South Korea Guide: Money
Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.
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Banking as a foreigner
Opening a bank account in South Korea
The process of opening up a bank account in Korea may be easier than what you would have to go through in your home country! The bank will require you to fill out a short application, verify your documents, and assuming there are no problems, you will walk out with a new bank account!
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How to pay in South Korea
Cash, cards & cheques
When travelling, it is always advised to bring your money in several different forms in case of any emergency occurrences. In general, it is easier to make purchases using cash or a credit card (in department stores, bigger restaurants and hotels).
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Health & Life Insurance
How they work in South Korea
Depending on the time of your intended stay in Korea, it may be to your advantage to invest in certain insurances. Unfortunately, accidents do happen everywhere and dealing with one in a foreign country without the right resources could be a disaster. Follow these instructions in order to be well prepared and protected during your time in Korea.
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Income tax
How is your income taxed in South Korea?
A person is either a resident or a non-resident of Korea depending on residence or domicile. A resident is liable to income tax on items of income derived from sources both within and outside Korea. On the other hand, a non-resident is liable to income tax only on items of income derived from sources within Korea.
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