Whether you're planning to stay in Korea for a semester or several years, opening a local bank account is essential. It allows you to receive salary payments, pay rent and bills, shop online, and access financial services smoothly.
In this post, we’ll walk you through everything a foreigner needs to know about opening a bank account in Korea — requirements, best banks, types of accounts, and helpful tips.
Do Foreigners Need a Korean Bank Account?
Yes — here’s why you’ll probably want one:
- Receive salary from your employer
- Pay utilities, rent, or tuition
- Use KakaoPay or other digital services
- Withdraw won (₩) with a local debit card
- Shop online on Korean websites like Coupang or Gmarket
- Avoid international transaction fees
Who Can Open a Bank Account in Korea?
Anyone with:
- A valid passport
- An Alien Registration Card (ARC)
- A Korean phone number (some banks require this)
🧾 Tourists generally cannot open a full bank account.
You’ll need to be staying 90 days or more with a proper visa to qualify.
Best Banks in Korea for Foreigners
| Kookmin Bank (KB) | Many branches, English ATM interface | Popular among students |
| Shinhan Bank | English support, mobile app in English | Friendly for expats |
| Woori Bank | Multi-currency accounts, global ATMs | ARC usually required |
| KEB Hana Bank | Best for international transfers | Strong FX services |
| IBK (Industrial Bank) | Less crowded, offers student accounts | Limited English in branches |
📱 Tip: Use apps like Papago or Google Translate when banking in person.
What Documents Do You Need?
| Passport | Everyone |
| ARC (Alien Registration Card) | Proof of residency |
| Phone number in Korea | For mobile banking and security |
| Korean address | Rental contract, dorm letter, etc. |
| Work/study certificate (optional) | Sometimes requested for ID check |
🔐 Some banks may ask for your visa type or employer details.
How to Open a Bank Account Step-by-Step
- Choose a nearby bank branch (not all branches are foreigner-friendly)
- Bring your documents (passport, ARC, phone number, etc.)
- Tell them you want to open a bank account
- Korean phrase: “통장 만들고 싶어요” (tong-jang mandeul-go ship-eo-yo)
- Fill out application forms
- You may need help translating if forms are in Korean
- Set up mobile banking (optional but highly recommended)
- Receive your bankbook and debit card on the spot
Mobile Banking in Korea
Mobile apps are essential for daily banking. Most banks offer apps but:
- Only some offer English versions
- Initial setup may require visiting the bank in person
- You may need to install certificates for online banking, ask help there at the bank.
-Recommended apps:
- KB Star Banking (Kookmin)
- SOL (Shinhan)
- Woori WON Banking
- Hana 1Q Bank
💡 Tips for First-Time Bankers
- Choose a branch near a university or expat-friendly area
- Visit during weekday mornings to avoid long lines
- Some staff may not speak English — be patient
- Write your Korean address and phone number clearly
- Use a translation app if needed
- Consider getting a mobile certificate for full online access
Can I Switch Banks or Accounts?
Yes, you can:
- Close your account at any time
- Open multiple accounts at different banks
- Apply for savings accounts, foreign currency accounts, or credit cards after building a history
FAQs
Q: Can I open a bank account without an ARC?
A: In most cases, no. Some banks offer limited accounts for students with a visa, but the ARC is usually required.
Q: Can I get a credit card as a foreigner?
A: Not immediately. Most banks require a 6+ month history of income or deposit activity.
Q: Can I send money overseas?
A: Yes, banks like Hana and Woori offer global remittance services. You can also use Wise or Western Union.
Extra Tip: Can Foreigners Use Online Banks Like KakaoBank or Toss Bank?
Yes, foreigners can open accounts with popular online banks in Korea like KakaoBank and Toss Bank — as long as they have:
- An Alien Registration Card (ARC)
- A Korean phone number in their name
These digital banks offer a fast, modern user experience and are widely used for everyday banking.
However, there's one major thing to keep in mind:
Their apps are only available in Korean.
There is no English language support for the mobile apps or customer service.
So while it’s possible to register and use their services, you might face challenges if you're not familiar with Korean. Many users get around this by:
- Using translation apps like Papago
- Saving screenshots with English labels for daily tasks
- Getting help from a Korean-speaking friend during the setup
If you prefer English support, consider starting with banks like Shinhan, Woori, or KB, which offer mobile apps and customer service in English.
✨ Final Thoughts
Opening a bank account in Korea is easier than you might think — as long as you have the right documents and a bit of patience.
Start with a bank that offers English support, bring your ARC and Korean number, and you’ll be good to go.
Banking in Korea might feel different at first, but once you're set up, you’ll enjoy a smooth and modern financial system that fits right into your daily life.
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