Opening a Korean bank account: a comparison

The limited account problem

Start here, because it explains everything else. In response to a wave of account-rental fraud, Korean banks now open nearly all new accounts as 한도계좌 — limited accounts.

Since May 2024 the standard limits are ₩1,000,000 per day through internet and mobile banking, ₩1,000,000 at ATMs, and ₩3,000,000 over the counter — raised from ₩300,000, ₩300,000 and ₩1,000,000 respectively. Money can come in without restriction, so your salary arrives fine. Getting it out is the problem: a ₩1,200,000 rent payment still will not go through from your phone, and a deposit of any size is far out of reach until the limit is lifted.

Limits are set by the Financial Services Commission, so they are the same at every bank — a branch cannot raise them for you. Individual banks may apply lower limits, and an account flagged in a fraud investigation is cut back to ₩300,000. Source: FSC, 한도제한계좌 거래한도 상향 (2 May 2024).

The limit is not a judgement about you. Every new customer gets it, Korean or foreign. It is lifted when you can demonstrate a genuine, settled reason to hold the account, which is what most of this guide is about.

The dependency chain

Before any of this you need two things, in this order:

1. An alien registration card. Nearly every bank requires it.
2. A Korean phone number, for SMS verification.

The phone number is the awkward one, because postpaid contracts want a bank account. The way through is a prepaid SIM bought at the airport on your passport alone. That gives you a real Korean number, which unblocks the bank, which unblocks the postpaid contract.

The banks

This reflects general practice at the time of review. Bank policies for foreign customers change frequently and vary meaningfully between branches of the same bank.

The branch matters more than the bank

This is the single most useful thing in this guide. A branch that serves a foreign community handles these accounts every day and will have staff who speak English and know the document list. A suburban branch that sees one foreign customer a month will be slower, more cautious, and more likely to refuse something the first branch would have done without comment.

Look for branches:

• Near universities with international student populations;
• In industrial complexes and manufacturing districts;
• In areas like Itaewon, Ansan, Hyehwa or Gwanghwamun in Seoul;
• Marked as 외환 (foreign exchange) branches.

Ring first. One phone call — "Do you open accounts for foreign residents? What documents do I need?" — saves more time than every other tip here combined.

What to bring

• Registration card. Non-negotiable at almost every bank.
• Passport.
• Korean phone number.
• Proof of purpose — this is what determines whether you leave with a limited account or a normal one. Bring everything 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 recent payslip
• A small initial deposit, often ₩10,000 or less.

A seal (도장) is no longer needed. Signatures are accepted everywhere.

Getting the limit lifted

Go back once you have stronger evidence of a settled life. In rough order of persuasiveness:

1. Three months of salary paid into the account. The strongest single piece of evidence.
2. Certificate of employment plus a payslip.
3. A lease agreement in your name with matching utility bills.
4. A health insurance payment record showing regular premiums.
5. A tax payment certificate.

Some branches lift the limit in a single visit. Some raise it in stages — ₩300,000 to ₩1 million to unrestricted. If a branch refuses without a clear explanation, try the main branch of the same bank in a larger district. Outcomes genuinely differ, and this is not you being unreasonable.

What to set up while you are there

Ask for all of these at the desk. Going back separately is a wasted trip.

• Debit card (체크카드) — often issued on the spot.
• Internet and mobile banking registration.
• A security card or OTP device for transfers.
• The English app, if the bank has one — ask them to install and set it up with you.
• Written confirmation of your current limits. Ask directly: "이 계좌 한도계좌인가요?"

Getting a credit card

Harder than an account, and it takes time. Korean credit assessment relies on a domestic credit history you do not have. What helps:

• Six to twelve months of salary paid into the same bank.
• A credit card from the bank that holds your salary account — they can see your income.
• Starting with a secured card or a low limit and letting it grow.
• A stable status. F-2, F-5 and F-6 holders are assessed far more readily than E-visa holders.

A debit card does everything a credit card does for day-to-day purposes in Korea, and it attracts a higher deduction rate in the year-end settlement. There is little urgency here.

If you are refused

It is common and rarely personal. The reasons are usually that the branch could not establish a clear purpose for the account, or that your remaining period of stay is short.

What to do:

• Ask what specifically was missing, and get the answer in writing if you can.
• Return with a certificate of employment or enrolment.
• Try a different branch — ideally a larger one in an area with more foreign residents.
• Ask your employer or your university's international office. They often have a relationship with a specific branch and can make a call.