Foreigners can open a bank account in Korea. However, the process and available services differ depending on whether you have an Alien Registration Card (ARC).
Without an ARC, you may be limited to a basic account that doesn’t allow online transfers or internet banking. With an ARC, you’ll have full access to all services.
1. What Documents Do You Need?
If you have an ARC:
- Passport
- ARC (Alien Registration Card)
- Korean phone number
- Local address (dormitory or apartment)
- Certificate of enrollment or employment (may be requested)
If you don’t have an ARC yet:
- Passport
- Korean phone number
- Korean address (temporary is okay)
- Flight ticket or visa copy (sometimes requested)
Note: Without an ARC, some banks only offer restricted “non-resident” accounts with limited functions.
2. Best Banks for Foreigners
The following banks are known to be more foreigner-friendly and often have English-speaking staff in larger branches:
- Kookmin Bank (KB)
- Shinhan Bank
- Woori Bank
- Hana Bank
- Nonghyup Bank (NH)
Tip: Branches located near universities or in expat neighborhoods are more likely to offer English-language support and forms.
3. Internet-Only Banks in Korea
If you’re comfortable using apps, internet-only banks are fast and convenient — but they require an ARC.
Top internet banks:
- Kakao Bank – Linked with KakaoTalk, very user-friendly
- Toss Bank – Fast signup and clean design
- K Bank – Competitive savings rates
To use these services, you need:
- An ARC
- A Korean phone number under your name
- (In some cases) an existing bank account to verify your identity
Note: You cannot open an internet bank account without your ARC.
4. Step-by-Step: How to Open a Bank Account at a Branch
- Visit a branch with your documents
- Ask for “new account opening” (say: “계좌 개설하려고요”)
- Fill out the form — or ask for an English version
- Choose a bankbook-only account, or also request a debit card
- Set your PIN and receive your card or bankbook (some cards arrive by mail)
5. Tips from a Local
- Go in the morning (9am–11am) to avoid long wait times
- Bring your Korean mobile phone (they may send a verification code)
- If you’re a student, bring your certificate of enrollment
- After you get your ARC, visit the bank again to upgrade your account and unlock online/mobile banking
6. What You Can Do with a Korean Bank Account
- Deposit or withdraw money at ATMs
- Register for internet or mobile banking
- Pay rent, utilities, or tuition
- Receive scholarships or part-time job payments
- Use Korean apps like Kakao Pay, Naver Pay, or Toss
7. Final Thoughts
Opening a bank account in Korea isn’t difficult — but it’s easier when you know what to bring and where to go. If you’re staying long-term, start with a basic account and update it once you receive your ARC.
Don’t hesitate to ask for help at the bank counter. Most staff are friendly and used to assisting international residents, especially near schools or expat areas.help.