How to Open a Korean Bank Account as a Foreigner
You'll need your ARC, passport, and a Korean phone number. Here's the step-by-step, which banks are most foreigner-friendly, and how to avoid the limited-account trap.
Opening a Korean bank account is one of those tasks that's genuinely easy once you have the right documents — and genuinely frustrating if you show up missing one. The make-or-break item is almost always your Alien Registration Card. Here's exactly what to bring, where to go, and how to avoid walking out with a crippled starter account.
Before you start
The single biggest requirement is your ARC (Alien Registration Card). Nearly every bank needs it to open a normal account, because it verifies your legal stay and visa type. If you don't have it yet, read our ARC guide first — getting the card is usually step one of settling in.
You'll also want a Korean phone number before you go. Mobile banking, one-time passwords, and identity verification all hang off a local 010 number, so sort that out first (see our prepaid SIM guide). And choose a foreigner-friendly branch — one with an English-speaking global desk — rather than a random neighborhood branch where staff may not be set up to help.
What you need
Bring originals, not photos or copies:
- Alien Registration Card (ARC) — the key document. Since March 21, 2025, several banks also accept the mobile ARC on your phone: Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju were the first to do so.
- Passport — for identity, alongside the ARC.
- Korean phone number — registered in your name.
- Proof of purpose — an employment contract, employment certificate, lease agreement, university enrollment letter, or a recent utility bill. This is what lets you skip the limited-account trap (below).
Step-by-step
- Call the branch first. Confirm they open accounts for foreigners, that they have English support, and which ID they'll accept. Five minutes on the phone saves a wasted trip.
- Go in person, early. Account opening is done at the counter, and it takes 30–60 minutes. Mornings are quieter; avoid lunch hours and the end of the month.
- Take a number and ask for the global/foreigner desk. Hand over your ARC, passport, phone number, and proof of purpose.
- Choose your account and ask the four key questions: Which ID will you accept? Will this open as a limited-transaction account? What are the daily transfer and ATM limits? What document lifts the limit?
- Set up your card and app. Request a debit (check) card — often printed on the spot — and have staff help you register the mobile banking app and internet-banking authentication before you leave.
- Test it. Do a small transfer or ATM withdrawal that day to confirm your card, PIN, and app all work.
What it costs
Opening the account itself is typically free, and there's usually no minimum deposit beyond a token amount. A debit card is generally free to issue.
The ongoing costs are small: modest fees for transfers made outside your own bank's network or ATMs, and international remittance fees if you send money home. Your deposits are protected by law up to ₩100,000,000 per person, per bank (raised effective September 1, 2025), which comfortably covers most people's balances.
Common problems (and fixes)
- You get a "limited-transaction account" (한도제한계좌 — hando-jehan gyejwa). Opened when you can't prove why you need the account, it caps daily transfers and ATM withdrawals at around ₩1,000,000. Fix: bring proof of purpose — a job contract, lease, enrollment letter, or utility bill — and ask to have the limit removed.
- The branch says no. Some branches are simply less experienced with foreigners. Fix: try a branch in an international district (Itaewon, Hongdae, near a major university) or a bank known for foreigner services.
- No ARC yet. Fix: a few branches will open a basic account on your passport plus extra documents, with tighter limits, until your ARC arrives — call ahead to find one, or use a prepaid card meanwhile.
- Name mismatch. Your bank, phone, and ARC names must match exactly. A discrepancy (middle name, spelling) can block verification. Fix: make sure your phone registration matches your ARC before you apply.
Good to know
- KEB Hana is widely regarded as the most foreigner-friendly, with strong English app support and dedicated global branches; Shinhan, Woori, and KB Kookmin are also solid choices with English service.
- Bring your own translator if unsure. Even at global desks, a Korean-speaking friend smooths out edge cases.
- Set up mobile banking on the spot. It's far easier to have staff walk you through app registration and authentication in person than to fight with it alone later.
- Fintech apps are a different path. If you mainly want a simple digital account, compare the app-based options in our Korean banking apps comparison — some open online with just your ARC. And once you're set up, grab the other daily essentials in our essential apps guide.
Frequently asked questions
›Can I open a Korean bank account without an ARC?
It's very hard. Most banks require an Alien Registration Card to open a standard account. Some branches may open a basic account with your passport plus extra documents, but with tight limits until your ARC is issued. Tourists usually use a prepaid card like WOWPASS instead.
›Which Korean banks are best for foreigners?
KEB Hana is widely considered the most foreigner-friendly, with English apps and dedicated global branches. Shinhan, Woori, and KB Kookmin also have good English support and foreigner desks. Pick a branch in an international area like Itaewon or near a university for smoother service.
›What is a limited-transaction account and how do I remove the limit?
It's a starter account with daily transfer and ATM limits around ₩1,000,000, opened when you can't yet prove why you need an account. Bring proof of purpose — an employment contract, lease, enrollment letter, or utility bill — to lift the limit to a normal account.