Opening a bank account in South Korea

Opening a bank account in South Korea

Currently, South Korea is among the top leading countries with a highly developed economy. Large foreign investment, the development of high technology, stable financial situation within the country makes it an extremely profitable place to store your own (or corporate) deposits. Therefore, opening a bank account in South Korea is a good option for storing your funds.

There are currently three main types of banking institutions in South Korea:

• Commercial.
• Specialized.
• Central.

The first two types can relate to both private and public financial institutions. The third is exclusively in state ownership. So what exactly distinguishes them besides the form of ownership?

The main difference lies in the timing of account registration. In a private South Korean bank, registration will take no more than 20 minutes (for this, the client needs to show the bank employees only an identification card).

In state-owned banks, this procedure undergoes extremely strict control by the relevant authorities, and requires much more time. Also, the investor will be required to provide a rather impressive package of documents, and confirm the legitimacy of their income (the legality of their origin). But this aspect is more than compensated by the utmost degree of deposit protection and the quality of service.

What are the benefits of opening a bank account in South Korea for foreign investors?

• Maximum deposit protection.
• Minimum terms for processing requests and conducting financial transactions.
• The ability to remotely control all processes. All banks provide customers with a multifunctional application with which you can perform all financial transactions from any country.
• Stability of the local economy. Your deposits will be protected from currency fluctuations, devaluation of the local currency and other similar destructive processes.

How can I simplify the procedure for registering a bank account in South Korea?

To achieve this goal, it will be most profitable to seek help from a specialized legal agency. Cyworld Wealth Limited is a team of highly trained experts in the field of international financial law. With our help, you can bypass all the pitfalls of South Korean law, and register a personal or corporate account as soon as possible. We will provide:

• Preparation of a package of necessary documents.
• Full support at all stages of account registration.
• Providing free consultations to the client.