Banking in Korea: How to Open a Bank Account as a Foreigner
Moving to South Korea comes with a long checklist, and opening a bank account in Korea is one of the most essential tasks for foreigners. Whether you're an international student, expat worker, freelancer, or long-term resident, having a Korean bank account makes life much more convenient—from paying rent and bills to receiving salaries and managing mobile payments.
In this guide, we'll walk you through the requirements for foreigners to open a bank account in South Korea, introduce popular banks in Korea, and share helpful tips to avoid common pitfalls. We'll also cover online banking in Korea, ATM usage, banking fees, and foreign currency transfers.
1. Can Foreigners Open a Bank Account in Korea?
Yes! Foreigners can open bank accounts in Korea. The type of account and available services depend on your visa type, length of stay, and whether you have an Alien Registration Card (ARC).
Basic Requirements:
- Valid passport
- Alien Registration Card (ARC) – mandatory for most services
- Local Korean phone number
- Korean address (your place of residence)
- Visa with at least 90 days' validity remaining
Some banks may offer limited account access with only a passport, though this is rare and typically temporary.
2. Popular Banks in South Korea
If you're wondering which Korean bank is best for foreigners, here are the leading options:
- KB Kookmin Bank (국민은행) – One of the most foreigner-friendly banks
- Shinhan Bank (신한은행) – Offers English services and mobile apps
- Woori Bank (우리은행) – Known for international services and support
- Hana Bank (하나은행) – Good for foreign currency services
- NH Nonghyup (농협은행) – Common in rural areas, basic banking services
- and more.
Many of these banks have English-speaking staff at select branches, particularly in Seoul, Busan, Incheon, and Daegu.
3. Step-by-Step: How to Open a Bank Account in Korea
Step 1: Choose a Bank & Branch
Select a bank based on your needs—some excel at remittances, others at mobile banking or multi-currency services.
> 🔍 Tip: Look for branches in areas with high foreigner traffic (like Itaewon or Gangnam in Seoul) for better English service.
Step 2: Gather Your Documents
Bring the following:
- Passport
- Alien Registration Card (ARC)
- Phone number registered in your name
- Proof of address (rental contract or utility bill)
- Employment or student certificate (may be requested)
Step 3: Visit the Bank
Visit a branch or make an appointment. Complete the application form and choose your account type (savings, salary, remittance-enabled, etc.).
Step 4: Choose Account Features
Most banks offer:
- Check card (linked debit card)
- Internet/Mobile banking
- Foreign currency account
- Savings account options
You'll set up a PIN code and select language preferences for online banking.
4. Banking Without ARC (Short-Term Visitors)
Opening a bank account without an ARC has limitations. You might qualify for a temporary account that allows deposits and withdrawals but restricts:
- Online banking
- International transfers
- Debit card issuance
If you're in Korea short-term (e.g., on a tourist visa), wait until you receive your ARC for full banking access.
5. Internet & Mobile Banking in Korea
Major Korean banks provide online banking platforms and mobile apps, though not all offer English support.
Best English-Friendly Apps:
- Shinhan SOL
- KB Star Banking
- Woori WON Banking
- Hana One Q
Mobile banking enables you to:
- Transfer money domestically
- Check balances
- Pay bills
- Top-up T-money transportation cards
- Send international remittances
📱 Mobile banking activation requires a Korean SIM card and identity verification.
6. Transferring Money Internationally
Most banks enable international wire transfers after your account has been active for at least 3 months. You'll need:
- Remittance application form
- Recipient's information
- Reason for remittance (salary, tuition, family support, etc.)
💡 Alternative services include Wise (formerly TransferWise), Western Union, and Korbit (for crypto-related exchanges).
7. Banking Fees & ATM Usage
ATM Access:
- Available 24/7, with varying fees
- Free ATMs typically located inside bank branches
- Other locations (subways, convenience stores) may charge fees
Common Fees:
- ATM withdrawal fee: ₩500–₩1,000 depending on bank and location
- International remittance fee: ₩10,000–₩30,000
- Monthly maintenance fee: Often waived with minimum balance
8. Banking Tips for Foreigners in Korea
- Bring a translator or friend if you're not confident in Korean
- Keep your bankbook (통장) – widely used in Korea
- Avoid overdrafts – Korean banks rarely allow negative balances
- Notify your bank if your visa status changes
- Report lost cards immediately through the bank's 24-hour service line
9. Special Accounts for Students, Workers, and Entrepreneurs
Students:
- Some banks offer student accounts with no fees and simple remittance features
- Check with your university for recommended banking partners
Foreign Workers:
- Salary accounts typically include automatic deposit options and low remittance fees
- Some employers work exclusively with specific banks
Entrepreneurs:
- Require a business registration number (사업자등록번호) for business accounts
- Corporate accounts involve additional paperwork and fees
Opening a bank account in Korea as a foreigner is straightforward with the right documentation. Whether you need to send money abroad, pay bills, or receive your salary, Korean banks offer comprehensive services for international residents.
Take time to research your options, ask questions at branches, and don't hesitate to switch banks if needed. Your Korean bank account will make life significantly easier—particularly for cashless payments, online shopping, and mobile apps.
⚠️ Banking policies may vary depending on the institution and your visa type. It is highly recommended to visit your preferred bank and consult their foreign customer service desk.
