Top 10 Banks in South Korea (2025): A Complete Foreigner’s Guide to Opening an Account

The 2025 Foreigner’s Banking Playbook for South Korea

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)

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)

Quick comparison (at a glance)

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)

1. Pick a large branch (downtown or near universities—more English support).

2. 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)

3. Say the product name (e.g., “KB Welcome,” “Easy-One Pack,” “Woori Fortune Salary”). Staff will recognize it. (오머니, KEB 하나은행 이미지, 우리은행)

4. 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)

5. 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)

Frequently asked by students, WH, and expat employees

Closing note

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.

• 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.