Bank account checklist

1. Get your registration card first

   Done

   Nearly every bank requires it. A few will open a restricted account on a passport plus a certificate of alien registration application, but the limits are tighter and you will have to go back anyway. Do the ARC first.

   Common failure: arriving with a photo or photocopy of the card. The physical card is what the teller needs to see.

2. Choose a bank

   Done

   Bank	Strengths	Watch for
   KEB Hana	The strongest foreign-customer operation — dedicated foreign desks, multilingual staff, good international remittance rates	Branch coverage is thinner outside major cities
   Woori	Widely used by universities and employers; solid English app	Branch-level variation in how helpful staff are
   Shinhan	Large branch network, good English app, common employer default	Limit-lifting process can be strict
   KB Kookmin	The largest network — a branch almost everywhere	English support is inconsistent between branches
   NH Nonghyup	Best coverage in rural areas and small towns	Least foreigner-oriented of the majors
   Kakao Bank / Toss Bank	Fully app-based, excellent day-to-day experience	Foreign residents face additional verification, and some features are restricted. Best as a second account, not a first

   Bank policies for foreign customers change frequently and vary by branch. Ring the specific branch before travelling to it — that one phone call saves more time than any other step here.

3. Pick the right branch

   Done

   This matters more than the bank. Branches in areas with many foreign residents — near universities, industrial complexes, or districts like Itaewon and Ansan — handle these accounts daily and have staff who speak English. A suburban branch that sees one foreign customer a month will be slower and more cautious.

   • Go on a weekday between 10:00 and 15:00. Korean banks close at 16:00 and lunchtime is busy.
   • Ask for the foreign exchange 외환 desk if there is one.

   Common failure: walking into the nearest suburban branch. One that sees a foreign customer a month will be slower and more cautious than one near a university or industrial complex.

4. Bring the documents

   Done

   What to bring

   • Registration card — essential.
   • Passport.
   • Korean phone number — required for verification. This is a genuine chicken-and-egg problem; see the phone checklist.
   • Proof of purpose — this is what lifts the transfer limit. Bring whichever you have:
     • Employment contract and certificate of employment 재직증명서
     • Certificate of enrolment, for students
     • Lease agreement in your name
     • Recent utility bills at your address
   • A seal 도장 — optional now; a signature is accepted everywhere.
   • Initial deposit — small, often ₩10,000 or less.

   Common failure: bringing identification but no proof of purpose. The account still opens — transfer-limited — and lifting the limit means a second visit.

5. Open the account and set up the app

   Done

   Ask for all of these while you are sitting at the desk. Going back for them separately is a wasted trip.

   • Debit card (체크카드) — issued on the spot or posted within a week.
   • Internet and mobile banking registration.
   • A security card or OTP device for transfers.
   • The English version of the mobile app, if the bank has one.
   • Ask explicitly: "이 계좌 한도계좌인가요?" — is this a limited account? Get the limits in writing.

   Common failure: leaving without the card, the banking registration or the OTP device. Each one you skip is a second trip to the same counter.

6. Lift the transfer limit

   Done

   Go back once you have stronger evidence of a settled life in Korea. What works, roughly in order of persuasiveness:

   • Three months of salary paid into the account.
   • A certificate of employment plus a payslip.
   • A lease agreement in your name with utility bills matching.
   • A health insurance payment record.

   Some branches lift it in one visit; some raise it in stages. If a branch refuses without explanation, try the main branch of the same bank in a larger district — outcomes genuinely vary.

7. Set up international transfers

   Done

   Sending money home from Korea is regulated. There is an annual limit for remittances without documentary proof of source; above it you must evidence the income, usually with a certificate of income or a tax payment certificate.

   • Register your remittance purpose at the bank once, and later transfers are far quicker.
   • Licensed money-transfer operators are usually cheaper than banks for smaller amounts — Wirebarley, GME, Hanpass and Sentbe all operate legally in Korea.
   • Compare the total cost, not the headline fee: the exchange-rate margin is usually the larger charge.

What to say at the counter

Branch staff outside the foreigner-heavy districts may have little English. These four sentences cover the whole visit — print the page and point at them if it comes to that.

Frequently asked

Can I open an account without a Korean phone number?

Rarely. Verification runs through SMS. The usual sequence is: registration card → prepaid SIM → bank account → postpaid phone contract. A prepaid SIM can be bought at the airport with just a passport, which is what breaks the deadlock.

Why was I refused?

Almost always because the branch could not establish a clear purpose for the account, or because your remaining period of stay is short. It is not usually personal, and a different branch may well say yes. Bring a certificate of employment or enrolment and try again.

Do I need a seal?

No. Signatures have been accepted for years. If you want one anyway, a simple carved seal costs a few thousand won and takes twenty minutes at any stationery shop with a 도장 sign.

What happens to the account when I leave Korea?

Close it before you go, after your final salary, tax refund and pension lump sum have landed. Accounts linked to a cancelled registration number get frozen, and unfreezing one from abroad is very difficult. See the leaving Korea checklist.

Source: Financial Supervisory Service · Last reviewed 1 January 2026