Financial services in South Korea

Financial services in South Korea refers to the services provided in ROK by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.

Foreign banks (Citibank, HSBC, Deutsche Bank, etc.) which have a presence in ROK are not international branches, but rather wholly Korean entities, due to Korean law.^[1] The branches must obtain a banking license from the Korean Financial Services Commission (FSC).^[2]

Korean citizens may apply for an international ATM card corresponding to an interbank network such as Cirrus or PLUS, but foreign residents may not.^[3] Foreign residents in ROK, however, may use such interbank networks at ATMs in ROK through ATM cards procured in foreign countries. Foreigner can open an account in a local bank and get a local ATM Card if they have a residence card. Shinhan Bank and Woori bank allow foreigners to open bank accounts without a residence card.^[4]

Interbank ATMs are common throughout the country, especially in densely populated urban areas such as Seoul.^[5]

• List of banks in South Korea
• Economy of South Korea

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