🏦 Opening a Bank Account in Korea as a Foreigner: What You Should Know Before You Go
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Setting up a bank account is one of the first things you’ll need to do if you’re staying in Korea for more than a few weeks. Whether you're here for work, study, or long-term travel, having a local bank account will make everything easier—from receiving payments to using Korean apps.
But as a foreigner, the process can be a bit tricky, especially if you’re new to Korean bureaucracy. Here's your full guide to help you through it.
📄 What Documents Do You Need to Open a Bank Account in Korea?
The required documents can vary slightly from bank to bank, but most will ask for the following:
| Document | Purpose |
|---|---|
| Alien Registration Card (ARC) | Main form of ID—must be valid and not expired |
| Passport | To verify nationality and visa type |
| Korean Phone Number | Required for mobile banking and verification texts |
| Proof of Employment or School Enrollment | Work contract, student ID, or certificate of enrollment |
| Korean Address | Sometimes proof of address like a utility bill is needed |
Tip: Some banks might allow you to open a limited-function account without an ARC, but functionality will be extremely limited (no mobile banking, no transfers, etc.).
🌐 Internet Banking in Korea: Not So Simple
Many expats are surprised to learn that Korean internet banking is not as foreigner-friendly as expected. Here’s why:
Banking apps are mostly in Korean (some banks have English versions, but they’re limited)
You'll need to install multiple apps: banking app + security app + certificate manager
To transfer money, you'll need a One-Time Password (OTP) device or digital OTP in-app
Some actions require certified security certificates that expire yearly and need renewal
Frustrating? Yes. But with help from bank staff or a Korean friend, it becomes manageable.
📈 Which Korean Banks Are Best for Foreigners?
While all major banks offer services for foreigners, some are much more accommodating:
| Bank | Pros | Notes |
| Kookmin Bank (KB) | English-speaking staff at branches in expat areas | Good app interface, still limited English support online |
| Woori Bank | Great for students, has a dedicated expat support center | Good for university students |
| Shinhan Bank | Offers full English online banking | Useful for business transfers, solid mobile support |
| KEB Hana Bank | Strong international focus, currency services | Often used by travelers and foreign workers |
Tip: Go to branches in foreigner-friendly areas like Itaewon, Gangnam (Seoul), or near major universities. Staff there are more used to helping non-Korean customers.
🚳 What If You Don’t Have a Job or ARC Yet?
You can sometimes open a basic savings account with just a passport and phone number.
No ARC = No online/mobile banking, and you may be limited to withdrawing/depositing cash only.
Some banks won’t allow you to open any account until your ARC is issued—this varies.
Solution: Use a global app like Wise or Revolut temporarily while you wait.
🤔 Common Challenges for Foreigners
Banking staff may not speak English well, especially in local neighborhoods
Forms are often only in Korean
Technical jargon in apps makes navigation difficult
Time-consuming verification steps can be frustrating
Recommendation:
Go with a Korean speaker if possible
Use Google Translate on forms
Ask staff for foreigner service brochures (many banks have them!)
🌍 Tips to Make Banking in Korea Easier
✅ Choose a foreigner-friendly bank branch (ask online expat groups for the best locations)
✅ Prepare documents in advance and ask for a number ticket as soon as you enter
✅ Ask about banking app setup and OTP installation during your visit
✅ Keep paper receipts—digital banking is not as common for everything
✅ Take screenshots when you succeed (you might forget where a function was)
✅ Final Thoughts: Don't Be Intimidated
Opening a bank account in Korea is one of those expat experiences that seems intimidating—but it’s very doable with the right prep.
It might feel overly bureaucratic, but once you’re in, it becomes a valuable part of your daily life—from shopping online to paying bills or sending money.
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