Banking in Korea for Foreigners
A guide to opening a bank account and navigating the Korean banking system.
Bank Account Opening Procedure
Follow these steps to open your first bank account in Korea.
Prepare Required Documents
Each bank may have slightly different requirements, but these are generally essential.
Visit a Bank Branch
Visit a bank branch of your choice. It is advisable to visit a branch in an area with many foreigners (e.g., Itaewon, Gangnam) for English-speaking staff.
Receive Your Bankbook & Card
Once the application is complete, you will receive your bankbook and can apply for a debit/check card.
Major Banks for Foreigners
These major banks are known for having services and branches catering to foreign residents.
Shinhan Bank
Known for its foreigner-friendly services and extensive branch network.
Key Requirements
- Passport
- ARC
- Minimum initial deposit may be required
KB Kookmin Bank
One of Korea’s largest banks with a strong digital banking platform.
Key Requirements
- Passport
- ARC
- Proof of residence
Hana Bank
Offers specialized services for foreigners, including easy overseas remittance.
Key Requirements
- Passport
- ARC
- Certificate of employment/enrollment
Important Notes & Tips
Keep these points in mind for a smooth banking experience.
- An Alien Registration Card (ARC) is almost always required to open a full-service bank account.
- Transaction limits on new accounts are common to prevent financial fraud. You can request to have them lifted by providing proof of income.
- Online and mobile banking require a separate registration process, often involving multiple security authentications.
- Most bank staff may not be fluent in English. Using a translation app like Papago is helpful.
- Keep your bankbook, security card, and passwords safe and do not share them.