Questions & Answers

Banking

How do Korean checks work?

They’re not the kind of personal checks where you write out an amount on a paper check and indicate the recipients name that is then withdrawn from your account, does not exist in Korea. Here, checks have an amount printed on them and they are issued by the bank with no recipient’s name. They can be lost almost as easily as cash, but do reduce the bulk of carrying large sums of money. (In Korea, the highest note is W10,000 or about $10.00). The standard issue is for W100,000 and these can be obtained even through the ATM’s. Higher amounts or even specific amounts can be obtained over the counter in any bank. You do not have to be an account holder to obtain a bank check.

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