Moving to Korea

Moving to Korea? Let us provide more information about your new home and how we can help you settle in and manage your finances.

With its position as economic centre of Northeast Asia and well-established infrastructure, Korea is enriching itself from an economic hub of Asia to a global financial centre. Korea also is safe-haven for your finances with its stable social system, strong domestic institutions and reliable banking institutions. By setting up your accounts in Korea especially through HSBC, you can be assured that global banking and financial organization, HSBC and Korea’s finance laws will protect your finances. So whether you have decided to make Korea your home for a few years or on a more permanent basis, HSBC International Services can help you with your finances throughout your stay here.

Korea is renowned for its world-class products and services. As an expatriate moving here, you can be assured you will enjoy relatively high standard of living and comfortable lifestyle. However, in order to make your move to Korea a bit easier, we have put together some information that we hope you will find useful.

About Moving to Korea

How Can Premier Help?

What You Need to Know

Entry Requirements

All the travelers visiting Korea should be qualified with:

• Valid Passport (Passport and Sailor’s ID Card for a sailor)
  You cannot enter Korea with expired passport.
• Visa (Consul’s entry recommendation for foreigner’s entry permission request)
  Valid visa is necessary to enter Korea and your entry may be refused if the type of your visa and purpose of your visit are discrepant.

Visa Requirements

The requirements of Korean visa may vary according to your nationality and purpose of your visit. Korean visas are classified into diplomat/public affairs visa, nonprofit short stay visa, work visa and general prolonged stay visa.
(Visit http://www.immigration.go.kr for more details.)

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HSBC Korea International Banking Centre

Our International Banking Centre has been set up especially to help expatriates who have financial needs in more than one country. Our International Banking Officers will help you make the most use of our global network by helping you manage your accounts wherever you are based.

HSBC has 11 branches throughout the country and our electronic banking channels include 24-hour Phone Banking services and Internet Banking services.

If you are already a Premier customer in your home country, you will also be accorded Premier status in Korea, which grants you the same privileges given to Premier customers in Korea including a Relationship Manager FP assigned to you, who will take care of all your financial needs. You will also have access to our 11 Premier Centres in Korea.

Whether you are an existing Premier customer or are interested in becoming a Premier customer, visit our Premier Website to find out more.

HSBC International Banking Centre

• Seoul Branch
  1st Floor, HSBC Bldg.,25 Bongraedong 1ga, Jung-gu, Seoul, Korea
  Tel. (822) 2004 0123
• Business Hours
  Monday to Friday: 9:30 am - 4:30 pm
  Saturday, Sunday, Public Holidays Closed.

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Korea is situated on the Korean peninsula, which runs east end of Asia to southward. Korea spans 1,020 Kilometers with the narrowest width of 175 Kilometer. It encompasses a total of 221,000 square kilometers. Mountainous terrain accounts for 70% of the territory and Korea is one of the most mountainous countries in the world. Korea has many scenic valleys and mountains basically consisted of granite and limestone.

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Korea belongs to temperate region and has four distinct seasons.

You can enjoy spring season from March to May, the spell of mild and fine weather with the average temperature being between 5.2℃ - 17.4℃.

Summer is relatively sultry and rainy. The average temperature of June, the beginning of summer, rises above 20℃. Rainy season lasts from end June to mid/end July with the average temperature being over 25℃. August after rainy season is the hottest and most humid period of the year and the average (the highest) temperature is about 30℃.

Autumn, with its crisp air from the continent and fine and dry weather, is the most pleasant season of the year. The average temperature is 20.8℃. October is particularly beautiful with brilliant panorama of golden colored fields reads to be harvested and maple trees colored in diversity of rustic hues (average temperature of 14.4℃).

Winter from December to February is snowy, cold and dry, with average temperature being between 0.2℃ - -0.3℃. Typical Korean winter weather is called ‘samhansaon’, meaning alternation between three days’ cold and four days’ warmth.

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All Koreans speak and write the same language, which is Korean. Recently increasing numbers of Koreans speak English fluently, but the number is not predominant yet. Most of information maps and signboards are indicated both in Korean and English, but some are not. You can receive English helps at high-grade hotels or HSBC Premier Centre if necessary.

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The number of foreigners in Korea is increasing. More than one hundred seventy thousand foreign workers were registered and over seven hundred thousand foreigners were staying in Korea for other purposes such as visit, short stay and studying during 2005.

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There are various festivals with diverse themes ranging from agricultural products to food and handcrafts. Some representative traditional festivals include 'Dano' making a wish for good harvest on the fifth day of the fifth lunar month when summer starts, 'Chuseok' or harvest celebration also called 'Hangawi' and 'Seollal', when entire family gather on the first day of the first month by lunar calendar to spend the day together inside house praying with the hope of preventing misfortune.

'Jinhae Cherry Blossom Festival' in April when cherry blossoms fully bloom, 'Boryong Mud Festival' with Boryong's special feature, mud, and 'Daegwanryong Snow Festival' in Daegwanryong region where over three meters of snow piled up every winter are famous local festivals.

Visit Korea Tourism Organization(www.knto.or.kr) to find out more details on traditional/local festivals in Korea.

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• Confucian Practice

Koreans still observe Confucian traditional practices, so age, respect for elders and social manners are considered very important.

• Name

Most of Koreans keep relative unit carrying the same family name. Kim takes the most part with 21% among population, following 14% of Lee and 8% of Park. There are also Choi, Jung, Jang, Han, Im and other family names.

• Ondol

‘Ondol’ is an unique Korean under-floor heating system. Heat made in fireplace is channeled through flues under the floor to keep the room warm. It originated the ancient Goguryeo dynasty, and has been developed gradually.

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• Table Setting /Manners

The prominent feature of Korean table setting is that all dishes are served at the same time. Square or round tables are used and positions of each and every dish are established. Overall appearance of table setting is neat and tidy and there are rather strict table manners.

- Table Setting
Hot or watery dishes are served on the right with cold or dried dishes on the left. Rice bowl is served on the left, the soup bowl on the right and the sauce bowl in the centre. The spoon is on the right side with slightly protruded chopstick on back of it.

- Traditional Table Manners
Spoon is not to be used with chopstick simultaneously. Spoon and chopstick are not to extended on bowls. It is recommended to take a spoon of soup or watery kimchi when you start eating and lifting your rice bowl or soup bowl is not considered as good manner. Ask the people next to you about dishes or sauces out of your reach.

• Hanjeongsik

Hanjeongsik means array of traditional Korean dishes. It includes traditional rice cakes, wedding foods, local foods, traditional teas, and royal cuisine. Each has wide range of dishes. Visit Korean Traditional Foods Institute (www.kfr.or.kr) for more details on traditional Korean dishes.

• Kimchi

Kimchi is fermented vegetable (mainly cabbage) pickled with various seasonings including red pepper powder, garlic, ginger, green onion, radish, fermented seafood and many others to mature and preserve longer.

• Korean Traditional Teas

The typically preferred tea consists of dried young leaves of tea plant soaked in hot water. However, there are many other types of teas including dried or ground various medicinal stuffs and fruits or even preserved in sugar or honey. You mix them with hot water to drink.

Soaked teas can be classified into non-fermented tea (green tea), half-fermented tea (jasmine tea, urong tea), fermented tea (black tea) and post-fermented tea (boi tea). There are also boiling teas including ginseng tea, doochoong tea, chrysanthemum tea, Chinese matrimony vine tea, cinnamon tea, plum tea, lovage tea, peppermint tea, arrowroot tea, citron tea, Japanese quince tea, five fruits tea, jujube ginger tea, mung bean tea, cereal tea, adlay tea, and corn tea.

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‘Takju’, ‘Yakju’ and ‘Soju’ represent traditional liquors. Amongst them Takju has the oldest origin considering the brewing process. Filtered Takju is Yakju and distilled Yakju makes Soju.

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The transportation service available in Korea includes subway, bus and taxi. Ordinary one-way tickets are recommended if you use public transportation only a few times. Subway fare starts from KRW 900 and surplus charge will be added according to the distance. Korean transportation smart card called ‘T-money’ is the better option if you use public transportation frequently because it offers some discount for bus and subway fares. The fare with T-money starts from KRW 900 and there is additional charge according to the distance just like with ordinary one-way ticket. You can get and charge the card at subway stations and convenience stores. It carries CPU for self-computing and is a non-contact type smart card. Subway hours may vary according to lines and days, but normally operation starts from 5:30 am and the last train runs around midnight. Visit subway operation information web site for more details. You can also get further information at the traffic service homepage of Seoul city (http://traffic.seoul.go.kr).

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Visitors to Korea can choose from a wide range of accommodations and convenient facilities according to the purposes of their visits.

• Short Stays

There are various options available including hotels, pensions, resort hotels, guesthouses and home-stays. Rate is usually charged per night.

• Long-Term Stays

You also have many options for long term stays ranging from rent to purchase of property. A visit to Seoul Help Centre for Foreigners (http://shc.seoul.go.kr) may be useful if you plan to stay in Seoul. It provides wide range of information including visa advices, job opportunities, and accommodation as well as tourist information.

If you are interested in taking a home mortgage loan to purchase property in Korea, contact our Premier Centres in Korea. They can provide more information and advice on investment and various loan products such as home mortgage loans available at HSBC

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You can be assured that you will receive the best medical services by well-qualified medical staffs with state of the art medical equipment. Office hours may differ from hospital to hospital, but normally clinics open at 9:00 am and are closed on Sundays and public holidays. You can use Emergency Rooms on holidays if necessary.

Seoul Help Centre for Foreigners (http://shc.seoul.go.kr) may provide help. They are running an English Helpline with the assistance of foreign volunteers, offering hospital link service. You can consult about disease and other medical needs.

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By education law, the school system in Korea consists of elementary schools, middle schools, high schools, colleges, universities, and graduate schools. Six years of elementary schooling and another three years of middle schooling are compulsory for Korean citizens.

Koreans are relatively enthusiastic about education and achieving high standard, so many children of preschool age take lessons at private institutes for English, musical instruments, Taekwondo, and arithmetic, as well as attending playschools and preschools.

Schools by education law mean public schooling and there is another option for private schooling against extra fee. There are two types of high schools: public and private. Private schools are more costly compared to public and national schools. Just like high school, colleges and universities in Korea are also divided into national and private institutions, which means considerable difference of educational expense.

You can consult Korea International School (http://www.kis.or.kr) or Migrant Workers Centre (http://www.migrantok.org) for the education of your child in Korea. Korea International School was established in 1999 and academically qualified by WASC. The institute is equipped with multicultural features respecting racial and cultural diversity.

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• Telecommunications

- Short Stays
You can use roaming services of mobile communication operators if you plan to carry a mobile phone in Korea. Roaming service centres of each mobile service operators are available at major airports and you can also rent mobile phone there. This service offers students, businessmen and short and long-term visitors from abroad moderate and convenient mobile phone rental service without additional bearing fee.

- Long-Term Stays
You can purchase your own mobile phone and apply for the line at the offices of each mobile service operator if you plan to stay longer. Bring your alien registration card and a credit card acceptable in Korea. Installment purchase service is not available for foreigners and you need to pay in cash or by credit card. Service charge is payable by credit card only. Automated credit transfer and giro payment are not acceptable.

• Internet

- Short Stays
State of the art infrastructure such as wireless service and high-speed service offers you easy and convenient access to Internet wherever you are in Korea. Korea has the widest broadband Internet network in the world and you can use information convenience store called PC bang. There were twenty five thousand PC bangs throughout the country in 2006.

- Long-Term Stays
Apply for your own Internet service if you plan to stay longer. There are many service providers in Korea including KT, DACOM, HANAFOS, SHINBIRO, QRIX, etc. Service details and charges may vary. You can choose the service provider according to your needs. Alien registration card is necessary for application.

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You will need an International Driver’s License to drive in Korea.
Extension and reissue of the International Driver’s License are prohibited by international law. Therefore you are required to obtain a Korean driving license for longer stays. Foreigners need their passport and alien registration card to apply for a Korean driving license.

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Korea is well known as a mecca for tasters. You can meet Chinese, Japanese, Western style and many other cuisines as well as Korean restaurants where you can enjoy Korea’s own taste. Organic and vegetarian restaurants are also getting popular to meet the increasing needs.

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Korea is offering a great variety of shopping items in shopping arcades, department stores, duty-free shops and traditional markets in Seoul as well as major cities throughout the country. Major department stores including Lotte, Shinsegye, and Hyundai typically open at 10:30 am and close at 7:30 pm.

Insadong area is recommended if you want to buy traditional souvenir items. Insadong, the street of traditional culture is attempting reformation to show the charm of traditional Korean culture well enough.

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