Banking
Banking
The KAIST branch of Woori Bank, located in the Student Center (W2), issues drafts and traveler’s checks, and change money for you. It is recommended that you open a bank account as soon as possible (there is no charge for this service).
To open an account, you will need to bring your passport or alien registration card as identification. When you withdraw cash by using your VISA or Master Card, please go to the bank with your passport. The bank is open from 9:30 a.m. to 4:30 p.m. Monday through Friday, excluding national holidays. There are several ATMs on the campus and most of them operate until late. Outside school you can find ATMs at convenience stores and at virtually every corner of streets.
In Korea, it is very common and convenient to use internet banking. So, ask the bank teller to activate your internet banking function when you open a new account. The service is free and secure. Another tip is creating more than one account. Students often have two to three bank accounts in order to separate their “official” money and “personal” money. Woori Bank accounts can be made in Korean won or foreign currency passbooks.
There are also different types of Time Deposit accounts that is convenient for you to keep your savings. For further information, visit: www.wooribank.com
Currency Information
Korea’s official monetary unit is the won. The Korean currency consists of a ten thousand, five thousand, and one thousand won note, and five hundred, one hundred, fifty and ten won coin.
Currency Exchange rate
Currently, a dollar exchanges for about 1,020won. Exchange rates may change at any time according to the market conditions, but the won is a relatively stable currency so it is safe to keep your money in this form.
Exchanging money
When you need to exchange your foreign currency into Korean won, visit a bank, exchange service center, or an authorized exchange. The Woori Bank may not exchange some currencies-in this case, you need to find your way to a Korea Exchange Bank (KEB) or other exchange center.
Credit Cards
In Korea, shopping with credit cards is very convenient. It is recommended that you open a BC Debit Card at Woori Bank (W2). This card is widely accepted at restaurants, supermarkets and at almost every commercial establishments in Korea. It takes only 15 minutes for registration, and there usually is no membership fee. For more information, visit Woori Bank branch.
_KAIST has cooperated with Woori Bank to provide a convenient way for students to manage their finance. Your student card is integrated with your Woori Bank account so you can use it to withdraw money at ATM machines easily.
_After office hours (9 a.m.-6 p.m. from Monday to Friday), you will be charged a fee when you withdraw money from ATM machine. The fee varies from 600 won to 1,200 won depending on the time you use the machine. Remember that you will also be charged if you withdraw money from an ATM machine that does not belong to Woori Bank (Woori Bank ATM machine has its logo on the top).