Living in Korea · Money
Opening a Bank Account in Korea as a Foreigner
A Korean bank account is the key that unlocks salary, rent, phone plans and almost everything else — but the process trips up newcomers. The short version: get your Foreign Registration Card (ARC) first, bring the right documents, and expect some limits on a brand-new account. Here is what to prepare.
What to bring
- Passport
- Foreign Registration Card (ARC / 외국인등록증) — the single most important item for a full-featured account
- Korean phone number (needed for verification and mobile banking)
- Often: proof of address, and proof of employment or enrolment
Without an ARC you can sometimes open a basic account, but expect restrictions until you have it. See Foreign Registration (ARC) for how to get yours.
Expect limits on a new account
To fight fraud, banks commonly cap online transfers and ATM withdrawals on newly opened accounts — this applies to Koreans too, not just foreigners. The caps are usually lifted once you show regular activity, a stable income, or provide extra documentation. Do not be alarmed if your first transfer bounces against a daily limit.
Mobile banking & transfers
Korean mobile banking is excellent, but setup often needs identity verification tied to your phone and ARC. Choose a bank with an English app if that matters to you. For sending money abroad, compare each bank's international transfer fees and exchange margin — dedicated remittance apps are sometimes cheaper than a bank wire.
Once you are set up
A working account lets your employer pay salary, lets you set up automatic rent for wolse, and connects to everyday payment apps. Pair it with our salary calculator to plan around your net pay.
Requirements vary by bank and branch and change over time. Call ahead or check the bank's foreigner guide before visiting, and bring more documents than you think you need.
Frequently asked questions
What do I need to open a bank account in Korea?▾
Usually your passport, your Foreign Registration Card (ARC), a Korean phone number, and often proof of address or employment/enrolment. Some banks will open a basic account on a passport alone, but full features (mobile banking, transfers, cards) typically need an ARC.
Can I open an account without an ARC?▾
Sometimes, but it is limited. Many banks issue only a restricted account to newcomers without an ARC, and lift limits once you have your card and some residency history. Getting your ARC first makes everything smoother.
Why is my new account limited at first?▾
To prevent fraud and money laundering, banks often cap online transfers and ATM withdrawals on brand-new accounts (for both locals and foreigners). Limits are usually raised after you show regular use or additional documents.
Which banks are easiest for foreigners?▾
Major banks and some internet-only banks offer English apps and foreigner support, and branches near universities or business districts are used to serving non-Koreans. Ask about English mobile banking and international transfer fees before choosing.