If you are staying in Korea for work, study, or long-term travel, opening a local bank account will make your life much easier. You’ll need it for receiving salary, paying bills, or sending money abroad. This guide will walk you through everything you need to know, from required documents to the best banks for foreigners.
Who Can Open a Bank Account in Korea?
Foreigners can open a bank account in Korea if they have a valid passport and an Alien Registration Card (also called a Residence Card). Most banks also require you to have a Korean mobile phone number to use online banking or mobile apps.
What You Need to Bring
To open a full-function bank account, you usually need the following:
- Your passport
- Your Alien Registration Card (ARC)
- A local Korean phone number
- Your Korean address
- In some cases, a certificate of employment or a school enrollment document may be required, especially for first-time accounts.
The Process
- Visit a bank branch with your documents. Try to go early in the day to avoid long waiting times.
- Let the staff know you want to open an account. Say: "I want to open a bank account as a foreigner."
- Fill out the application forms. Staff may help you if they speak English, especially in branches near universities or international areas.
- You’ll receive a bankbook and a debit card. Some banks may mail the card to your address later.
- You can register for mobile banking on the same day or later. This may require additional verification.
Recommended Banks for Foreigners
Some Korean banks are more foreigner-friendly than others. Here are the most popular ones:
- KB Kookmin Bank is widely available with many ATMs and often has staff who speak English in big cities.
- Shinhan Bank offers English-language mobile apps and good customer support for foreigners.
- Woori Bank is popular among students and has some branches with multilingual staff.
- KEB Hana Bank has a Global Banking Center in Itaewon, Seoul, and is very familiar with helping foreigners.
- NH Nonghyup Bank is good for local use but may have limited English support.
Try to visit branches in areas like Itaewon, Gangnam, Hongdae, or near large universities — they are more likely to accommodate English speakers.
What About Online Banks?
Korea also has online-only banks such as KakaoBank, Toss Bank, and K Bank. These digital banks offer fast service through mobile apps. However, they are currently only available in Korean and require a Korean ID number (from your ARC), a Korean phone number, and sometimes a credit history.
If you are comfortable with Korean or have a Korean friend to help you, these banks can be very convenient and have fewer fees.
Types of Bank Accounts
When opening an account, you will usually get a basic deposit account. This account allows you to receive money, withdraw from ATMs, and use a debit card. If you plan to save money, you can ask about savings accounts. If you want to send money overseas, ask the bank to help you open a foreign currency account or link your account with remittance services.
Sending Money Overseas
Many foreigners in Korea send money home. You can do this through your bank, but fees may be high. Popular alternatives include:
- Wise (formerly TransferWise), which is easy and often cheaper.
- Western Union, which is available at some banks.
- Online bank apps from Shinhan or Woori, which have remittance options.
Make sure to compare fees and exchange rates before sending large amounts.
Tips for a Smooth Experience
- Always bring your ARC and passport when visiting a bank.
- Be patient — opening a bank account can take 30 minutes to an hour.
- If your Korean is limited, use translation apps like Papago or visit international-friendly branches.
- Register for mobile banking early. It will save you time and help you manage your money easily.
- Always keep your bankbook and debit card safe.
Common Problems and How to Solve Them
If you don’t have an ARC yet, your options may be limited. Some banks allow you to open a basic account with just your passport, but it may have restrictions. If you don’t have a Korean phone number, consider getting a prepaid SIM first. This is usually required to register for mobile banking.
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