Posted on
2024.10.10
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270
Are you using a limited account in Korea? If you need to transfer more than 1 million KRW for things like tuition or a housing deposit, there are a few important steps to follow. 📋
Bring Supporting Documents
If you need to transfer a large sum (over 1 million KRW), you’ll need to visit your bank branch with
supporting documents
such as an invoice or rental contract. Make sure to prepare these ahead of time to avoid delays.
Daily Transfers as an Alternative
If visiting the branch is inconvenient or if you're transferring something like rent, you can make multiple daily transfers by splitting the amount up to the
daily transfer limit of 1 million KRW
. This way, you can send the amount over several days! 💡
With this information, you can manage your limited account more effectively and transfer funds safely and conveniently!
How to Transfer Large Sums from a Limited Account! Are you using a limited account in Korea? If you need to transfer more than 1 million KRW for things like tuition or a housing deposit, there are a few important steps to follow. 📋 What to Know When Transferring Large Amounts Bring Supporting Documents If you need to transfer a large sum (over 1 million KRW), you’ll need to visit your bank branch with supporting documents such as an invoice or rental contract. Make sure to prepare these ahead of time to avoid delays. Daily Transfers as an Alternative If visiting the branch is inconvenient or if you're transferring something like rent, you can make multiple daily transfers by splitting the amount up to the daily transfer limit of 1 million KRW . This way, you can send the amount over several days! 💡 With this information, you can manage your limited account more effectively and transfer funds safely and conveniently!
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The K-Food Festival "Knock-Knock " is a culinary celebration focused on traditional Korean cuisine. Running from Wednesday to Sunday, from 4 PM to 9 PM, this vibrant festival offers an exciting opportunity to explore a variety of Korean dishes. At the festival, 15 food trucks will serve innovative dishes like Kimchi Bacon Cheese Pancakes, Walnut Cream Cheese with Dried Persimmons, Kimchi and Ssamjang Chicken Skewers, Crispy Chicken Gangjeong with Nurungji, and Pumpkin Sikhye. It promises a colorful culinary adventure for all visitors. In addition to the food, the festival will feature pop-up stores selling handmade crafts, interactive activities for visitors, and live performances on the weekend. Located near Gwanghwamun and Gyeongbokgung stations, this festival offers the perfect opportunity to experience the flavors and culture of Seoul in the heart of the city!😁 When ~May 31, 2025 Location 110, Sejong-daero, Jung-gu, Seoul, Republic of Korea Transportation Exit 4 of City Hall Station on Line 1 Website https://knock-knock.kr/2024/
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How to Get a Bank Balance Certificate in Korea! Are you studying in Korea? If you need to apply for a visa or submit documents to your school, you’ll likely need a Bank Balance Certificate (잔액증명서) . Here’s how to get one! 📄 What is a Bank Balance Certificate? A Bank Balance Certificate is a document that shows the balance in your account as of a specific date. It’s often required for visa applications , school registration , or other official purposes . Important Things to Know When Issuing a Balance Certificate 1. How to Get It In-Person : Visit a nearby bank branch with your ID and account number, and you can get it issued on the spot. Online/Mobile : You can also issue it through internet banking or mobile banking apps. Look for the ‘Certificate Issuance’ menu in your bank’s app or website. Issuance Fee : The fee for issuing a balance certificate is typically between 3,000 to 10,000 KRW. 2. Important Note The balance certificate freezes your account balance until the end of the next day after issuance. This means that the amount shown in the certificate cannot be withdrawn during this period. So, if you need money, make sure to withdraw it before issuing the certificate! 💡 3.Language Options The certificate can usually be issued in both Korean and English, so you can select the appropriate language depending on where you need to submit it. Tip! Did Your Parents Send You Money via International Transfer? If your parents sent you money for tuition or living expenses via international transfer , consider depositing it into a fixed deposit account to earn interest ! 💸 Long-term deposits can help you earn interest, which might be a small but helpful boost during your time in Korea. 📌 In Summary : A Bank Balance Certificate is a useful document for many situations. Just remember that the balance is frozen temporarily, so plan ahead with your finances! 😄
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For international students opening a bank account in Korea, there are several essential documents you'll need to prepare. Additionally, if this is your first account, it may be classified as a limited account, so make sure to familiarize yourself with the restrictions that apply. 1. Documents Required to Open a Bank Account When opening a bank account in Korea as a foreign student, you'll typically need the following documents: Passport : A valid passport for identity verification. Alien Registration Card (ARC) : Required for those staying in Korea for more than 90 days. Proof of Address : A rental contract or utility bill to confirm your current address. Visa or Proof of Residence Status : Documents to prove that you are legally residing in Korea. Phone Number : A phone number registered in your name in Korea. Proof of Income : Some banks may request income-related documents such as a certificate of employment or salary slips. 🎈 If proving income in Korea is difficult, it is possible to open a limited account , which has transaction restrictions. 2. What is a Limited Account? When foreign nationals first open a bank account in Korea, it may be categorized as a limited account . This type of account places restrictions on withdrawals, transfers, and remittances. It is typically applied to foreign residents or accounts with low usage after being opened. Limited accounts are primarily used for the following reasons: To prevent money laundering and fraudulent transactions. To lift the restrictions, you must submit additional documents or follow the bank’s procedures. This usually includes providing proof of income, fixed residence documents, or other verification materials. It is recommended to inquire about the process for removing account limits and prepare the necessary documents after opening the account. 3. Typical Limitations at Major Banks While limits vary by bank, the following are common restrictions for limited accounts: Withdrawal Limit : Up to KRW 300,000 ~ 1,000,000 per day. Overseas Transfer Limit : Up to USD 5,000 per day and up to USD 15,000 per month. After account creation, you can provide additional documents or follow specific procedures to lift these restrictions. This information will help international students understand the necessary steps and documents required when opening a bank account in Korea, as well as the limitations that may apply.
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