Due to the absence of personal cheques and the former maximum won note being w10,000 (approximately USD$9.34 on May 3rd at 1.34pm) Internet Banking is a very popular way to pay bills and manage money in Korea.
With Internet Banking it is possible to instantly transfer money to anyones account in Korea, it is also possible to send money abroad, open new accounts, and review your transaction history depending on your bank and their policies.
To get Internet Banking you will need to visit a bank branch and register for Internet Banking not all banks offer English Internet Banking so if you don't know Korean, you will need to change banks. If they tell you can't have Internet Banking for 3 months you can call the bank's English helpline, or just leave and find another bank or branch that has adequately trained their employees.
When you have registered you will need to log in and download a certificate onto your computer. Many banks tend to only operate on Internet Explorer and Windows, although this is changing Mac users probably won't be able to use Internet Banking.
Once you have a certificate you can use it with other banks as well provided that you have registered with them for Internet Banking. The certificate will also allow you to logon to the National Pension Office, the National Tax Service and many other useful webistes, so guard your certificate and password carefully.
If yoiu have registered that your bank is your primary foreign exchange bank you will also be able to complete overseas trnsfers from the comfort of your own home. This can be useful for people that find visiting a branch difficult although you will need to visit a branch at least once.
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