Koreans use it when they need to know the current time in daily life, school, or work.
Yes. "지금 몇 시예요 (jigeum myeot siyeyo)" is polite and natural. You can also say "지금 몇 시야 (jigeum myeot siya)" casually.
You can say "What time is it?" — 지금 몇 시입니까 (jigeum myeot siimnikka)?
지금 몇 시예요? means "What time is it?" It's the most natural way to ask for the current time.
1. Daily life: When you forget phone or clock.
2. Appointments / Travel: Checking bus, train, or meeting time.
3. At work / school: To confirm schedule politely.
What time is it?
Excuse me, what time is it? (Formal)
Hey, what time is it? (Casual)
What time is it? It's almost our appointment time.