Opening a bank account in South Korea as a foreigner can be surprisingly simple — but only if you know the process and prepare accordingly.
Whether you’re an expat working in Korea, an international student, or a long-term traveler, having a local bank account is essential for daily life: from receiving your salary to paying rent or bills, and even for mobile payments.
Here’s your complete, up-to-date guide to help you open a Korean bank account hassle-free.
1. Can Foreigners Open a Bank Account in Korea?
Yes, foreigners can open bank accounts in Korea. However, depending on your visa status, duration of stay, and the type of bank, requirements may vary. For most cases, a residence card (Alien Registration Card or ARC) is a basic requirement.
If you do not have an ARC yet, some banks offer limited accounts with basic deposit/withdrawal features, but you won’t be able to transfer funds or use online/mobile banking until your ARC is issued.
2. Documents You Need (Updated for 2025)
Here’s what you should bring:
- Alien Registration Card (ARC) or Certificate of Alien Registration
- Passport
- Korean phone number (registered in your name)
- Proof of residence (lease contract, utility bill, or housing letter from your employer/university)
- Employment contract or student certificate (for visa validation)
- Initial deposit (Usually 1,000–10,000 KRW)
Some banks may ask for:
- Immigration-issued residence confirmation document (if ARC is pending)
- Tax Identification Number from your home country (FATCA compliance)
3. Best Banks for Foreigners in Korea
Here are the most foreigner-friendly banks with English service options:
1) KEB Hana Bank
- English-speaking tellers
- Global accounts tailored for foreigners
- Extensive international wire services
2) Woori Bank
- Good English website and mobile app
- Supports foreigners with student/employment visas
3) Shinhan Bank
- Mobile app in English
- Easy sign-up for debit cards and internet banking
4) KB Kookmin Bank
- Major bank with large ATM network
- Some branches have English-speaking staff
4. Types of Bank Accounts Available
1) Basic Savings Account (Chulsodeung Yegeum)
- ATM card (Check card)
- Withdraw/deposit anytime
- Internet/mobile banking available
2) Foreign Currency Account
- Useful for wire transfers from/to overseas
- Often used for receiving funds from home country
3) Fixed Deposit Account
- Higher interest rates
- Locked for a set period (e.g., 6 or 12 months)
5. How to Actually Open the Account
Step-by-Step at the Branch:
- Visit the bank (preferably morning hours)
- Take a queue ticket (number machine)
- Hand over documents to teller
- Choose account type
- Sign forms
- Receive ATM/debit card on the spot (in most cases)
- Set up mobile banking (teller will assist)
Most banks require you to be physically present at a branch to open your first account. App-based or online-only sign-up is usually not possible for foreigners.
6. Mobile Banking Setup
Make sure your Korean phone number is under your name. During account opening, bank staff will:
- Help you register for internet/mobile banking
- Show how to use the bank’s app (you may need to download it there)
- Set up security certificates (필수)
Mobile apps usually require OTP (One-Time Password) generator or security cards, which the bank will provide.
7. Tips to Avoid Issues
- Use major branches in Seoul or large cities for English service.
- Avoid lunchtime (12 PM – 1 PM): long waits.
- Keep your passport + ARC with you even after opening.
- Keep mobile app updated — older versions often have issues.
- Learn some basic Korean banking terms (check appendix below).
8. Useful Korean Banking Terms
- 계좌 (Gyejwa): Account
- 통장 (Tongjang): Bankbook
- 예금 (Yegeum): Deposit
- 출금 (Chulgeum): Withdrawal
- 체크카드 (Chekeu-kadeu): Check/Debit Card
- 이체 (Iche): Transfer
- 비밀번호 (Bimilbeonho): PIN/password
9. Common Problems and How to Fix Them
Problem: Can’t transfer money via mobile app?
- Cause: Account is not certified yet.
- Solution: Return to bank with ARC and activate full services.
Problem: Foreign card doesn’t work at Korean ATM?
- Not all ATMs support international cards. Use Global ATM (look for logo).
Problem: App is in Korean only
- Some banks offer separate apps for English users (e.g., Hana Bank Global).
10. Conclusion
Getting a Korean bank account as a foreigner in 2025 is more accessible than ever. With digital banking advancements, English support, and a clearer process, there’s no reason to delay. Prepare your documents, choose the right bank, and enjoy the convenience of local banking during your stay in Korea.
