Opening a bank account in Rason, North Korea is a unique experience that few foreigners have the opportunity to undertake. Rason, a Special Economic Zone (SEZ) in the northeastern part of the country, operates under different economic rules compared to the rest of North Korea, allowing for a glimpse into what banking could look like in this isolated nation. The Golden Triangle Bank, located in the center of Rason, is the primary financial institution where foreigners can engage in banking activities. While you can't technically open a full-fledged bank account as you might in other countries, you can purchase a debit card and use it within the Rason Special Economic Zone.
Rason's economic system as an SEZ in North Korea shares some similarities with other SEZs worldwide but also has unique characteristics due to North Korea's isolated status and experimental approach to economic reforms. Like other SEZs, Rason operates under more liberal economic laws compared to the rest of North Korea. This typically includes more relaxed regulations on foreign investment, labour, and land use. This is the reason you are allowed to engage in economic activities in this region.
How do you get a bank card?
To obtain a North Korean bank card, simply visit the Golden Triangle Bank during their operating hours, which include weekdays and most Saturdays. The process is surprisingly straightforward and doesn't require extensive documentation. You'll need to provide some funds to load onto the card, but there's no need for identification or paperwork typically associated with opening a bank account elsewhere.
The debit card you receive is a cash alternative card rather than a traditional bank account. It's important to note that this card can only be used within Rason and cannot be utilized in other parts of North Korea or internationally. While its practical use may be limited, it serves as a fascinating souvenir and a tangible piece of North Korea's experimental approach to banking and finance.
What else can you do?
One of the most intriguing aspects of banking in Rason is the ability to exchange foreign currency for North Korean won at market rates. This is a rare opportunity, as currency exchange is tightly controlled in other parts of the country. However, it's crucial to remember that it's illegal to take North Korean won out of the country, so any local currency obtained should be spent within Rason.
Visiting the Golden Triangle Bank offers a unique window into North Korean financial practices. You'll witness locals and businesspeople conducting transactions, making deposits, and withdrawing funds – activities that seem mundane elsewhere but are fascinating to observe in the hermit kingdom.
While you technically aren’t opening a bank account but more akin to a loaded cash card at an amusement park, obtaining a local debit card mean you’ll have one up on your intrepid travelling friends and will look great in your wallet next to your Visas and Mastercards. Even just visiting the bank offers a fascinating glimpse into North Korea's experiment with limited capitalism. It's a unique experience that combines the novelty of possessing a North Korean financial instrument with the opportunity to observe and participate in a closed economy's banking system.
