Online Banking

Author
Butlers Korea
Date
2018-05-15 14:12
Views
62
Many Korean banks offer Internet (online) banking in English. Some even allow you to conduct international transactions via Internet. There are restrictions on FX transactions so check with your bank to get the specifics.

If you wish Internet access to your Korean bank account, you must request it when opening hte account. Make sure the bank explains the process and time limits (if any exist as this varies from one bank to the other) of registering on Internet and use requirements if you plan on using the Internet account to withdraw or transfer money. The initial set-up process can be a little complicated in Korea due to the security protections required by the government.

Accessing your IT account
In order to avoid limiting your certification (and therefore access to your IT account) to one computer, use a USB when installing the certificate. In this way you can access your IT account from any computer. Some banks update the 'security' each time you access your bank account via Internet which cause a delay of around one minute or less.

Overseas Internet Banking is now available for foreign nationals residing in Korea with some banks. You will have to register with a specific bank in order to access this service - same as for overseas remittances. Once you've done so, you'll be eligible to move money from your designated Korean foreign exchange bank (08) for international transactions. Note that all IT transfers will count toward your W50million cap, just as credit card transactions and direct remittances are.

You can access your account to view transactions including your account balance(s) from any computer. Some banks update the 'security' each time you access your bank account via Internet which cause a delay of around one minute or less. Also, some banks require inputing the security code before you can view your account. Additional security applies when you want to transfer money out of the account(s).

You can set limits on the amount of money you move out of the account within a set period of time. When opening the account, you can state the maximum amount you will permit per transaction and per day. You can change this amount at any time by making the request in person at your bank.

Active X Program.
Each time you have to access your IT account, you will be asked to download an 'Active X' program. When it comes to using Internet banking, due to security reasons the 'Active X' program has been made mandatory for the banks by the government.
Sometimes, while installing the ActiveX control the program goes into an un-ending loop. This problem arises typically because of the user’s computer settings related to firewalls and internet explorer. Windows Vista users face such issues more than other Windows users. K4E has been told that you can fix to this problem by downloading IE (internet explorer) versions 6 or 7.

Security Certificate
When you open your first Korean Internet account, you will have to set up a security certificate. Best to bring a USB with you as the certificates are 'computer' specific. Even if you choose to go through the process of setting up the certificate at home rather than at the bank, it is best to do it using a Memory Stick, unless you want to only use that one computer to do your banking now and in the future. Once you set up that certificate, it can be used for Internet banking with all Korean banks. You can set up the certificate on both your computer and a USB. The bank may charge a small service fee (W2,000-W3,000) to set up the certificate.

Internet Explorer
While some banks have programmed their Internet banking to accept Safari and Chrome, it is still much simpler to go through Internet Explorer. Even when they say you can come in through Chrome or Firefox, you are likely to encounter problems moving through the bank's website.

Password Updates
Security and account passwords can be updated/changed online. If you experience difficulties contact your bank's customer service. Note that if you make an error with any of the passwords online between 3-5 consecutive times, you will be frozen out and may have to present to your bank in person to change the password or unfreeze your account.

 
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