Money & Banking service

The currency of Korea is Won (KRW). US Dollars or any other foreign currencies are not accepted nationwide, but major credit cards (mostly Visa and Master Card) and bankcard (ATM and debit card) linked to Cirrus, Plus, Master Card, or similar international network can be used widely. Cash advances on your credit card is not recommended though since interest on top of transaction fee will be charged.

Upon arrival at CNU, long-term students are strongly asked to open a Korean bank account for the sake of safety and convenience. Two branch offices of major banks are located on-campus : Hana bank (1st fllor of W8-2 building / 821- ****) and Woori bank (1st floor of W1 building / 821-****). Business hours are from 09:00am to 16:00pm. To open a bank account, simply visit the office during the business hours, fill in the appropriate application forms, and submit it with passport or alien registration card. The banks are equipped with Global ATM machine and offer major foreign currency (USD, Euro, CD, Chinese Yuan, Japanese Yen) exchange service. Any other currencies are exchangeable at Korean Exchange Bank located outside of the campus.

Several ATM machines are also located in the main library (N1), Engineering building 2 (E2), outside of Student Union 1(W8-1), in dormitory building No. 3 (N5-1). They enable students to do simple money transactions without having to travel far for the banks and even after bank business hours.

Transferring Money in and Out of Korea

To wire/transfer the money from abroad to Korea, the person sending the money should know your account number, the bank and its branch name, Swift Code, and passport number. All the information are noted on the bank book.

There is a transfer fee depending on the amount of money transferred. It takes approximately one week before it is ready to use. If the money transferred exceeds USD 20,000, it will be reported to the Office of National Tax Administration.