Opening a Korean Bank Account

You can’t get paid, pay rent or use most Korean apps without a Korean bank account, and the first branch visit is where plans fall apart: wrong document, wrong phone, a “restricted” account you didn’t ask for. Here’s how to open a bank account in Korea as a foreigner, in the right order, so you only go once.

Short version

Bring your passport, your residence card (the ARC), and proof of why you need the account, such as an employment certificate. Go to a branch on a weekday before 4 p.m. Then ask for online banking in the same visit.

Before you go: what to bring

After you have your residence card. The Invest Korea guide to opening a bank account (August 2024) lists three things: your residence card, passport and a home-country ID; a document showing the purpose of your transactions; and tax-residency information. The Seoul Metropolitan Government’s banking page simply says to present your registration certificate and passport, and the branch gives you a bankbook and cash card on the spot.

Before you have your residence card. It’s possible, but the guide says you also need proof of a Korean address, for example a certificate of employment stating your place of residence, a utility bill, or a hotel voucher. If you use a hotel voucher, check with the branch first. If you haven’t got your card yet, start with how to get your ARC.

Proof of purpose. Korean banks must ask why you want the account. For salary, a certificate of employment, an employment contract or a wage statement works. For part-time pay, a contract or wage statement from the employer. Skip it and you get a restricted account.

Jun’s tip: Ask your HR team for a certificate of employment (재직증명서) before you walk into the bank. It covers purpose and, if it lists your address, proof of residence too.

What a “restricted account” means

If a document is missing, the bank can open a restricted account. According to the same guide, the daily limits are KRW 3 million at a branch, KRW 1 million at ATMs and KRW 1 million on electronic finance (apps and online). You can lift the limit later by proving your transaction purpose. Rent deposits and big transfers will bump into that ceiling fast, so bring the paperwork the first time.

Step by step

1. Pick one bank. Large banks such as KB Kookmin, Shinhan, Woori and Hana all take foreign customers. The Invest Korea guide lists branches with English consulting, including Hana’s Itaewon branch, and foreigner-only phone lines such as Woori’s 1599-2288 and Shinhan’s 1577-8380.

2. Go on a weekday. Banking hours are Monday to Friday, 9:00 a.m. to 4:00 p.m. according to the Seoul city page. Aim for mid-morning, not lunch hour.

3. Hand over documents and fill in the form. Passport, residence card, proof of purpose, and your Korean address.

4. Ask for a debit card and online banking at the same time. It’s much faster than coming back.

5. Check the daily limit on your account and ask what document lifts it.

Opening an account in the app

KB Kookmin Bank says foreigners aged 19 or older who live in Korea can open an account and sign up for internet banking in its KB Star Banking app. You need:

• A phone registered in your own name with a Korean carrier. Foreign carriers and prepaid SIMs don’t work for identity checks.

• A residence card, permanent-residence card or overseas-Korean residence card. A foreign passport can’t be used here.

• An existing Korean bank account number in your name, from any bank.

The name must match across the phone carrier, ID and bank, down to spacing. The same page says first-time account holders in Korea should visit a branch first and talk to a staff member. That’s why the sequence is usually branch first, app later.

Jun’s tip: Check your name spelling on your residence card, then check it again on your phone plan. A single space difference can block an app sign-up.

Foreigner-specific accounts and fees

KB’s Global Star account is aimed at foreigners. As of May 29, 2026, its page lists a 50% discount on exchange and overseas-transfer fees when you trade at a branch, plus fee waivers tied to monthly salary transfers or card use. Terms change, so ask the branch what’s current. Deposits are protected up to KRW 100 million per person, principal and interest combined, according to the same page.

Sending money abroad

The Seoul city page says you can send up to $50,000 out of the country at once (including the exchange fee) and that sending an amount up to your Korean income needs documents showing where the money came from. Bring your employment contract and pay slips. Different banks charge different fees.

Checklist

• Passport and residence card (valid, not expired)
• Certificate of employment or other proof of purpose
• Proof of Korean address if you don’t have the card yet
• Korean phone number in your own name
• Time before 4 p.m. on a weekday
• Request: debit card, online banking, higher limits

What’s next

Once the account is open, the next big question is your phone plan: prepaid or postpaid. That’s the next guide here.

Checked against official sources in October 2026. Banks and branches set their own rules, so confirm at the counter.