Opening a Bank Account in South Korea (2025 Guide for Foreigners, Students & Nomads)
Opening a bank account in South Korea is one of those challenges nobody warns you about—until you’re standing in line at the phone shop or trying to pay rent, only to realize you can’t proceed without one. Whether you’re here for study, work, or a longer stay as a digital nomad, having a local bank account is almost essential.
This guide goes far beyond the basics you’ll find elsewhere. It explains not just the paperwork, but the lived experiences, common mistakes, and differences between banks—so you can save time and avoid frustration.
Why a Korean Bank Account Is So Important
Korea has a highly digital, real-name verification system. In practice, this means:
- 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.
Even for short-term stays, the convenience and lower fees make it worth setting up.
What You’ll Need (Documents Checklist)
The requirements vary slightly by bank, but prepare these essentials:
- 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)
Additional documents banks may request:
- Proof of Enrollment (students)
- Certificate of Employment (workers or interns)
- Local Contact Number (occasionally requested)
- Initial Deposit (₩10,000–₩20,000 is standard)
⚠️ Name Consistency Tip: Make sure your name matches exactly across passport and ARC. Some banks’ systems still struggle with very long foreign names.
Which Bank Should You Choose?
Here’s how the major banks compare for foreigners:
Bank | Strengths | Considerations |
KEB Hana | Multilingual staff; English online banking; good for remittances | ARC usually required |
Shinhan | Global desks in major branches; English app; good for students | Small branches may lack English support |
KB Kookmin | Largest ATM network; reliable for salaries & everyday use | App English support limited compared to Hana/Shinhan |
Woori | Low fees, easy remittances, wide coverage | English support improving but varies by branch |
Kakao Bank (Digital-only) | Open via app; ARC sometimes not required; fast card delivery | Korean-only interface; no in-person help |
👉 Pro strategy: Many expats keep two accounts—one required by employer/landlord (e.g., NongHyup), and another at Hana or Shinhan for daily ease.
Step-by-Step: Opening Your Account
- Pick the Right Branch – Choose a central branch or one near a university; staff there are used to foreigners.
- Go Early on a Weekday – Banks open ~9am–4pm, Monday–Friday. Lines are shorter in the morning.
- Take a Queue Ticket – Look for “New Account” on the kiosk or say “통장 만들고 싶어요” (I’d like to open an account).
- Submit Documents – Passport, ARC, phone number, and address.
- Request Services Clearly – For example:
- Internet banking (인터넷뱅킹 신청)
- Debit card usable for transport (교통카드 체크카드)
- International transfers (해외송금)
- Set PIN & Get Card – Many banks issue a functional debit card immediately.
- 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
Feature | Hana | Shinhan | KB | Woori | Kakao |
English App | ✅ | ✅ | ✅ (partial) | ✅ (basic) | ❌ |
Foreign Desk | ✅ | ✅ | ❌ | ❌ | ❌ |
ARC Needed | Yes | Yes (some exceptions) | Yes | Yes | Sometimes no |
Debit Card | Immediate | Immediate | Immediate | Immediate | Delivered by mail |
Best For | Multilingual support | Students & interns | Salary + ATMs | Cheap remittance | Fast, digital setup |
Final Thoughts
Opening a bank account in South Korea can feel bureaucratic, but it’s a key milestone in settling in. Once done, you’ll unlock a smoother life—ordering food, paying bills, getting paid, or simply tapping your card on the subway.
Prepare your documents, know which bank fits your needs, and don’t get discouraged if one branch says no. With the right approach, most foreigners walk out with a working debit card the same day.
And if you need to pay rent or deposits before your account is ready, remember that some housing platforms now let you pay directly with your overseas card—so you don’t get stuck in the first few weeks.
FOHO makes move-in day simple.
No Korean bank account yet? You can still secure your place.
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
Move in without the banking detour → https://foreignerhome.com/
Micro-FAQ (optional, collapsible)
Q: Do I need a Korean bank account to pay?
A: No—FOHO lets you pay with an international card, so you can move forward immediately.
Q: Who is this for?
A: New arrivals, students, interns, digital nomads, and anyone who doesn’t have local banking set up yet.
