Korean Banking Vocabulary — Opening an Account, Transfers & Withdrawals

<h2>My First Visit to a Korean Bank: A Memorable Moment</h2> <p>February 2014. I'd been in Korea for two weeks and needed to open a bank account. I walked into a KB Kookmin Bank branch in Hongdae, took a number ticket, and when my number flashed on the screen, I sat down across from a teller who didn't speak a word of English. Forty-five minutes of [Google Translate](/en/blog/why-google-translate-doesn-t-work-for-korean-and-what-to-use-instead) and hand gestures later, I had my first Korean bank account. What a baptism of fire.</p> <p>Today, 12 years later, I manage 3 accounts at 2 different banks, use 3 mobile banking apps, and could probably negotiate a mortgage in Korean with my eyes closed. Here's all the banking vocabulary that's saved me over the years.</p> <h2>Major Korean Banks</h2> <p>Before the vocabulary, here's an overview of the major banks you'll see everywhere:</p> <ul> <li><strong>KB국민은행 (KB guk-min-eun-haeng)</strong> — KB Kookmin Bank (the largest)</li> <li><strong>신한은행 (sin-han-eun-haeng)</strong> — Shinhan Bank (very popular, great app)</li> <li><strong>하나은행 (ha-na-eun-haeng)</strong> — Hana Bank (merged with KEB)</li> <li><strong>우리은행 (u-ri-eun-haeng)</strong> — Woori Bank</li> <li><strong>NH농협은행 (NH nong-hyeop-eun-haeng)</strong> — NH NongHyup (agricultural bank)</li> <li><strong>카카오뱅크 (ka-ka-o-baeng-keu)</strong> — Kakao Bank (100% mobile, very convenient)</li> <li><strong>토스뱅크 (to-seu-baeng-keu)</strong> — Toss Bank (100% mobile, trendy)</li> </ul> <p>My advice: Shinhan Bank or Hana Bank for expats. They have the best English support and their mobile apps are available in English.</p> <h2>Basic Banking Vocabulary</h2> <ul> <li><strong>은행 (eun-haeng)</strong> — Bank</li> <li><strong>계좌 (gye-jwa)</strong> — Account</li> <li><strong>통장 (tong-jang)</strong> — Bankbook (still widely used in Korea!)</li> <li><strong>체크카드 (che-keu-ka-deu)</strong> — Debit card</li> <li><strong>신용카드 (sin-yong-ka-deu)</strong> — Credit card</li> <li><strong>비밀번호 (bi-mil-beon-ho)</strong> — PIN / Password</li> <li><strong>잔액 (jan-aek)</strong> — Balance</li> <li><strong>수수료 (su-su-ryo)</strong> — Fees / Commission</li> </ul> <h2>Common Transactions</h2> <ul> <li><strong>입금 (ip-geum)</strong> — Deposit</li> <li><strong>출금 (chul-geum)</strong> — Withdrawal</li> <li><strong>이체 (i-che)</strong> — Transfer</li> <li><strong>계좌 이체 (gye-jwa i-che)</strong> — Bank transfer</li> <li><strong>자동 이체 (ja-dong i-che)</strong> — Automatic payment / Direct debit</li> <li><strong>송금 (song-geum)</strong> — Remittance (international)</li> <li><strong>환전 (hwan-jeon)</strong> — Currency exchange</li> <li><strong>ATM (e-i-ti-em)</strong> — ATM</li> </ul> <h3>The Importance of 이체 in Korea</h3> <p>In Korea, bank transfers (이체) are king. When you order food delivery, split a taxi with friends, or send money to your landlord, everything goes through 이체. Apps like KakaoPay and Toss have made it ridiculously simple — one QR scan and you're done.</p> <h2>Opening an Account — 계좌 개설 (gye-jwa gae-seol)</h2> <ul> <li><strong>계좌 개설 (gye-jwa gae-seol)</strong> — Account opening</li> <li><strong>신분증 (sin-bun-jeung)</strong> — ID card</li> <li><strong>외국인등록증 (oe-guk-in-deung-nok-jeung)</strong> — Alien Registration Card (ARC)</li> <li><strong>여권 (yeo-gwon)</strong> — Passport</li> <li><strong>인감 (in-gam)</strong> — Personal seal (sometimes required)</li> <li><strong>공인인증서 (gong-in-in-jeung-seo)</strong> — Digital certificate (old system)</li> </ul> <p>To open an account as a foreigner, you'll need your ARC (외국인등록증) and passport. Without an ARC, some banks open limited accounts with just a passport, but functionality will be restricted.</p> <h2>Mobile Banking — 모바일 뱅킹 (mo-ba-il baeng-king)</h2> <ul> <li><strong>앱 (aep)</strong> — App</li> <li><strong>로그인 (ro-geu-in)</strong> — Login</li> <li><strong>공동인증서 (gong-dong-in-jeung-seo)</strong> — Common certificate (replaces the old 공인인증서)</li> <li><strong>간편 비밀번호 (gan-pyeon bi-mil-beon-ho)</strong> — Simple PIN</li> <li><strong>생체 인증 (saeng-che in-jeung)</strong> — Biometric authentication</li> <li><strong>계좌 조회 (gye-jwa jo-hoe)</strong> — Account inquiry</li> <li><strong>이체 한도 (i-che han-do)</strong> — Transfer limit</li> </ul> <p>Korea is the land of mobile banking. Everything is done via smartphone. Korean banking apps are incredibly convenient — one-tap payments, instant transfers, even bill and tax payments. The Toss app in particular has become the financial app everyone uses.</p> <h2>Loans & Savings</h2> <ul> <li><strong>대출 (dae-chul)</strong> — Loan</li> <li><strong>주택담보대출 (ju-taek-dam-bo-dae-chul)</strong> — Mortgage</li> <li><strong>이자 (i-ja)</strong> — Interest</li> <li><strong>이자율 (i-ja-yul)</strong> — Interest rate</li> <li><strong>적금 (jeok-geum)</strong> — Installment savings (you deposit a fixed amount monthly)</li> <li><strong>예금 (ye-geum)</strong> — Fixed deposit</li> <li><strong>저축 (jeo-chuk)</strong> — Savings</li> <li><strong>상환 (sang-hwan)</strong> — Repayment</li> </ul> <h2>Useful Phrases at the Bank</h2> <ul> <li><strong>계좌를 개설하고 싶어요 (gye-jwa-reul gae-seol-ha-go sip-eo-yo)</strong> — I'd like to open an account</li> <li><strong>체크카드 만들어 주세요 (che-keu-ka-deu man-deul-eo ju-se-yo)</strong> — Please make me a debit card</li> <li><strong>잔액 조회 해주세요 (jan-aek jo-hoe hae-ju-se-yo)</strong> — Please check my balance</li> <li><strong>이 계좌로 이체하고 싶어요 (i gye-jwa-ro i-che-ha-go sip-eo-yo)</strong> — I'd like to transfer to this account</li> <li><strong>외국으로 송금하고 싶어요 (oe-guk-eu-ro song-geum-ha-go sip-eo-yo)</strong> — I'd like to send money abroad</li> <li><strong>ATM이 어디 있어요? (ATM-i eo-di iss-eo-yo?)</strong> — Where is the ATM?</li> <li><strong>수수료가 얼마예요? (su-su-ryo-ga eol-ma-ye-yo?)</strong> — How much are the fees?</li> </ul> <h2>Expat Tips for Banking in Korea</h2> <p>After 12 years of Korean banking life, here are my best tips:</p> <ul> <li><strong>Use Toss</strong> to manage all your finances in one place</li> <li><strong>Kakao Bank</strong> is perfect as a second account — 100% mobile setup, no branch visit needed</li> <li><strong>ATMs in convenience stores</strong> (편의점, pyeon-ui-jeom) accept foreign cards — perfect at 3 AM</li> <li><strong>Keep your 통장</strong> — this little paper bankbook is your official proof of balance for visa applications</li> <li>Inter-bank transfers are nearly instant and almost free (100-500 won)</li> </ul> <h2>[Learn Korean](/en/korean) to Be Independent in Korea</h2> <p>Banking is just one aspect of daily life in Korea. To be truly independent, nothing beats structured Korean learning. <a href="/en/signup">Join Seonsaengnim</a> and learn Korean through K-Pop, progressive courses, and a teacher available 24/7.</p>