Opening a Foreigner Bank Account in South Korea

Researched from official sources ยท May 23, 2026

A retail bank account (์€ํ–‰ ๊ณ„์ขŒ โ€” Eunhaeng Gyejwa โ€” Bank Account) is the procedural floor for salary, rent, utilities, and transit top-ups in Korea.

With a Residence Card (ARC) and passport, the four-bank quartet โ€” KB Kookmin, Shinhan, Hana, and NH NongHyup โ€” opens a demand-deposit account on-site, usually the same day. Shinhan and Hana also support pre-ARC openings and, at a launch cohort of six banks, mobile-ARC in-app onboarding.

Estimated time

30-60 minutes in branch (with ARC); minutes in-app for mobile-ARC at launch-cohort banks

Cost

โ‚ฉ0 to open; ATM and remittance fees bank-specific

What You Need

Tap to check off items as you gather them

Additional Items

  • Certificate of employment (์žฌ์ง์ฆ๋ช…์„œ โ€” Jaejik Jeungmyeongseo) โ€” for E-series workers; helpful to anchor source-of-funds during the KYC interview.
  • Certificate of enrollment (์žฌํ•™์ฆ๋ช…์„œ โ€” Jaehak Jeungmyeongseo) โ€” for D-2 students; Hana and Shinhan operate campus-branch programs at major universities.
  • ARC application receipt โ€” pre-ARC applicants. Banks may open a restricted-account pending issuance of the card.
  • Utility-bill receipt (๊ณต๊ณผ๊ธˆ ์˜์ˆ˜์ฆ โ€” Gonggwageum Yeongsujeung) โ€” accepted in lieu of a rental contract for proof-of-address.

Step-by-Step

  1. 1

    Choose Your Bank and Branch

    1. KB Kookmin runs a Global Customer Center on 1599-4477 and operates eight specialised foreigner-customer branches, including the Wongok-dong Remittance Center, with Sunday hours at seven of them.
    2. Shinhan offers the SOL Global app in 16 languages and a general hotline on 1577-8000; Global Banking branches are listed on the bank's English Branch Locations page.
    3. Hana Bank offers the Hana EZ app in 16 languages and a Global and Foreign Customer Center on 1599-6111. The Itaewon branch in Seoul is operator-reported as expat-friendly.
    4. NH NongHyup provides interpretation service on 1588-2100, press 730 โ€” useful for E-series and D-2 applicants outside Seoul.

    ๐Ÿ’ก Tip: If you only need a salary and rent account, choose a bank close to your home or workplace โ€” same-day issuance means the location matters more than the brand.

  2. 2

    Gather Your Documents

    1. Valid passport (์—ฌ๊ถŒ โ€” Yeogwon).
    2. Residence Card โ€” physical card, or mobile residence card via the Mobile ID app for the launch-cohort banks.
    3. Korean mobile phone number โ€” for SMS one-time-password during account activation.
    4. Proof of address โ€” rental contract, recent utility bill, or employer letter.
    5. Visa-class extras: E-series โ€” employment letter or first payslip; D-2 โ€” certificate of enrollment; D-10 โ€” passport plus visa, with Hana and Shinhan most accommodating before employment is secured.

    โš ๏ธ Watch out: Banks may refuse to issue a full account when the ARC application receipt is presented instead of the card itself. Hana also requires the Residence Card to have at least six months remaining for credit-card and full-feature account access.

  3. 3

    Visit the Branch (or Open via App)

    1. In-branch: queue at a foreigner desk where available, present the document set, and complete the bilingual Korean and English application form.
    2. In-app at Shinhan or Hana: open SOL Global or Hana EZ, register the mobile residence card, and complete identity verification. The account opens in minutes.
    3. Mobile-ARC eligibility is currently limited to Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju Bank โ€” other banks need an in-person visit.

    ๐Ÿ’ฌ Say:

    ์™ธ๊ตญ์ธ ๊ณ„์ขŒ๋ฅผ ๊ฐœ์„คํ•˜๊ณ  ์‹ถ์Šต๋‹ˆ๋‹ค.

    oe-gu-gin gye-jwa-reul gae-seol-ha-go sip-seum-ni-da

    "I would like to open a foreigner account."

    ๐Ÿ“‹ Use when: At the bank counter or service desk

  4. 4

    Complete the KYC and Customer-Due-Diligence Interview

    1. Confirm full passport-spelled name, date of birth, ARC number, nationality, address in Korea, employer or sponsor, phone number, and expected transaction profile.
    2. Designate the bank as your primary foreign-exchange bank if you plan to remit money abroad โ€” this is required under the Foreign Exchange Transactions Act.
    3. Discuss source of funds โ€” for retail applicants this is usually salary plus inbound remittance from home country; higher-balance customers may face deeper questions.

    ๐Ÿ’ก Tip: Ask the officer at this stage for the daily restricted-account ceiling and the lift-trigger; new accounts default to between โ‚ฉ1,000,000 and โ‚ฉ3,000,000 per day in transfers and withdrawals.

  5. 5

    Receive Your Bankbook and Card On-Site

    1. The bankbook (*ํ†ต์žฅ* โ€” Tongjang) and check card are handed over the same day.
    2. A foreigner-account variant โ€” Foreigner Bankbook โ€” is branded distinctly at most banks but procedurally similar to a domestic personal account.
    3. Pre-ARC applicants who opened a restricted account receive a bankbook and card with the daily caps applied; full features unlock once the Residence Card is presented at the branch.

    โš ๏ธ Watch out: Without a Korean mobile phone number on file, the bank can issue the bankbook and card but cannot activate mobile or internet banking โ€” the SMS one-time-password channel is required at all four banks.

  6. 6

    Activate Mobile Banking

    1. Install KB Star Banking, Shinhan SOL Global, Hana EZ, or NH Smart Banking and register the new account.
    2. Issue an *์ธ์ฆ์„œ* (Injeungseo โ€” Digital Certificate) through the bank โ€” needed for online banking access. The mobile-ARC stream uses a streamlined certificate or biometric flow within the app.
    3. Set up Apple Pay or Samsung Pay via the bank app while waiting for any premium card variant to arrive by post.

    ๐Ÿ’ก Tip: Confirm the international-remittance fee schedule in the app before sending the first overseas transfer โ€” KB Welcome Account offers 50% off exchange charges and overseas remittance fees on over-the-counter transactions.

Costs

Item Amount Payment Notes
Account opening โ€” demand deposit (๋ณดํ†ต์˜ˆ๊ธˆ โ€” Botong Yegeum) โ‚ฉ0 N/A Standard at KB Kookmin, Shinhan, Hana, and NH NongHyup foreigner walk-in account opening โ€” no opening fee published on any of the four bank English pages reviewed.
KB Welcome Account opening (KB Kookmin) โ‚ฉ0 N/A Demand-deposit product; no minimum balance is mentioned on the KB Welcome Account product page.
Bankbook issuance (ํ†ต์žฅ โ€” Tongjang) โ‚ฉ0 N/A Issued on the spot when the account opens; card-only, no-passbook variants are available on request.
Cash card / check card (์ฒดํฌ์นด๋“œ โ€” Chekkadeu) โ‚ฉ0 N/A Issued on the spot at account opening. Premium check-card variants carry separate annual fees โ€” bank-specific, confirm at branch.
ATM withdrawal โ€” own-network, prime hours โ‚ฉ0 Deducted from account KB Welcome Account waives online and ATM transaction fees when salary deposits of โ‚ฉ500,000 or more (or qualifying KB card usage) are met; other banks charge case-by-case.
ATM withdrawal โ€” off-network โ‚ฉ600โ€“โ‚ฉ1,200 Deducted from account Bank-specific range observed across operator commentary; published per-network fee not aggregated on any of the four bank English pages โ€” confirm at the branch counter.
Account opening โ€” demand deposit (๋ณดํ†ต์˜ˆ๊ธˆ โ€” Botong Yegeum) โ‚ฉ0
Payment:
N/A
Notes:
Standard at KB Kookmin, Shinhan, Hana, and NH NongHyup foreigner walk-in account opening โ€” no opening fee published on any of the four bank English pages reviewed.
KB Welcome Account opening (KB Kookmin) โ‚ฉ0
Payment:
N/A
Notes:
Demand-deposit product; no minimum balance is mentioned on the KB Welcome Account product page.
Bankbook issuance (ํ†ต์žฅ โ€” Tongjang) โ‚ฉ0
Payment:
N/A
Notes:
Issued on the spot when the account opens; card-only, no-passbook variants are available on request.
Cash card / check card (์ฒดํฌ์นด๋“œ โ€” Chekkadeu) โ‚ฉ0
Payment:
N/A
Notes:
Issued on the spot at account opening. Premium check-card variants carry separate annual fees โ€” bank-specific, confirm at branch.
ATM withdrawal โ€” own-network, prime hours โ‚ฉ0
Payment:
Deducted from account
Notes:
KB Welcome Account waives online and ATM transaction fees when salary deposits of โ‚ฉ500,000 or more (or qualifying KB card usage) are met; other banks charge case-by-case.
ATM withdrawal โ€” off-network โ‚ฉ600โ€“โ‚ฉ1,200
Payment:
Deducted from account
Notes:
Bank-specific range observed across operator commentary; published per-network fee not aggregated on any of the four bank English pages โ€” confirm at the branch counter.
Total: โ‚ฉ600

FAQ

General

Can I open a Korean bank account before my ARC arrives?

Possibly, with bank-specific exceptions. Hana Bank and Shinhan Bank are operator-reported as the most accommodating to pre-ARC applicants on a passport-eligible basic account. The account opens in a restricted-account posture with daily transfer and withdrawal caps typically between โ‚ฉ1,000,000 and โ‚ฉ3,000,000 per day until the Residence Card is presented at the branch. KB Kookmin, Woori, and NH NongHyup may decline pre-ARC openings โ€” confirm at branch. The Korea Financial Intelligence Unit customer-due-diligence framework drives the restricted-account ceiling.

I have a mobile residence card on my phone โ€” can I open an account without going to a branch?

At Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju Bank, yes โ€” since 21 March 2025. Install the bank's foreigner app (Shinhan SOL Global or Hana EZ), present the mobile residence card in-app via the Ministry of Justice Mobile ID app, and complete verification. The account opens in minutes. KB Kookmin, Woori, and NH NongHyup were not in the launch cohort, so a branch visit is still required there.

How long does the ARC take after I apply?

Two to four weeks after application at the local Korea Immigration Service office. The application itself must be filed within 90 days of arrival on a long-stay visa. If you open a pre-ARC restricted account at Hana or Shinhan during this window, return to the branch with the issued card to lift the daily transfer and withdrawal caps.

What is the difference between a Foreigner Account and a Non-Resident Account?

A Foreigner Account (์™ธ๊ตญ์ธ ํ†ต์žฅ โ€” Oegug-in Tongjang โ€” Foreigner Bankbook) is a resident-foreigner demand deposit (typically a ๋ณดํ†ต์˜ˆ๊ธˆ โ€” Botong Yegeum โ€” Ordinary Savings) opened by a foreigner holding the Residence Card and staying six months or more. A Non-Resident Account (๋น„๊ฑฐ์ฃผ์ž ํ†ต์žฅ โ€” Bigeoju-ja Tongjang โ€” Non-Resident Account) is for foreigners under six months or without long-stay status, and triggers Bank of Korea declaration rules above USD 20,000 in foreign-exchange transactions.

My new account caps transfers at โ‚ฉ1 million per day. How do I lift it?

This is the standard restricted-account posture for new accounts under the Korea Financial Intelligence Unit customer-due-diligence framework. To lift the cap, return to the branch with: a record of consistent salary deposits (typically one to three months), your Residence Card if not already on file, and documents proving the source of funds for higher transactions. The bank's compliance officer reviews and adjusts; the new ceiling is usually โ‚ฉ5โ€“10 million per day after verification.

Do I need to designate a primary foreign-exchange bank?

Yes, for international remittances from a Korean account. At the time of the first foreign-exchange transaction, the bank requires the customer to designate it as the primary foreign-exchange bank under the Foreign Exchange Transactions Act framework. Designation can be changed later. Any foreigner remitting income earned in Korea, or a donation under USD 50,000 per year, must route the transaction through the designated bank.

What is Shinhan SOL Global?

Shinhan Bank's English-platform mobile banking app for foreign customers. It supports 16 languages and opens accounts in minutes via the mobile residence card or a valid foreign ID. It is distinct from SOL Global Loan, a credit-loan product available to E-9, E-7, F-2, and F-5 visa holders with at least six months remaining on the visa and three months of salary deposited through Shinhan.

What is Hana EZ?

Hana Bank's dedicated app for foreign customers, supporting 16 languages. It allows customer-identification registration and passport-number updates entirely in-app. Hana's Itaewon branch is operator-reported as the most expat-friendly walk-in location in Seoul.

I am a D-10 job-seeker with no employment yet. Which bank should I use?

D-10 holders without employment have fewer document options. Hana Bank and Shinhan Bank are operator-reported as the most accommodating and often open passport-eligible restricted accounts. KB Kookmin's Welcome Account and Woori Bank's account pre-opening service are alternatives; confirm eligibility at the foreigner-customer branch.

After This Process

  • โ†’ Provide your account number (๊ณ„์ขŒ๋ฒˆํ˜ธ โ€” Gyejwa Beonho) to your employer's HR team for salary deposit.
  • โ†’ Set up automated debit for rent (์ž๋™์ด์ฒด โ€” Jadong Icheh) using a standing instruction from the new account.
  • โ†’ Register the account for utility bills (electricity, gas, internet) and transit top-up (T-money).
  • โ†’ If remitting income abroad, complete the primary foreign-exchange-bank designation at the same branch.

Sources

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