Want to pay in Korea? What's the best alternative?

One of the most common questions students ask before moving to South Korea is:

"Will my French bank card be enough?"

The answer is yes... but only for the first few days.

If you're planning to stay in Korea for several months, it's highly recommended to prepare a more suitable payment solution to avoid:

• High banking fees

• Unfavorable exchange rates

• Withdrawal limits

• Online payment issues

In this guide, we'll compare the payment solutions most commonly used by French students:

• Traditional French bank cards

• Revolut

• Wise

• Korean bank accounts

• Recommended combinations and setups

Technically, yes.

Most French Visa and Mastercard cards work in South Korea. However, many exchange students have experienced issues when relying solely on their French bank card.

Even after informing their bank before departure, some students have encountered:

• Payments being declined without any apparent reason

• Fraud prevention blocks

• ATM withdrawals being refused

• Online purchases being impossible

• Long delays before the issue could be resolved

These problems can occur within the first few days after arriving in Korea.

Some French banks are stricter than others when it comes to foreign transactions, especially when a large number of payments are made in a country where the card has never been used before.

Advantages

• No additional setup required apart from notifying your bank advisor or subscribing to an international banking plan

• Usually works immediately upon arrival

• Very useful as a backup payment method

Disadvantages

• Risk of bank security blocks

• Payments may be declined

• Foreign transaction fees depending on your bank

• Potentially high ATM withdrawal fees

• Less favorable exchange rates

• Customer support can be difficult to reach due to the time difference

Our Opinion

We strongly discourage relying solely on a French bank card during your stay in Korea.

Even if your bank confirms that your card will work abroad, many students have experienced payment issues or temporary blocks once they arrived in Korea.

Recommendation

✅ Keep your French bank card as a backup card.

✅ Set up an additional solution such as Revolut before departure.

❌ Do not rely exclusively on your French bank account for a long-term stay in Korea.

💡 Student Feedback

Several Epitech students who studied at Keimyung University reported temporary blocks on their French bank cards despite notifying their bank before departure. To avoid any unpleasant surprises, always bring a second payment card with you.

If you ask French students who have already studied in Korea which payment solution they recommend, Revolut almost always comes up.

The app allows you to:

• Pay directly in Korean won (KRW)

• Convert euros to won at competitive exchange rates

• Withdraw cash from ATMs (excluding any fees charged by the ATM itself)

• Send and receive money easily

• Track your spending in real time

For many students, Revolut quickly becomes their primary card throughout their entire exchange year.

Advantages

• Excellent exchange rates

• Account setup takes only a few minutes

• Both physical and virtual cards available

• Easy-to-use mobile application

• Instant payment notifications

• Built-in budgeting tools

• Little to no fees on international card payments

Disadvantages

• Free ATM withdrawal limits depending on your subscription plan

• Currency exchange limits depending on the amount or timing of the conversion

• Customer support is only available through the app

• Some features are restricted to paid plans

Our Opinion

For most exchange students, Revolut is currently the best solution for managing money in Korea.

It helps avoid many of the issues commonly experienced with traditional French banks while offering significantly better exchange rates.

What We Recommend

Before departure:

• Create your Revolut account

• Order your physical card

• Make a small test transfer

⚠️ Do not travel with only a virtual card. A physical card is still essential in Korea for many stores, ATMs, and administrative procedures.

Wise (formerly TransferWise) is a service specialized in international money transfers and currency conversion.

Unlike Revolut, which is designed as an everyday banking solution, Wise primarily focuses on moving money between countries at competitive rates.

Many students use it to:

• Send money from France to South Korea

• Receive money from family members

• Transfer large amounts with relatively low fees

• Fund a Korean bank account

When Should You Use Wise?

Wise can be particularly useful when:

• You need to transfer several hundred or several thousand euros

• You open a Korean bank account

• You regularly receive money from France

• You want an exchange rate that is very close to the real market rate

For everyday spending, Revolut is generally more convenient.

Advantages

• Excellent exchange rates

• Transparent fees

• Often cheaper than traditional international bank transfers

• Supports sending and receiving money in many currencies

• Simple and user-friendly interface

Disadvantages

• Less convenient for daily payments

• Less popular than Revolut among students

• Not really designed to be your main banking account

• Its card is less commonly used in Korea compared to Revolut

Our Opinion

If you only plan to choose one solution before your departure, we recommend Revolut, as it also offers most of the features that make Wise attractive.

That said, Wise remains a solid alternative for students who already use it or prefer its approach to international transfers.

Practical Tip

If you plan to open a Korean bank account during your exchange year, consider creating either a Wise or Revolut account before leaving France.

This will allow you to transfer money easily between your French bank account and your future Korean bank account while avoiding many of the fees typically charged by traditional banks.

For a one-year university exchange in South Korea, opening a Korean bank account is not mandatory, but it is highly recommended.

It is entirely possible to live for several months using only Revolut (I did it myself). However, as the year goes on, certain situations become much easier with a local bank account.

A Korean bank account can be useful for:

• Receiving money from within Korea more easily

• Making local bank transfers

• Paying for Korean services, especially online

• Receiving a salary from an internship or part-time job

• Simplifying certain administrative procedures

Why Open a Korean Bank Account?

South Korea is an extremely digitalized country, but many services are still primarily designed for residents.

Even though your Revolut card will work in most stores and restaurants, some applications and platforms may require:

• A Korean bank account

• A Korean phone number

• An ARC (Alien Registration Card)

Having a local bank account often helps avoid these limitations and makes daily life in Korea much more convenient.

iM Bank (formerly Daegu Bank)

For Keimyung University students, iM Bank is generally the most popular choice.

The bank has deep roots in Daegu and operates several branches close to campus.

Every year, it welcomes many international students and is familiar with the procedures associated with student visas.

Advantages

• Widely available throughout Daegu

• Staff are familiar with international students

• Branches located near Keimyung University

• Korean debit card accepted everywhere

• Convenient for local bank transfers

• Useful for receiving salaries or reimbursements

Disadvantages

• Some interfaces are only available in Korean

• Administrative procedures can sometimes be lengthy

• Usually requires an ARC before opening an account

When Should You Open Your Account?

It is generally recommended to wait until you have:

• Received your ARC (Alien Registration Card)

• Obtained a Korean phone number

The first few weeks can be managed without difficulty using Revolut.

Once your administrative procedures are completed, opening a bank account becomes much easier.

Is It Complicated?

Not really.

The university regularly assists international students with administrative procedures.

Employees at branches near campus are used to helping foreign students and are generally familiar with the required documents.

In most cases, opening an account takes less than an hour when all necessary documents are available.

Our Opinion

For a full academic year in Korea, we recommend opening a Korean bank account once you are settled.

It is not urgent upon arrival, but it provides significant convenience throughout the rest of your stay.

The setup we recommend is:

• Revolut as your main card for international payments and currency conversion

• iM Bank as your local account for Korean services, domestic transfers, and especially if you want to make online payments more easily. Otherwise, Revolut will generally be sufficient throughout the year.

• A French bank card kept as a backup solution

This combination usually provides the best balance between simplicity, flexibility, and security.