps to Set up a Business in South Korea
- Is Bitcoin Banned for Foreigners in Korea? Korean Bitcoin Law Updates
- Debt Collection Cases in Korea on the Rise: Buyers and Sellers Beware
- Mergers & Acquisition Arbitration Matters under Korean Law at the KCAB
- How the Korean Government Monitors Bloggers in Korea
- Minimum Capital Requirements for Setting Up a Corporation in Korea