With a Korean bank account, foreigners have more access to cash on the go. Visitors may find that foreign bank cards do not work at all Korean Automatic Teller Machines. The majority of ATMs in the Republic of Korea allow access for domestic cards only, which are issued to customers patronizing any major Korean bank. While many convenience stores and hotels have ATMs with international access, they can be difficult to find in rural areas and always come with a fee.
With a Korean bank account, you can easily pay utility bills for an apartment. Often, gas, electric and water bills are expected to be paid at the bank, so having an account will make paying the bills much easier.
Foreigners working in Korea, such as English teachers, may find that employers prefer to give paychecks through direct deposit at a local bank. Still, plenty of employers deal only in cash, so you may find yourself carrying home a large stack of small bills. A local bank account means you can safeguard your pay. If your employer pays you with the rare check, having a domestic bank account makes cashing it out much easier.
While a bank account is highly recommended for foreign workers in Korea, American military members living and working on a US military base do not need one. All bases on the peninsula have international ATMs that give access to Korean won and US dollars. Military personnel that travel frequently or live off base, however, may find a Korean bank account to be helpful.
