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Opening a Foreigner Bank Account in South Korea
Document Checklist
์ฌ๊ถ (Yeogwon โ Passport)
Valid passport
Required: Original, not a copy
Cost: Free
Spelling must match the bank application form exactly; carry the physical booklet, not a scan.
์ธ๊ตญ์ธ๋ฑ๋ก์ฆ (Oegug-in Deunglok Jeung โ Residence Card / Alien Registration Card)
Residence Card (ARC) โ physical or mobile
Where to get: Korea Immigration Service (์ถ์ ๊ตญยท์ธ๊ตญ์ธ์ ์ฑ ๋ณธ๋ถ) office; mobile variant via the Ministry of Justice Mobile ID app
Required: Physical card OR mobile residence card on a smartphone in the holder's name
Cost: Issued by Korea Immigration Service (KIS); 2-4 weeks after application
Mobile residence card accepted at the launch-cohort banks (Shinhan, Hana, iM, Busan, Jeonbuk and Jeju). KB Kookmin, Woori and NH NongHyup may still require the physical card โ confirm at branch.
ํ๊ตญ ํด๋ํฐ ๋ฒํธ (Hanguk Hyudaepon Beonho โ Korean Mobile Number)
Korean mobile phone number
Required: Active Korean carrier line in the applicant's name
Cost: Carrier-specific
SMS one-time-password is the universal second factor at all four banks; without it, mobile and internet banking cannot be activated even after the account opens.
์ฃผ์ ์ฆ๋ช ์ (Juso Jeungmyeongseo โ Proof of Address)
Proof of address in Korea
Accepted: Rental contract, recent utility bill, or employer letter stating residence
Cost: Free (issued by landlord or employer)
Required under the Korea Financial Intelligence Unit (KoFIU) customer-due-diligence framework; banks confirm the applicant's address at account opening.
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