How to Open a Korean Bank Account as a Foreigner

Can Foreigners Open a Bank Account in Korea?

Yes, foreigners living in Korea can open a bank account. Whether you're here for work, study, or long-term travel, Korean banks allow non-citizens to open accounts—as long as you have the right documents.

Most banks are now more accustomed to working with international residents, especially in bigger cities like Seoul, Busan, or Incheon. However, each bank—and even each branch—can have slightly different rules or flexibility, so it's good to be prepared.

Types of Bank Accounts Available

Most foreigners open a basic deposit account (called "won account"), which includes a debit card and online banking access. Some banks also offer:

• Remittance-friendly accounts (for sending money abroad)

• Savings accounts with better interest rates

• Limited accounts (available before receiving your ARC)

• Business accounts (requires extra documentation like business registration)

You can always upgrade your account later once your visa status changes or once you receive your ARC.

What You Need: Required Documents (2025 Update)

To open a bank account in Korea in 2025, you'll typically need:

• Passport

• Alien Registration Card (ARC) or Mobile ARC (NEW!)

• Korean phone number (registered under your name)

• Proof of address (rental contract, utility bill, school dorm letter, etc.)

• Employment or student status proof (optional but helpful for smoother approval)

Note: As of March 21, 2025, Korean banks accept the mobile version of the ARC as valid ID. You can register your ARC digitally using the Mobile ID app (not Hi Korea).

🔗 Mobile ID App for Android
🔗 Mobile ID App for iOS

Best Banks for Foreigners in Korea

Some banks are more foreigner-friendly than others. Based on language support, mobile app quality, and feedback from expats, here are the top choices:

• KEB Hana Bank – Good English support, useful for international transfers

• Woori Bank – Offers English online banking and phone support

• Shinhan Bank – Easy-to-use mobile app with multilingual support

Many foreigners recommend choosing a branch located in expat-heavy areas like Itaewon, Hongdae, Gangnam, or near universities. Staff there are often more familiar with handling foreigner documents.

Step-by-Step: How to Open a Korean Bank Account

1. Choose a bank branch near your home, work, or school.

2. Bring all your documents, including your passport, ARC or Mobile ARC, and Korean phone number.

3. Get a queue number at the entrance and wait for your turn.

4. Talk to the clerk: Say you want to open a basic deposit account.

5. Fill out the application form. Some banks provide an English version or will help translate.

6. Verify your phone number. This often involves receiving a code via SMS.

7. Get your bankbook and debit card. Some banks issue the card on the spot; others mail it to you.

8. Sign up for online and mobile banking while you're there—staff can assist with setup.

If you're not confident in Korean, try bringing a Korean-speaking friend, or use a translation app like Papago.

Using a Mobile ARC (NEW in 2025)

Thanks to new immigration tech, you can now use a Mobile ARC to open a bank account. Here's how:

• Download the Mobile ID app (not Hi Korea)

• Authenticate using your phone number and digital ID

• Register your ARC with the NFC chip

Once verified, this mobile ID works the same as a physical ARC for most administrative purposes—including bank accounts.

Tips to Avoid Common Issues

• Language barrier? Use Papago or Google Translate app with camera function

• No ARC yet? Some banks let you open a limited-use account

• Bank staff say no? Don’t give up—try a different branch

• Phone number mismatch? Make sure the phone is registered under your name

• ARC card with no chip? You need the IC chip version to register for mobile ID

Also, dress neatly and be polite—it often makes a difference in how cooperative the staff are.

What If You Don’t Have an ARC Yet?

Some banks allow you to open a limited account with just a passport and valid visa (tourist, student, or work). However, these accounts usually have restrictions:

• No international transfers

• Limited withdrawal amounts

• Cannot sign up for online banking or mobile apps

Once you receive your ARC, you can upgrade your account to remove these limitations.

Setting Up Online & Mobile Banking

Korean banking apps require a few extra steps. Here’s what to expect:

• Install multiple security apps (provided by the bank)

• Register your device and confirm with SMS or ARC

• Set up a digital certificate (공동인증서) for transactions

Some banks offer apps with English language options, but the security apps may still be in Korean. It's best to set everything up at the branch so a staff member can guide you.

Final Tips and Useful Links

• Visit the bank in the morning on weekdays—lines are shorter

• Be prepared to wait, especially during lunch hours

• If you run into problems, ask a Korean friend for help or try another branch

Useful Links:

• Mobile ID App – Android

• Mobile ID App – iOS

• KEB Hana Bank

• Woori Bank

• Shinhan Bank

• Korea Immigration Service

Opening a bank account in Korea doesn’t have to be stressful. With the right documents, a little patience, and the info in this guide, you’ll be set up and banking like a local in no time!