Open a Student Bank Account in South Korea – Here’s the Guide

South Korea is not only attractive for its music and entertainment industries. The country also boasts several top-tier universities, including Seoul National University, Korea Advanced Institute of Science & Technology (KAIST), and Sungkyunkwan University.

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Tuition fees in South Korea vary. On average, students need to pay between IDR 27 million to IDR 98 million per semester. The exact amount depends on the university and the chosen major. To make it easier to send money for tuition or living expenses, parents or sponsors should understand how to quickly transfer money from Indonesia to South Korea.

How to Open a Bank Account in South Korea

Although there are some limitations, several banking services are accessible to international students in South Korea. Banking hours typically run from 9:00 AM to 4:00 PM, Monday to Friday.

To open a bank account in South Korea, several requirements must be met. Foreigners, including students, are allowed to open a bank account if they have lived in the country for more than six months. To open a new account, applicants must present their passport and Alien Registration Card (ARC).

Once you have your own bank account, you can send and receive money internationally. The maximum annual transfer limit is USD 50,000. However, with proper documentation explaining the source of the funds, this amount can be increased.

It’s also important to note that each bank may have different fees and limits. Therefore, it’s a good idea to compare several banks before making a decision. Some reputable banks in South Korea include KB Kookmin Bank, KEB Hana Bank, Woori Bank, and Shinhan Bank.

Fast Money Transfers to South Korea

So, how do you quickly transfer money from Indonesia to South Korea? You can rely on Transfez. With the Transfez app, you can send money from Indonesia to South Korea easily and conveniently.

See Video on How to Easily Send Money Abroad with Transfez

Just download the app, create a free account, and make a payment to Transfez’s local Indonesian bank account. Your money will arrive within minutes in the recipient’s South Korean bank account.

The advantages of using Transfez include low transfer fees and quick processing times. You’ll also benefit from better exchange rates. This makes it easy to take care of tuition and other expenses in South Korea. So, if you need to quickly transfer money from Indonesia to South Korea, Transfez is a reliable and convenient solution.

Download Transfez App

Transfez App can help you transfer money abroad more quickly and efficiently. Jack Finance can also help your business in making transactions abroad. For those of you who want to send money to relatives who are abroad because they are studying, working, or traveling, Transfez will be ready to help. This app is available on Android as well as iOS.