How to Open a Bank Account in Korea (2025 Guide for Foreigners, Students & Nomads)

Opening a Bank Account in South Korea (2025 Guide for Foreigners, Students & Nomads)

Why a Korean Bank Account Is So Important

• Phone Plans & Verification – To register for a standard mobile plan (beyond a prepaid SIM), you need a bank account linked to your Alien Registration Card (ARC).

• Online Payments – Most Korean apps, e-commerce sites, and delivery platforms require a local debit card.

• Employment & Housing – Employers typically only pay salaries to local accounts; landlords expect transfers through Korean banks.

• Transport – Many debit cards double as T-Money cards for the subway and buses.

• Cost Savings – Using a Korean account avoids international card fees and poor exchange rates.

What You’ll Need (Documents Checklist)

• Passport

• Alien Registration Card (ARC) – Most banks won’t open accounts without it

• Valid Visa (longer than 90 days for most banks)

• Korean Address (in both English and Korean)

• Korean Phone Number (ideally registered in your own name)

• Proof of Enrollment (students)

• Certificate of Employment (workers or interns)

• Local Contact Number (occasionally requested)

• Initial Deposit (₩10,000–₩20,000 is standard)

Which Bank Should You Choose?

Step-by-Step: Opening Your Account

1. Pick the Right Branch – Choose a central branch or one near a university; staff there are used to foreigners.

2. Go Early on a Weekday – Banks open ~9am–4pm, Monday–Friday. Lines are shorter in the morning.

3. Take a Queue Ticket – Look for “New Account” on the kiosk or say “통장 만들고 싶어요” (I’d like to open an account).

4. Submit Documents – Passport, ARC, phone number, and address.

5. Request Services Clearly – For example:
• Internet banking (인터넷뱅킹 신청)
• Debit card usable for transport (교통카드 체크카드)
• International transfers (해외송금)

6. Set PIN & Get Card – Many banks issue a functional debit card immediately.

7. Install Banking Apps – Expect to install both the bank app and 1–2 security apps. Staff may help with setup.

Common Issues & How to Solve Them

• Phone Number Problem – A prepaid SIM may not work for real-name verification. Switch to a postpaid plan in your name as soon as you can.

• ARC Delay – Without your ARC, most banks won’t open an account (exception: Kakao Bank offers limited options).

• Inconsistent Branch Policies – If one branch rejects you, try another in a bigger area. Policies aren’t always applied evenly.

• Transfer Limits – New accounts often have low transfer limits (₩1–5M per day). Show a work contract or tuition invoice to raise it.

• Credit Cards – Foreigners often struggle to get a Korean credit card at first. Focus on debit/check cards; credit usually requires income history.

• Joint Accounts – Not possible in Korea, even for married couples. Each person needs their own account.

Practical Banking Tips

• Bring a Korean-speaking friend if you’re not confident with the language.

• Check for English support in the app before leaving the branch.

• Use fintechs like Wise for remittances to avoid high bank fees.

• Always carry some cash at first—your card may take a day or two to activate for online use.

• Remember closing hours – banks shut early (4pm sharp) and don’t open weekends.

Quick Comparison: Banks for Foreigners in Korea

Final Thoughts

FOHO makes move-in day simple.

Pay deposits and rent in Korea with your international card—fast and secure.

Skip the “open a bank account first” loop and get on with life.

• Works for newcomers, students, and nomads

• Card checkout, no local account required

• Clear pricing, no surprises

Micro-FAQ (optional, collapsible)