6 Easy Steps to Open a Bank Account in South Korea as a Foreigner

Planning to move to South Korea and wondering if you should use cash or card? Here's what you need to know! 

In Korea, credit and debit cards are the preferred payment methods over cash. However, using a foreign card can be tricky, especially in smaller restaurants and shops. That’s why having a local bank account is crucial if you’re settling down in Korea. 

Don’t worry—here’s a step-by-step guide on how to open a bank account in Korea as a foreigner! 

Steps to Open a Bank Account in South Korea 

Step 1: Choose the Right Bank 

The first step is choosing a bank that meets your needs. There are several banks in Korea, and to help you decide, here are some options: 

1. KB Kookmin Bank 

KB Kookmin Bank is one of South Korea’s largest banks. They have special desks for foreigners, so language won’t be an issue whether you’re opening a personal or corporate account. 

• Branches: Over 1,200 

• ATMs: 1,200+ 

2. KEB Hana Bank 

KEB Hana Bank offers a dedicated foreigner service with support in Korean, English, Chinese, Japanese, and Vietnamese. If English isn’t your strong suit, you have other language options. 

• Branches: Over 40 

• ATMs: 40+ 

3. Shinhan Bank 

Shinhan Bank is another excellent option, with numerous branches catering to foreigners and offering a wide range of services. 

• Branches: Over 700 

Step 2: Gather the Required Documents

Before heading to the bank, make sure you have the following documents ready: 

• Valid Passport/Visa 
• Photo ID 
• Korean Phone Number 
• Local Address 
• Alien Registration Card (ARC) (If you don’t have one yet, don’t worry—we’ll cover that later.) 
• Certificate of Employment (If you’re employed in Korea) 

Requirements may vary by bank, so it’s a good idea to check their websites for detailed information. 

Step 3: Visit the Local Bank Branch

Once you have all the necessary documents, visit the branch of the bank you’ve chosen.

If you’re concerned about language barriers, you can make an appointment online and request assistance from an English-speaking staff member. Alternatively, bring a Korean-speaking friend to help.  

If you don’t know anyone who can assist, you can also call the Dasan Hotline (dial 120) or the Korea Tourism Hotline (dial 1330) for translation help during your visit. 

Step 4: Complete the Application Form 

You’ll need to fill out an application form with your real name, address, and other personal details. Make sure all the information you provide is accurate and up-to-date before submitting it along with your required documents. 

Step 5: Charges and Fees 

Most bank accounts in Korea don’t have service fees or minimum balance requirements. However, you might need to pay a small fee for an ATM card, and there could be fees for international money transfers. 

Step 6: Receive Your Bank Card

Once your account is set up, you’ll receive your bank card. In Korea, banks also typically provide a bank book, which is a physical record of all transactions made on your account.

This bank book is important and may be required for official purposes, so keep it safe. If you lose it, report it to your bank immediately. 

FAQ About Opening a Bank Account in South Korea

1. Can I open a bank account without an ARC? 

Yes, you can open a bank account without an ARC, but your services will be limited.

For example, you may need to conduct transactions with a teller, as your account might not include an ATM card or online banking access. Having an ARC allows for more comprehensive banking options. 

2. What if I’m a foreign student? 

If you’re a student or on an education visa, your school might have agreements with certain banks to help you open an account.

If not, bring your certificate of education to a local bank for assistance. 

Remember to familiarize yourself with South Korea’s banking regulations, such as reporting foreign currency transactions above a certain amount.

By following these steps and preparing the necessary documentation, you’ll find it easier to open a bank account in South Korea. 

Good luck with your new life in Korea! 

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