Financial services in South Korea
In this article, we will explore in depth the exciting world of Financial services in South Korea. From its historical origins to its relevance today, through its different manifestations over time, we will delve into a complete analysis that will allow us to understand the importance and impact that Financial services in South Korea has had in various areas. Furthermore, we will examine the reasons behind its popularity and its influence on society, as well as the possible future implications that could arise from its evolution. Get ready to embark on a revealing and enriching journey through Financial services in South Korea.
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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
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.[citation needed] The branches must obtain a banking license from the Korean Financial Services Commission (FSC).
International ATMs
Korean citizens may apply for an international ATM card corresponding to an interbank network such as Cirrus or PLUS, but foreign residents may not. 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.
Interbank ATMs are common throughout the country, especially in densely populated urban areas such as Seoul.
See also
References
- ^ "Banking Regulation in South Korea: Overview". Practical Law. Retrieved 2023-03-28.
- ^ SNUgle-i. "Open a Bank Account - Guide for Living in Korea". SNUgle-i. Retrieved 2023-03-28.
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