Opening a Bank Account in Korea as a Foreigner

To open a bank account in Korea as a foreigner, every bank asks for the same three things: your alien registration card (ARC), your passport, and a Korean phone number. What actually trips people up comes after that — a brand-new account that starts with a transfer limit of 1 million won a day even with every document in hand, or a branch that puts off opening one at all because you registered too recently. Here is what to bring, and where people get stuck.

What every bank asks for

The basic paperwork is nearly the same at every bank, whatever your visa status. On top of it you need one more thing: proof of the account's purpose. Without it, the account usually still opens — just with a low transfer limit (see "Transfer limits" below).

• Your original ARC
• Your original passport
• A Korean phone number registered in your own name, used for verification
• Proof of the purpose of the account — an employment certificate or contract, a certificate of enrollment, or a business registration certificate, whichever fits your situation
• Proof of address may also be requested — a lease contract, or the address on your ARC

Since 2015, banks have been required to confirm the purpose of a financial transaction before opening any new account. It's a rule against so-called "ghost accounts" used for fraud, not something that singles out foreigners — but the accepted document types can look unfamiliar from country to country, so a quick call to the bank's call center or branch before you go can save a wasted trip.

Why the transfer limit starts low: the limited-transaction account

If you can't produce proof of purpose, or the bank finds it too thin, the account still opens — but as a "limited-transaction account" (한도제한계좌). The formal name is a financial-transaction limit account, and it exists to keep accounts from being used as ghost accounts for fraud. This isn't a foreigner-only rule; a Korean citizen who opens an account without documents gets the same limits.

• Internet, mobile, and phone banking transfers — 1 million won a day
• ATM withdrawals and transfers — 1 million won a day
• Over-the-counter withdrawals at a branch — 3 million won a day

These figures were raised on May 2, 2024. If the limit is a problem — because you're being paid a salary or need to send a large amount — bringing in proof of purpose later, such as an employment certificate, can get the restriction lifted.

A short time in Korea can make this harder

There's no law that sets this, but in practice some branches delay opening an account — or won't even open a limited-transaction account — if you've been registered for less than six months. It comes down to how each branch runs its own screening against ghost accounts, and it happens most often to people who just entered the country and just received their ARC.

Being turned down at one branch doesn't mean the next one will say the same thing. Even within the same bank, the call is often left to the branch, so it's worth trying another branch — or another bank — if you have the time. Bringing plenty of documents to back up your purpose, such as an employment or enrollment certificate, sometimes settles it on the spot.

A mobile ARC works too

Since January 2025, you can get a mobile alien registration card through the government's "Mobile ID Korea" app. From March 21, 2025, six banks — Shinhan, Hana, iM Bank, BNK Busan, JB Jeonbuk, and Jeju Bank — have accepted this mobile card for banking, including opening an account. You don't necessarily need to carry the physical card with you.

That list is likely still growing. Check with your bank's app or call center before you go, to see whether the one you plan to use accepts the mobile card.

Which banks are easiest for foreigners

The bigger banks tend to run dedicated branches or counters in areas with a lot of foreign customers. Multilingual support and interpretation make a real difference — both while you're getting your documents together and if something goes wrong after the account is open.

• Hana Bank — runs the most foreigner-specialized branches. In areas with many foreign workers, some open on Sundays for people who can't make it in on weekdays
• Shinhan Bank — has global-specialized branches with multilingual counters in areas like Dongdaemun and Suwon Station
• Woori Bank — runs a dedicated "Global Desk" at branches nationwide, staffed by foreign-language employees who help with account opening, currency exchange, and remittances
• KB Kookmin Bank — offers phone support in English, Chinese, Vietnamese, and other languages through its Foreign Customer Call Center (1599-4477)
• Toss Bank — with an ARC and a Korean phone number, you can open an account entirely through the app, no branch visit needed. Kakao Bank is still rolling out its foreigner-specific service, so whether it works for you right now is worth checking directly in the app

What foreigner-facing services the internet-only banks offer keeps expanding, so the most reliable way to know what's actually available right now is to check directly in that bank's own app.

It comes up in the interview too

The passbook and the check you use at the bank every day also show up in the naturalization interview's general-knowledge questions. Among the practice questions we've compiled are these:

은행 계좌의 거래 내역을 기록하거나 확인하는 책자를 무엇이라고 합니까? — 통장

큰 금액의 현금을 대신하여 사용할 수 있고 은행에서 발행하는 지급 수단은 무엇입니까? — 수표

You've heard these words a hundred times at the teller's window, but the questions can still feel unfamiliar in the interview room. Our service lets you hear questions like these in an interviewer's voice and practice answering them out loud.

This post is not financial advice. Required documents, limits, and how strictly a branch screens applicants all vary by bank and change over time. Before you open an account, confirm the current guidance at your bank's call center or branch, or at Hi Korea (hikorea.go.kr).