When you first arrive in Korea, online banking can seem complicated and hard to figure out. However, once you know the basics, the process can become quite efficient and you can perform all your banking tasks from the comfort of your own home. In this blog I will provide you with all the knowledge you need to help make your transition to living and teaching in Korea, and dealing with your finances, a lot easier.
The most important and necessary thing to have is a bank digital certificate. In Korea, this is used to secure all transactions and process payments. Without it, you effectively cannot complete your taxes or pay bills online. Even if you use a card number, your Korean bank will produce a pop-up automatically and ask you for the digital bank certificate and pass code linked to it.
The certificate needs to be updated every year and has an expiration date. If your certificate does expire you can follow the advised steps on your banking website to update an expired digital bank certificate. Also, if you cannot figure out the system call the bank's English customer center or ask a colleague at work to help you. Unfortunately, the language difference can be an issue at times so learning basic Korean can help you navigate your way through online banking.
How to obtain a Bank Digital Certificate?
Every bank has a different way to obtain a Bank Digital Certificate online, however I will specifically speak about the most popular foreign bank, KEB Hana.
On KEB Hana's main page you can choose English and then log in. On the main page to the left hand side, below the timer, is a box that says 'digital certificate center'. Click on this box, choose the first option 'Issue/reissue digital certificate,' then follow the instructions and choose a place to download the digital certificate. Usually the first download should be made to your computer, where you do majority of your online banking.
If you would like a second copy made to a USB stick, go back the the 'digital certificate center' (as mentioned above) and choose 'copy and manage digital certificate'. This is imperative if you are traveling abroad and cannot use your phone or computer. A USB can be inserted into any computer and then you can do online banking transactions.
For mobile banking, click on the 'digital certificate center' and choose 'copy smart phone banking certificate'. Also, make sure your phone is connected to your PC.
How to Utilize Online Banking?
Once your online banking is set up you can do numerous transactions on it such international transfers and domestic payments. To give you an example, my domestic payments include rent, electricity, and gas. I also pay for my phone bill and online deliveries from websites like i-herb and g-market.
Most Korean websites allow you to choose a bank transfer as an option of payment. Most foreigners choose this option so they can transfer their payment at an ATM. However, with the luxury of online banking, your life becomes so much more convenient.
With KEB Hana Bank you can open up a foreign-one-easy account. This account is directly linked to your bank account back home, so you can effortlessly transfer money internationally from your computer. This avoids the usual case of waiting in banking queues before school.
Where Can I Save my Bank Digital Certificate?
When you are setting up your digital certificate you will usually opt to save it on your computer. Make a note about where you saved it and what the file's name is.
In the case that you would like digital banking on your phone or on a USB for filing taxes, you can easily copy it to more than one device. However, you shouldn't simply copy it, but follow the online guidelines of how to copy it and save it to another external device.
I hope my tips have been helpful. You will quickly realize once you have set-up online banking that your life will become a whole lot easier during your time living in Korea.
It is no surprise that Tijana Huysamen, a South African born Capetownian, avid traveler and travel journalist, fell in love with South Korea and its people. After Tijana arrived in South Korea in 2010, she had the opportunity to live in the heart of the Korean countryside. During her time spent in Chungnam province she learned to speak Korean, prepare Korean food and experience the humble nature of the countryside people. After a year break in New York, Tijana jumped at the opportunity to return to Korea again, and is currently working at the CDI Jamsil Branch, in Jamsil, Seoul. Read Tijana’s Aclipse blog to gain a unique perspective on Korea and her shared experiences and adventures both in a major city and in the countryside. Follow Tijana on Twitter @TeeAnni or email firstname.lastname@example.org to request more information on teaching in Korea!