The 2025 Foreigner’s Banking Playbook for South Korea
What to bring, where to go, and the accounts that actually work for students, WH visa holders, and expat workers.
Bring your passport, your ARC, and a local phone number. Then ask for internet banking and a check (debit) card enabled for global use—right at the counter. (90 Day Korean, 우리은행)
South Korea’s big banks are modern, fast, and everywhere. The trick, especially in your first few weeks, is knowing which counter to visit and which product to request. Below is a clear, no-nonsense guide that beats generic listicles: requirements, the foreigner-friendly accounts that waive fees, and honest notes on what each bank does well.
What you need to open an account (2025)
- Passport + ARC (Alien Registration Card). Most branches will insist on a valid ARC for a full-feature account. Without it, you may face limited transfers or need extra proof (enrollment/employment letter, lease, etc.). (90 Day Korean, dsgpay)
- Korean mobile number & address. Needed for SMS/OTP and online banking. Register for internet banking during signup. (90 Day Korean)
- Mobile ARC now accepted. From Mar 21, 2025, major banks can verify identity via the mobile Foreigner Residence Card app—handy if your plastic card is delayed. (대한민국 정부포털)
Pro tip: First cards are sometimes issued as ATM-only. Say, “check card, global use please” so it works for point-of-sale and overseas transactions. (90 Day Korean)
Quick comparison (at a glance)
Bank | Why foreigners pick it | Foreigner-oriented perks (examples) | Good to know |
KB Kookmin (KB국민) | Huge network; solid English pages for expats | KB Welcome Account / Package: online transfer & ATM fee exemptions when conditions are met; preferential FX and 50% off counter remittance fees | Ask for English passbook; confirm which actions trigger fee waivers. (오머니) |
Hana (하나) | Strong in FX/remittances; ex-KEB heritage | Easy-One Pack (expat): fee exemptions tied to payroll/regular deposits; multilingual global site/support | Popular with frequent remitters; check Easy-One eligibility at branch. (KEB 하나은행 이미지, 하나은행) |
Shinhan (신한) | Ubiquitous; decent English mobile/app options | Basic combined checking/savings; interest on balance; global desks in key branches | New accounts may carry initial transfer limits—ask when they lift. (90 Day Korean) |
Woori (우리) | Long history; SME-friendly; expat desks in hotspots | Woori Fortune Salary Account for foreign residents: free SMS; ATM fees waived up to 10×/month with ₩500k+ salary deposit | |
NH NongHyup (농협) | Everywhere—even rural; easy bill/tax payments | “Foreigners preferred”/digital-centric accounts like NH Paymore (online/ATM convenience) | Great reach; confirm product availability at NH Bank (not just local co-ops). (Wise) |
IBK (기업은행) | State-owned; strong for salaried savers | IBK “W” Account bonuses for consistent payroll deposits (higher interest) | Retail is fine, but IBK shines for SME ties/savings programs. (KEB 하나은행 이미지) |
SC Bank Korea | International vibe; English-savvy branches | My Plus: simple deposit/withdrawal with interest; wealth products | Smaller branch footprint than the “Big 4.” (90 Day Korean) |
Busan Bank (BNK) | Regional leader in the southeast | Flexible savings; localized expat support near campuses/industrial zones | Ideal if you live in Busan/Gyeongnam; otherwise pick a national bank. (90 Day Korean) |
KDB / KEXIM | Policy banks (gov’t) | Corporate/trade finance—not retail | Not practical for personal accounts. (90 Day Korean) |
The five banks most foreigners actually use (and the product to say out loud)
1) KB Kookmin — ask for “KB Welcome Account / Package”
- Perks: online transfer and after-hours KB-ATM fee exemptions (conditions apply), preferential FX and remittance fee discounts; KB card spending can unlock waivers. (오머니)
- Checklist at counter: ARC + passport → check card (global) → internet banking/OTP → ask which actions trigger fee-free tiers. (오머니)
2) Hana — ask for “Easy-One Pack (for expatriates)”
- Perks: fee exemptions tied to salary deposits/auto-transfers; multi-language support pages and call center. (KEB 하나은행 이미지, 하나은행)
- Why Hana: best-in-class for FX & remittance due to legacy KEB systems. (하나은행)
3) Shinhan — straightforward checking/savings with English-friendly app
- Perks: interest on balances; abundant ATMs; global desks in select branches. (90 Day Korean)
- Heads-up: initial e-transfer limits for new foreign customers are common—ask when/what documentation removes them. (90 Day Korean)
4) Woori — ask for “Woori Fortune Salary Account”
- Perks: foreign-resident salary account, free SMS alerts, ATM fee waiver up to 10×/month when monthly salary ≥ ₩500,000 hits the account. (우리은행)
5) NH NongHyup — consider NH Paymore / Foreigners-preferred options
- Perks: digital-centric everyday banking; widespread branches/ATMs; strong government-service integrations; practical for non-Seoul life. (Wise)
Step-by-step: opening your first account (no drama)
- Pick a large branch (downtown or near universities—more English support).
- Bring: passport, ARC (or mobile ARC), Korean phone number, and proof of purpose (student ID, employment contract) if you’re fresh off the plane. (대한민국 정부포털, 90 Day Korean)
- Say the product name (e.g., “KB Welcome,” “Easy-One Pack,” “Woori Fortune Salary”). Staff will recognize it. (오머니, KEB 하나은행 이미지, 우리은행)
- Ask for:
- Check (debit) card with overseas use turned on
- Internet banking + OTP (or mobile OTP) setup before you leave the desk
- English interface where available (app/site) (90 Day Korean)
- Verify limits (transfer caps, ATM counts) and when they lift (often after stable salary deposits or a few months’ history). (90 Day Korean)
Digital banks you’ll want after you settle
- Kakao Bank – mobile-only, frictionless transfers, strong everyday UX once you have ARC/phone; great as a second account. (90 Day Korean)
- K Bank – online-only pioneer; competitive rates; app-first. (90 Day Korean)
- Toss / Toss Bank – super-app with English UI option and easy account linking; fast, fee-light transfers; growing non-Korean user base. (Apple, Korea Times)
Fees & small print that catch newcomers
- ATM fees: Your bank’s own ATMs during business hours are often free; after-hours or other-bank ATMs charge small fees. Foreigner-targeted accounts waive many of these if you meet the conditions (salary in, card usage, etc.). (오머니, 우리은행)
- International transfers: Counter remittances can be pricey. Use products with FX/fee discounts (KB Welcome; Hana Easy-One), or pair your bank with a specialist service for better rates. (오머니, KEB 하나은행 이미지)
- Initial restrictions: New foreign-resident accounts sometimes start with conservative transfer limits. These can be relaxed—ask what evidence unlocks “normal” limits. (90 Day Korean)
Bank-by-bank cheat sheet (save this)
Ask for… | What it gets you | Proof/trigger for perks |
KB Welcome Account / Package | Online transfer & KB-ATM fee waivers; FX & remittance discounts | Overseas remittance via KB, or KB card usage, plus standard KYC (오머니) |
Hana Easy-One Pack | Fee exemptions when salary/auto-deposit history exists; multilingual support | Payroll into account or regular transfers (see branch for thresholds) (KEB 하나은행 이미지) |
Woori Fortune Salary | Foreign-resident payroll acct; 10 free ATM withdrawals/mo with ≥ ₩500k salary | Monthly salary deposit condition (우리은행) |
IBK “W” Account | Bonus interest with consistent salary deposits | ≥2 payroll deposits over the savings period (product T&Cs) (KEB 하나은행 이미지) |
Frequently asked by students, WH, and expat employees
Q. Can I start without a plastic ARC?
A. Yes—mobile ARC is now accepted at banks starting Mar 21, 2025. If you have neither, some branches may open a basic account with extra documents and tighter limits until your ARC arrives. (대한민국 정부포털, 90 Day Korean)
Q. Which bank is “best”?
A. If you’ll be sending money home, Hana/KB have strong FX perks. If you want simple payroll perks, Woori’s Fortune Salary is straightforward. If you live outside big cities, NH’s reach wins. You can open more than one and keep what fits. (오머니, KEB 하나은행 이미지, 우리은행, Wise)
Q. Do banks have real English support?
A. Yes—Hana’s “Easy-One” global pages and call lines, KB’s foreign service center, and Woori/Shinhan’s English app modes are all active. (하나은행, Reddit, 우리은행)
Closing note
Set up your primary payroll account at a big national bank, then add a digital account (Kakao, K Bank, or Toss) for smooth daily transfers once you’re settled. That combination covers 99% of expat life in Korea. (90 Day Korean, Apple)
Before You Go: Make Rent & Deposits the Easy Part
Don’t open a new bank just to pay rent. Use the card you already have.
Without FOHO | With FOHO |
Wire transfers, ATM runs, banking apps in Korean | Pay by card — Korean or international |
Unclear if/when a landlord saw your payment | Clear confirmation for both sides |
Screenshots for your records | Auto receipt in your inbox |
Missed dates and late-night reminders | Due-date nudges before you’re late |
Why FOHO for payments
- Card-first checkout for deposits and monthly rent — works with domestic & international cards.
- Simple, secure flow built for tenants and landlords who just want it done.
- Transparent records you can forward or file without extra steps.
We focus on one thing here: making rent and deposit payments painless.
Ready to pay the simple way?
