How to Open a Bank Account in Korea as a Foreigner (2026)

Quick Answer

You need a Korean phone number and an Alien Registration Card (ARC) to open a full bank account. Without an ARC, some banks will open a restricted account using just your passport, but expect low transfer limits and limited features.

Fastest path: Buy a prepaid SIM (no ARC needed) at the airport or online — see our phone and SIM card guide for options — then visit a foreigner-friendly bank branch with your passport and ARC. The whole process takes 30-60 minutes. Walk out with an account number, a debit (check) card, and mobile banking set up.

If you don’t have an ARC yet, Woori Bank and Hana Bank have historically been the most willing to open limited passport-only accounts.

The Catch-22 (And How to Solve It)

The Problem

Korea has a circular dependency that trips up every new foreigner:

1. To open a bank account, you need a Korean phone number (for SMS verification and mobile banking).
2. To get a postpaid phone plan, you need a Korean bank account (for automatic monthly billing).
3. To get an ARC, you need to apply at Immigration after arriving, and it takes 2-3 weeks.

So you need a phone for the bank, a bank for the phone, and an ARC for both. Classic deadlock.

The Solution: Break the Cycle in This Order

Step 1: Get a prepaid SIM or eSIM (Day 1)

Prepaid SIMs require only a passport. No ARC, no bank account needed.

Important: Not all prepaid SIMs provide a Korean phone number that banks accept for SMS verification. Chingu Mobile does. Data-only eSIMs often do not. Check before you buy.

Step 2: Apply for your ARC at Immigration (Week 1)

Apply as soon as possible. Processing takes roughly 2-3 weeks. Since March 2025, a mobile ARC (via the “Mobile Foreigner Residence Card” app) is accepted at major banks, so you may not need to wait for the physical card. Book your immigration appointment on HiKorea as soon as possible.

Step 3: Open your bank account (Once you have ARC or mobile ARC)

Bring your passport, ARC (physical or mobile), prepaid phone number, and proof of address to a foreigner-friendly branch. Details below.

Step 4: Switch to a postpaid phone plan (Optional)

Once you have a bank account, you can upgrade to a full postpaid plan with SK Telecom, KT, or LG U+ using your bank account for billing. For a detailed breakdown of carriers and plans, see our phone verification guide.

Bank Comparison

Overview Table

KB Kookmin Bank

Ask for: “KB Welcome Account” or “KB Welcome Package”

• Korea’s largest bank by customer base. Branches and ATMs everywhere.
• English support: KB Star Banking app supports 11 languages (English, Chinese, Japanese, Vietnamese, Thai, Cambodian, and more). Dedicated foreign customer service center.
• Foreigner perks: ATM fee exemptions at KB ATMs, preferential foreign exchange rates, 50% discount on remittance fees. Fee waivers tied to card usage and remittance activity.
• App quality: Functional but not the most intuitive. The multi-language support is solid.
• Restrictions: New foreign accounts start with conservative transfer limits. Ask what documentation lifts restrictions.
• Tip: Confirm which actions trigger fee-waiver tiers at account opening. The Welcome Package conditions vary by branch.

Shinhan Bank

Ask for: Standard checking/savings account. Consider the E9pay partnership card for cashback.

• Strong brand in Seoul. Popular with students and younger expats.
• English support: Shinhan SOL app has English UI. Shinhan SOL Global is a separate app for foreign customers supporting 16 languages. Global lounges at select branches have multilingual staff.
• Foreigner perks: Interest on balances. Abundant ATM network. Low fees for domestic transfers. Global desks at select branches.
• App quality: Modern, clean design. SOL Global is specifically designed for non-Korean users. Some user reports of occasional technical glitches.
• Restrictions: New foreign accounts often start with conservative transfer limits. Documentation (employment contract, enrollment letter) can lift these.
• Tip: Shinhan was among the first to accept the mobile ARC (March 2025). If your plastic ARC is delayed, Shinhan is a good bet.

Hana Bank

Ask for: “Easy-One Pack” (for expatriates)

• The top recommendation for foreigners across most English-language guides. Legacy of KEB (Korea Exchange Bank), which specialized in foreign exchange.
• English support: Hana EZ app has full English functionality. Launched in 2019 as the first dedicated global banking app. Multilingual call center with representatives specifically trained for foreign inquiries. Support in English, Japanese, Vietnamese, Chinese.
• Foreigner perks: Strongest foreign exchange and remittance services of any Korean bank (inherited from KEB). Fee exemptions tied to salary deposits or automatic transfers.
• App quality: Hana EZ is widely regarded as the best English-language banking app in Korea.
• Restrictions: Easy-One Pack eligibility may require payroll deposit or regular incoming transfers. Verify at branch.
• Tip: If you send money home regularly, Hana should be your first choice. Their FX rates and remittance infrastructure are unmatched among Korean banks.

Woori Bank

Ask for: “Woori Fortune Salary Account” (if employed) or standard savings account.

• 127-year history. Historically one of the most willing banks to open accounts for foreigners without an ARC.
• English support: Woori WON Banking app supports English and Simplified Chinese. English online banking portal available.
• Foreigner perks: Fortune Salary Account includes free SMS alerts and ATM fee waiver (up to 10 times/month) when monthly salary deposits reach ₩500,000+. Global account option with built-in foreign remittance and multi-language support.
• App quality: Solid and functional. English mode works well for daily banking.
• Restrictions: Standard conservative limits for new foreign accounts.
• Tip: Woori has been the go-to for foreigners who arrive before their ARC is ready. Ask about passport-only limited accounts. Also good for students because of university-area branch experience.

NH NongHyup Bank

Ask for: “NH Paymore” or standard foreigner account.

• National Agricultural Cooperative bank. Unmatched branch and ATM reach outside Seoul, especially in rural areas and smaller cities.
• English support: Limited compared to the other four. The app has basic English but it’s not as polished.
• Foreigner perks: Strong government service integrations (tax payments, utility bills, public service fees). Digital-centric everyday banking.
• App quality: Functional but less foreigner-friendly than Hana EZ or Shinhan SOL Global.
• Restrictions: Standard limits apply.
• Tip: Choose NH if you live outside Seoul, Busan, or other major cities. Their rural coverage is unbeatable. For everything else, the other four banks offer better foreigner support.

Without ARC: Restricted Account

What Is It?

If you don’t have an ARC yet (or you’re on a short-term visa), some banks will open a restricted (limited) account using only your passport. This is not a full account. Think of it as a temporary holding pattern.

Which Banks Do It?

• Woori Bank: Most consistently reported as accepting passport-only accounts for foreigners.
• Hana Bank: Has historically opened limited accounts with passport only.
• Others: Branch-dependent. Some KB or Shinhan branches may do it, especially near immigration offices or universities. But don’t count on it.

What You Can Do with a Restricted Account

• Receive domestic transfers (salary, refunds)
• Make small domestic transfers (within daily limits)
• Use a debit card for in-store purchases (if issued)
• Deposit and withdraw cash at the branch or ATM

What You Cannot Do (or Face Limits On)

• Daily transfer limits are low. Exact amounts vary by bank and are set at branch discretion, but expect limits significantly lower than standard accounts. Woori Bank’s standard online banking tiers range from ₩5,000,000/transaction (Class 2 with security card) to ₩100,000,000/transaction (Class 1 with OTP). New foreign restricted accounts typically start at the lowest tier or below.
• International remittance may be blocked entirely.
• Online/mobile banking may be unavailable or limited.
• Some branches may not issue a debit card for restricted accounts, only a bankbook.
• No credit card eligibility.

How to Upgrade

Once your ARC arrives, visit the same branch with your ARC and passport. They will upgrade your account to full status, lift transfer restrictions, and enable all services. This usually takes 15-30 minutes.

With ARC: Full Account

Required Documents

What You Get

• Full account number linked to your ARC
• Debit/check card (체크카드): Issued same-day at most banks. Works for in-store purchases, online payments, and ATM withdrawals. Request one with “global/overseas use” enabled.
• Bankbook (통장): Physical transaction record booklet. Update it at ATMs periodically.
• Online and mobile banking access
• Full domestic transfer capability (higher limits with OTP)
• International remittance access (may require additional in-branch verification first)

Savings Accounts for Foreigners

Once you have a full account, you can open savings products:

• Welcome All-in-One Account (Welcome Savings Bank): Up to ~3.0% interest on deposits up to ₩3,000,000. Available to foreign residents with ARC.
• Hana the EASY (Hana Bank): Preferential rates for foreign customers who transfer money from abroad regularly.
• Woori Fortune Fixed Deposit: Fixed-term deposits from 1 month to 1 year. Tax-beneficial options available.
• General bank savings: Most banks offer time deposits at approximately 2.5-3.0% annual interest (as of early 2026, rates fluctuating with Bank of Korea policy).

Deposit protection: Korean bank deposits are insured by the Korea Deposit Insurance Corporation (KDIC) up to ₩50,000,000 per depositor per bank. This applies to foreign residents too.

Step-by-Step Process

Before You Go

1. Choose your bank based on the comparison above.
2. Pick the right branch. Go to branches in:
   • Business districts (Gangnam, Jongno, Yeouido)
   • University areas (Hongdae, Sinchon, near your campus)
   • Near immigration offices
   • These branches have staff experienced with foreign customers and sometimes dedicated “Global Desks.” Avoid small neighborhood branches.
3. Go early. Banks open at 9:00 AM and close at 4:00 PM, Monday-Friday. No weekend hours. Arrive by 9:00-9:30 to minimize wait times.
4. Gather all documents. See the checklist above. Bring originals, not copies.

At the Bank

5. Enter and take a number. Go to the reception desk or number machine. Say or look for “계좌 개설” (account opening) or simply say: “I’d like to open a new bank account.” At foreigner-friendly branches, staff will direct you.

6. Wait for your number. Use this time to download the bank’s mobile app if you haven’t already:

   • KB: “KB Star Banking” (KB스타뱅킹)
   • Shinhan: “Shinhan SOL” (신한 SOL뱅크) or “Shinhan SOL Global”
   • Hana: “Hana EZ” (하나EZ)
   • Woori: “Woori WON Banking” (우리WON뱅킹)
   • NH: “NH Smart Banking” (NH스마트뱅킹)

7. Present your documents. The teller will ask:

   • Your name, nationality, visa type
   • Purpose of the account — this is important. Korean banks ask this for regulatory (anti-money-laundering) compliance. Give a clear, simple answer:
     • “Salary deposits” (if employed)
     • “Living expenses” (general use)
     • “Tuition payments” (if a student)
     • “Scholarship deposits” (if applicable)
   • How long you plan to stay in Korea

8. Choose your account type. For most people, a standard savings/checking account is fine. If your bank offers a foreigner-specific product (KB Welcome, Hana Easy-One, Woori Fortune Salary), ask for it by name.

9. Set up mobile/online banking before leaving the desk. This is critical. Ask the teller to help you:

   • Register for mobile banking on the app
   • Set up your authentication method (see Online Banking Setup below)
   • Link your phone number for SMS verification
   • Enable English interface if available
   • Request a check card (체크카드) with overseas/global use enabled

10. Make your initial deposit. ₩10,000 is standard. Cash or transfer.

11. Receive your bankbook and card. Some banks issue the check card on the spot (10-15 minutes). Others mail it within 5-7 business days. Ask which applies.

Total time: 30-60 minutes, sometimes longer if the branch is busy or staff need to call headquarters about foreigner-specific procedures.

Online Banking Setup

Korean online banking is notoriously complex compared to Western countries. Here’s what you need to know.

Authentication Methods (Pick One)

Setup Checklist

1. Install the bank’s app (see list in Step 6 above).
2. Register your account using your ARC number and account details.
3. Create a digital certificate within the app (free, takes 5 minutes). This is the 공동인증서. You’ll need it for many Korean government and financial services.
4. Set up simple authentication (biometric or PIN) for daily use.
5. Get an OTP token if you plan to make transfers over ₩10,000,000 or send money internationally. Visit the branch to pick one up.

Tips

• The PASS app (by Korea’s telecom carriers) can serve as an additional authentication method at some banks. Useful backup.
• Kakao Bank and Toss Bank are mobile-only banks with simpler setup. Once you have a main bank account, you can open these as secondary accounts for easier peer-to-peer transfers. See our cards and payments guide for details on mobile payments like Kakao Pay and Naver Pay. Toss has an English UI option.
• If the app asks for a “공동인증서” and you don’t have one, the app can usually guide you through creating it on the spot.
• Security certificates expire annually and need renewal. Set a reminder.

Common Problems & Solutions

Transfer Limits on Restricted/New Accounts

Problem: Your daily transfer limit is tiny (sometimes as low as ₩300,000-₩1,000,000/day), and you can’t pay rent or transfer larger amounts.

Solution: Visit the branch with documentation proving your transaction purpose:

• Employment contract (for salary)
• Rental contract (for rent payments)
• University enrollment (for tuition)
• The bank can raise your limits on the spot once they verify your documents. Limits also increase naturally as your account builds history (stable deposits over several months).

Getting a Debit Card

Problem: Some branches only issue a bankbook for foreign accounts, no card.

Solution:

• Explicitly ask for a “체크카드” (check card) at account opening. Say: “Can I also get a check card?”
• If they say cards are mailed, ask how long (usually 5-7 business days).
• If your branch refuses a card for a restricted account, try a different branch or upgrade to a full account with your ARC first.
• Request “overseas use enabled” (해외 사용 가능) if you want to use it internationally.

International Transfers (Sending Money Home)

Problem: Bank remittance fees are high (₩5,000-₩15,000+ per transfer) and exchange rates include margins.

Solutions:

• Use foreigner bank products with FX discounts: KB Welcome (50% remittance fee discount), Hana Easy-One (preferential FX rates).
• Fintech alternatives: WireBarley (often cheapest from Korea), Wise (most flexible with currencies, ~₩6,600 fee on ₩1,000,000 to USD), Hana Bank’s “Easy Remit” service.
• Regulatory context: As of January 2026, the annual limit for documentation-free overseas remittances is standardized at $100,000 across all financial institutions. The old designated-bank requirement has been abolished. Transfers over $10,000 are reported to the Financial Supervisory Service.
• OTP required for international transfers at most banks.

Name Mismatches

Problem: Your name on your passport, ARC, and bank registration don’t match exactly (middle name issues, transliteration differences).

Solution: Ensure all documents use the exact same name format before visiting. If there’s a discrepancy between passport and ARC, get it corrected at Immigration first. Banks will refuse to open an account if names don’t match.

Phone Number Issues

Problem: Your prepaid SIM number isn’t accepted for bank verification because it’s not registered under your real name / ARC.

Solution:

• Use Chingu Mobile or similar MVNOs that register the SIM to your passport.
• For full “real-name verification” (실명인증), some banks require a postpaid number registered to your ARC. This is the deeper catch-22. Workaround: ask if the bank can use your prepaid number temporarily, then update it later.
• Some banks accept the PASS app as an alternative verification method.

Branch Refusal

Problem: A branch flat-out refuses to open an account for you.

Solution: This happens. Korean banking policies are interpreted at the branch level, and some branches are more cautious.

• Try a different branch of the same bank, especially a larger one in an expat-heavy area.
• Try a different bank entirely.
• Bring a Korean-speaking friend or colleague if language is the barrier.
• Having an employer or university introduction letter can help.

Common Questions

Q: Can I open a bank account as a tourist (no ARC, short-term visa)? A: Technically possible at some banks (especially Woori) as a restricted account with passport only, but increasingly difficult due to tightened anti-money-laundering regulations. Expect very limited functionality. Most guides recommend waiting until you have an ARC.

Q: How long does it take to open an account? A: 30-60 minutes at the branch. You walk out with an account number and bankbook same-day. Debit card either same-day or mailed within a week.

Q: Can I open an account online as a foreigner? A: No. First-time foreign account holders must visit a branch in person. After your first account is set up, you may be able to open additional accounts (e.g., Kakao Bank, Toss Bank) via mobile apps.

Q: Do I need to speak Korean? A: Not at foreigner-friendly branches. Hana Bank, Shinhan, and KB branches in major areas usually have English-speaking staff. Bring a Korean-speaking friend as backup if visiting a smaller branch. Writing down key phrases helps:

• 계좌 개설 하고 싶습니다 (I’d like to open an account)
• 체크카드도 발급해 주세요 (Please also issue me a check card)
• 인터넷뱅킹 등록해 주세요 (Please set up internet banking)

Q: Can I have accounts at multiple banks? A: Yes. Many expats have a primary bank (Hana or KB) for salary and daily use, plus Kakao Bank or Toss for convenient peer-to-peer transfers.

Q: What are banking hours? A: Monday-Friday, 9:00 AM to 4:00 PM. Closed weekends and public holidays. ATMs are available 24/7 but may charge fees for after-hours or cross-bank use (₩3,000-₩5,000 per transaction).

Q: Is my money safe? A: Deposits are protected up to ₩50,000,000 per depositor per bank by the Korea Deposit Insurance Corporation (KDIC). This applies to foreigners with valid accounts.

Sources

• ForeignerHome: Top 10 Banks in South Korea (2025)
• KoreaLivingGuide: Banking in Korea for Foreigners
• CitygramSeoul: Best Banks for Foreigners (2025)
• CitygramSeoul: Best Korean Bank for Foreigners (2026)
• CitygramSeoul: Open Korean Bank Account Foreigner 2026
• DSGPay: How to Open a Bank Account as a Foreigner
• SecondMin: How to Open a Bank Account in Korea (2026)
• Nowak & Partner: Mobile Phone & Bank Account in Korea
• Enkostay: Opening a Bank Account in South Korea (2025)
• Studying-Korea: Foreigner Savings and Cards
• Koreayo: How to Open a Korean Bank Account
• HangukVisa: Bank Accounts for Foreigners
• 90DayKorean: Bank Account in Korea
• 10mag: Korea SIM Cards
• Wise: Guide to KRW Transfers
• Woori Bank: Transfer Limits (English)
• Korea Times: Overseas Remittance Rule Overhaul (2025)
• Korea Herald: Banks Ramp Up Services for Foreigners