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Joseph SY Zoh

CPA, California, a member of AICPA  |  Jz Associates/Tax Accounting Firm Hae-An

F:+82-31-273-5078  |  Skype: joezoh  |  Email: jz@taxjz.com

Web : www.taxjz.com  |  Blogs: www.koreantaxblog.com

Korean Tax Blog

since 1981-

Banking System in Korea

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.

 

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.

 

Once you have opened your account, here are some of things you will need:

 

1.      One Time Password (OTP) Generator

Alongside the password for your bank book, you need this generator when you want to transfer funds online. In past cases, I have recommended a multi-level approval system for cash management. For example, all payment requests can be prepared online, and then the account manager can use the OTP number to trigger the actual transfer.

 

 2. Digital Certificate for Banking(인증서, 공인인증서)

This certificate is made online. You may only create this digital certificate after you have opened a bank account in person and have provided all the documents necessary to prove that you are not homeless or have a history of money laundering.The Digital Certificate for Banking comes in the form of a file that you can download onto your hard drive, USB, or mobile device. To access the certificate, you will need to create a password. For your convenience, I can monitor your bank account using this certificate and password.

 

3. Digital Certificate for Tax Invoice(세금계산서용 공인인증서)

If you are required to issue your tax invoice, you will also need this certificate.

 

Complicated enough? Definitely. I, Jz, will provide all of the above devices. Additionally, I will open bank accounts for you in your absence and provide you with cash management services based on both multi-level and single-level approval systems. 

 

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