Financial services in South Korea

Economy of South Korea History

* Five-Year Plans
* Saemaul Undong
* Heavy-Chemical Industry Drive
* Miracle on the Han River
* 1997 Asian financial crisis

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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

[edit]

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]

## International ATMs

[edit]

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]

## See also

[edit]

* List of banks in South Korea
* Economy of South Korea

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Organizations|

* Federation of Korean Industries
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Related topics|

* Billionaires
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See also: Economy of North Korea

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Index of Korea-related articles

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Economy

| Economy of North Korea|

* Automotive industry in North Korea
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* Transport in North Korea
* North Korean won (currency)
* Agriculture in North Korea
* North Korean famine
* Jangmadang
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|

Economy of South Korea|

* Automotive industry in South Korea
* Economic inequality in South Korea
* Energy in South Korea
* Telecommunications in South Korea
* Tourism in South Korea
* Transport in South Korea
* South Korean won (currency)
* Chaebol
* Financial services in South Korea
* Fishing industry in South Korea
* Miracle on the Han River
* Science and technology in South Korea
* Squatting in South Korea
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* 1997 Asian financial crisis

Demographics

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Culture of North Korea|

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Culture of South Korea|

* Education in South Korea
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* Smoking in South Korea
* Sport in South Korea
* Cultural icons
* Korean Wave
* K-pop
* Marriage in South Korea
* Media of South Korea
* Sexuality in South Korea

## References

[edit]

1. ^ "ANNEX – Republic of South Korea" (PDF). European Banking Authority.
2. ^ "Banking Regulation in South Korea: Overview". Practical Law. Retrieved 2023-03-28.
3. ^ "영문사이트". www.customs.go.kr. Retrieved 2024-07-10.
4. ^ SNUgle-i. "Open a Bank Account - Guide for Living in Korea". SNUgle-i. Retrieved 2023-03-28.
5. ^ "ATMs in South Korea: Credit cards and fees". Wise. 2022-03-28. Retrieved 2024-07-10.

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