Financial services in South Korea
{{South Korean economy}}
Financial services in South Korea refers to the services provided in ROK by the finance industry: banks, investment banks, insurance companies, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages.
Foreign banks
Foreign banks (Citibank, HSBC, Deutsche Bank, etc.) which have a presence in ROK are not international branches, but rather wholly Korean entities, due to Korean law.{{Cite journal |title=ANNEX – Republic of South Korea |url=https://www.eba.europa.eu/sites/default/files/document_library/News%20and%20Press/Press%20Room/Press%20Releases/2020/EBA%20acknowledges%20Commission’s%20decision%20on%20equivalence%20for%20Serbia%20and%20South%20Korea/Annex%20South%20Korea.pdf |journal=European Banking Authority}} The branches must obtain a banking license from the Korean Financial Services Commission (FSC).{{Cite web |title=Banking Regulation in South Korea: Overview |url=http://uk.practicallaw.thomsonreuters.com/w-032-4691?transitionType=Default&contextData=(sc.Default)&firstPage=true |access-date=2023-03-28 |website=Practical Law |language=en-GB}}
International ATMs
Korean citizens may apply for an international ATM card corresponding to an interbank network such as Cirrus or PLUS, but foreign residents may not.{{Cite web |title=영문사이트 |url=https://www.customs.go.kr/english/cm/cntnts/cntntsView.do?mi=10800&cntntsId=5500 |access-date=2024-07-10 |website=www.customs.go.kr}} Foreign residents in ROK, however, may use such interbank networks at ATMs in ROK through ATM cards procured in foreign countries. Foreigner can open an account in a local bank and get a local ATM Card if they have a residence card. Shinhan Bank and Woori bank allow foreigners to open bank accounts without a residence card.{{Cite web |last=SNUgle-i |title=Open a Bank Account - Guide for Living in Korea |url=https://snugle-i.snu.ac.kr/living-in-korea/open-a-bank-account |access-date=2023-03-28 |website=SNUgle-i |language=en}}
Interbank ATMs are common throughout the country, especially in densely populated urban areas such as Seoul.{{Cite web |date=2022-03-28 |title=ATMs in South Korea: Credit cards and fees |url=https://wise.com/au/blog/atms-in-south-korea |access-date=2024-07-10 |website=Wise |language=en-AU}}
See also
{{Asia topic|Financial services in}}
{{Economy of South Korea}}
{{Korea topics}}