How to Set Up Internet Banking in South Korea

Money moves fast in South Korea. Paychecks are directly deposited into your bank accounts each month. Rent and utility bills can be set up for automatic withdrawals. Purchases are made mostly through debit or credit cards, offering reward benefits or cash back incentives. Even going dutch with friends has never been easier with apps that calculate everything and cash sent with a click of a button. Visits to the bank are rare and unnecessary because nearly EVERYTHING can be done online and through your smartphone. 

But there is one visit to the bank that is mandatory... 

Open a bank account and sign up for online banking

Are you new to Korea? Did you just start a new job? Then you may want to find out which bank your company uses. For efficiency purposes, most Korean companies want employees to use the same bank as them. If this does not apply to you, then open an account with any bank. The teller will most likely ask if you want to sign up for online banking. But in case they don’t, request it. 

1. You will be asked to create a user name. And..

2. They will give you a plastic card with a bunch of numbers on it. This is called the Security Card (보안카드). This card is extremely important so be careful to put it in a safe place. The numbers on these cards are unique to the account holder and are one of many security measures that verify their identity. 

Get online

You can do this on your bank’s smartphone app. But getting on the bank’s website is recommended since most of them have different language options. But if you want to challenge yourself and up your Korean banking language skills, feel free to try this on the app. 

Create the Certificate (공인인증서)

Remember the Security Card (보안카드) mentioned above? The Certificate is yet another security measure that verifies the identity of the account holder. And this Certificate is one of the biggest pains-in-the-neck for many foreigners and elderly Koreans. However, this Certificate is quite secure and greatly reduces the risk of someone hacking your account and siphoning you dry. Plus, the Certificate can also be used to verify your ID on other governmental websites such as the National Tax Service or the National Health Insurance Service. So it’s a good idea to get this set up to make your life in Korea more convenient. Just follow these next few steps to download your Certificate. 

STEP 1: Go to your bank’s website and click on “Certificate Center (Personal).” You’ll probably be asked to download a bunch of ActiveX, anti-virus programs. Do so. 

STEP 2: Click on “Issue/Reissue Certificate” (공인인증서 발급/재발급)

STEP 3: Pick the type of Certificate you want: Free for basic banking and some government website use, or Paid for universal use. Unless you’re some big-time businessman/woman in Korea, the Free one is suggested. 

STEP 4: Agree to ALL of the Terms and Conditions

STEP 5: Type in: the User ID, which you should have created at the bank with the bank teller; your ARC number; your bank account number; and your PIN number, which you also should have created at the bank with the bank teller. 

STEP 6: Remember that Security Card mentioned above? Make sure you have this with you because, now, the website will ask you to type in a bunch of numbers. It’s pretty self-explanatory. Just type in the boxes with the correct numbers that are on your Security Card. 

STEP 7: The next step of verification is your phone. You can either get a certificate number sent to you through text message or receive an automated telephone call to confirm your identity. If you choose the former, just type in the certificate number in the box provided. If you choose the latter, the automated call will be in English if you’re using the website. If you are using the smartphone app to test your Korean language skills, it will be in Korean. The nice robotic voice will tell you to press a few numbers. Simply press those numbers on your keypad and the voice will say “Thank You” then hang up. You will then be allowed to move onto the next page. 

STEP 8: Depending on the bank and whether this is on your computer or your smartphone, this step may be where you must input your account number and PIN number. But either way, check to make sure your home address and other information are up to date. 

STEP 9: Here is where you must create a complex password. Password requirements are usually 10 characters long with a mix of English letters and numbers, plus at least one symbol. You may want to write this down because if you try to log in using the Certificate and you make a mistake 5 consecutive times, you’re locked out for good. In this case, you have to go to the bank to get your account unlocked and have the teller reissue you another Certificate. This is why many elderly Koreans find the Certificate to be so complicated. They keep forgetting their long complex password, getting themselves locked out. 

STEP 10: If you’re using your smartphone, the Certificate is now saved on your phone. If you’re on your computer, you have the choice to save the Certificate either on your hard drive or a USB drive.

More options with the Certificate

If you have other accounts at different banks, you can use this one Certificate to log into those bank apps along with credit card apps. Simply go into the Certificate Center and click “Register/Cancel Certificates Issued by Other Institutions” (다른 기관 인증서 등록 or 타인관 인증서 등록/해제) and go through similar but much easier steps. 

If you want to be high-tech and have the Certificate on your computer plus your smartphone, you can send and receive the Certificate you just created to the other device. Go to “Copy Certificate to/from Smartphone” (인증서 복사 or 인증서 가져오기, 인증서 내보내기)

Certificate Expiration

And there you have it. You will never have to do that again unless you forget your password and lock yourself out. But remember that the Certificate is good for exactly one year, and you must renew before the expiration date. Renewing is fairly easier and can be done on your phone or through the bank website. Simply press, “Renew Certificate” (인증서 갱신) and read this article for a step by step guide on How to Renew Your Certificate. If you forget and let the Certificate expire, you will have to go to the bank and do it all over again. 

Conclusion

I have known acquaintances in America who were victims of identity theft, but have never met or heard of one here in Korea (Phone-phishing is another story). It can be tedious for users to get into their own accounts, but that just means Korea’s online security is pretty strong. Regardless, always remember to keep your Security Card and your Certificate password secret and safe! And don’t fall for phone-phishers!