A bank account is essential for daily life in Korea. This guide explains how foreigners can open an account, set up mobile banking, and use Korean financial services.
A bank account is essential for daily life in Korea. This guide explains how foreigners can open an account, set up mobile banking, and use Korean financial services.
1. Major Korean Banks Compared
| Bank | Highlights | Foreign Services | Languages |
|---|---|---|---|
| KB Kookmin Bank | Largest bank in Korea | Dedicated foreign customer desks | English, Chinese, Vietnamese |
| Shinhan Bank | SOL app, strong digital platform | One-stop foreign customer service | English, Chinese, and more |
| Woori Bank | Specialized foreign resident services | Foreign financial expert counters | English, Chinese, Japanese, and more |
| Hana Bank | 1Q Bank app, FX rate discounts | Easy remittance and exchange | English, Chinese, and more |
| IBK Enterprise Bank | SME and worker-focused | Foreign worker financial services | English, Chinese, Vietnamese |
| KakaoBank | 100% mobile bank | Foreigners can sign up | App in English (partial) |
2. Requirements and Documents for Foreign Applicants
Basic Requirements
| Requirement | Details |
|---|---|
| Alien Registration Card (ARC) | Generally required (some banks accept passport + visa only) |
| Visa type | Anything other than short-term tourist (B-1, B-2) recommended |
| Korean address | The address on your ARC |
Documents to Bring
| Document | Notes |
|---|---|
| Alien Registration Card (ARC) | Required at most banks |
| Passport | Always required |
| Proof of Korean address | Lease contract or ARC address |
| Employment certificate | Required by some banks for workers |
| Initial deposit | Varies by bank (some allow ₩0 opening) |
3. Bank-by-Bank Account Opening Guide
KB Kookmin Bank
- Open an account at any branch nationwide
- Dedicated foreign customer desks at major branches
- Services in English, Chinese, and Vietnamese
- KB Star Banking app supports English menus
Shinhan Bank
- Partial online account opening via SOL app
- One-stop foreign customer financial service
- Multilingual staff at dedicated windows
Woori Bank
- Specialized foreign resident centers
- Products tailored for immigrants and long-term foreign residents
- WON Banking app supports English
Hana Bank
- 1Q Bank app links to overseas accounts
- Foreign exchange rate discount coupons
- Discounted international transfer fees
4. Setting Up Internet and Mobile Banking
| Item | Details |
|---|---|
| Digital certificate | Can be issued through the bank's app |
| Security card / OTP | Request at account opening |
| Foreign phone number | SMS authentication may be limited without a Korean number |
| App sign-up | Identity verification using passport number or ARC |
Mobile banking tips:
- Having a Korean SIM card makes mobile banking setup significantly easier
- Some banks support SMS verification for overseas phone numbers — check before you go
5. International Wire Transfers
| Method | Fee | Notes |
|---|---|---|
| Bank counter | ₩5,000–₩10,000 per transfer + FX margin | Traditional method |
| Internet banking | ₩3,000–₩5,000 per transfer | Cheaper than the counter |
| Kakao Pay | Free (within ₩5,000 limit per transfer) | Convenient for small amounts |
| Toss international transfer | From ₩3,000, with FX rate advantages | Affordable and easy |
| Hana 1Q Bank | Discounted fees | Links to overseas accounts |
What you need for a wire transfer:
- Recipient's bank name and SWIFT code
- Recipient's account number
- Recipient's full name and address
- Transfer amount and currency
6. Using ATMs
| Item | Details |
|---|---|
| Korean bank ATMs | Deposits, withdrawals, transfers, T-money top-up |
| Foreign card withdrawals | Visa/Mastercard accepted at most ATMs |
| Fee | ~₩2,000–₩3,000 per transaction for foreign cards (plus your card's foreign transaction fee) |
| Convenience store ATMs | CU, GS25, 7-Eleven ATMs — 24-hour access |
English language ATMs:
- Most Korean ATMs have an English option — look for the "English" button at the bottom of the screen
7. KakaoBank and Toss — Online-Only Banks
KakaoBank
| Item | Details |
|---|---|
| Foreign sign-up | Available (ARC required) |
| Account opening | In-app, no branch visit needed |
| Interest rates | Higher than most traditional banks |
| International transfers | Supported (via Wise partnership) |
| Debit card | Available |
Toss Bank
| Item | Details |
|---|---|
| Foreign sign-up | Available (ARC required) |
| Account opening | In-app, no branch visit needed |
| Interest rate | ~2.0% per year (2026 rate, paid daily) |
| International transfers | Low fees |
| Stock investing | Linked service |
8. Frequently Asked Questions
Q. Can I open a Korean bank account without an ARC?
A. Some banks allow account opening with just a passport and visa, but the account may have limited functionality. For full banking access, it is recommended to apply after receiving your ARC.
Q. Can I receive international wire transfers into a Korean account?
A. Yes — share your Korean bank's SWIFT code and account number with the sender, and international transfers can be received directly.
Q. Can foreigners use KakaoBank and Toss?
A. Yes. Foreigners holding an Alien Registration Card (ARC) can open accounts in-app without visiting a branch.
Q. Can I withdraw cash from Korean ATMs with a foreign card?
A. Yes. Visa and Mastercard are accepted at most ATMs. Expect a fee of around ₩2,000–₩3,000 per withdrawal, plus any foreign transaction fee from your own bank.
Q. Do I need a Korean phone number for mobile banking?
A. Most banking apps require SMS verification with a Korean number. Some banks support overseas numbers — check before your visit to the branch.
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