Korean Bank Account for Foreigners: Documents and Banks

Korean bank account for foreigners at a branch

Opening a Korean bank account as a foreigner comes down to three items: an Alien Registration Card (ARC), your passport, and a Korean mobile number for one-time passcodes. With those, most branches open a full account in about 30 minutes. Without an ARC, a few banks will open a basic passport-only account, but it cannot receive a salary or use online transfers beyond a small limit.

Korean bank account documents by situation

Your situationWhat to bringWhat you get
Work visa (E-series, F-series)ARC + passport + employment contract or employer letter + Korean phoneFull account, salary deposit, online banking
Student (D-2, D-4)ARC + passport + enrollment certificate + Korean phoneFull account, tuition/scholarship transfers
Short-term visitor (no ARC)Passport only, at select Hana/Woori/Shinhan branchesLimited account: cash card, low limits
Working holiday (H-1)ARC + passport + proof of addressFull account after ARC is issued

The proof-of-purpose document matters more than people expect. Since anti-money-laundering rules tightened, banks open every new account as a limited account (한도제한계좌) unless you show why you need it. Limited accounts cap transfers at roughly ₩1,000,000 per day and ATM withdrawals at about ₩300,000, which is not enough for rent or a paycheck.

Passport and ARC for a Korean bank account

How to unlock the limits

  1. Bring a document that shows regular income or spending: an employment contract, a payslip, a tuition invoice, or a rental contract in your name.
  2. Ask the teller to lift the limit at the same visit; some branches do it immediately, others after the first salary lands.
  3. Register for online and mobile banking at the branch. You will need the app, a Korean number, and usually a one-time security card or a digital certificate set up on your phone.
  4. If you plan to send money home, ask for a designated remittance account registration; it keeps international transfers within the annual limit without repeated paperwork.

Which bank is easiest, and my take

Hana Bank and Shinhan Bank run global branches with multilingual tellers and English apps, and both are used to student and worker paperwork. Woori and KB Kookmin have the widest branch networks, which matters if you live outside Seoul. Internet-only banks such as KakaoBank still require a Korean resident registration number, so they are not an option for most ARC holders in 2026.

My take: pick the branch closest to your workplace or campus rather than the bank with the best app. Limit removals, lost-card replacements and remittance registration all happen in person, and a branch that already knows your file solves problems in ten minutes that a distant global branch will make you queue for. Open the account within the first two weeks after your ARC arrives, because salary and housing deposits are hard to receive any other way.

Source checked: Seoul Metropolitan Government — Banking guide for foreign residents

Related read: T-money Card in Korea: Buy, Top Up, Refund in 5 Steps

Summary

  1. Core documents: ARC, passport, Korean phone number; add proof of job or school
  2. New accounts start limited (about ₩1,000,000 per day); a purpose document lifts it
  3. Tourists can get a passport-only limited account at some Hana, Woori or Shinhan branches
  4. Set up mobile banking and remittance registration at the same visit

Once your card arrives, the guide to paying in Korea explains where cash is still needed. Requirements above reflect 2026 bank guidance for foreign customers; branches can ask for extra documents, so call ahead if your visa type is unusual.

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