How to open a bank account in South Korea as a foreigner
You need your Alien Registration Card (ARC), a local phone number, and a residential address. Visit a branch of KB Kookmin, Shinhan, or Woori Bank with these documents to process your application in person.
- Secure your residency documents. You cannot open a bank account without an ARC. If you just arrived, wait until your physical card arrives in the mail. Bring your passport and a local document proving your address, such as a rental contract or a utility bill.
- Get a local SIM card. Banks require a mobile number registered in your own name to link to your account for authentication. Prepaid SIMs from convenience stores usually won't work for banking apps; use a major carrier like SKT, KT, or LG U+.
- Visit a bank branch. Go to a branch near your home or workplace. Large banks like KB Kookmin, Shinhan, or Woori are more accustomed to foreigners. Ask for a 'general savings account' (botong yegum) and mention you need online banking access.
- Initial deposit and settings. Most banks require a minimum opening deposit, usually around 10,000 to 50,000 KRW. You will set a 4-digit PIN for your debit card and a password for your online banking app.
- Register for the app. Before leaving the branch, ask the clerk to help you install the bank’s mobile application and register your digital certificate (Gongin Injeungseo). This is essential for all future payments and transfers.
- Can I open an account with my tourist visa?
- No. You must have an Alien Registration Card (ARC) to verify your identity and legal status in the country.
- Do I need to speak Korean to open an account?
- Not strictly, but it helps. Major branches in expat-heavy areas like Itaewon, Hongdae, or Gangnam usually have English-speaking staff. Otherwise, bring a friend who speaks Korean.
- How long does it take?
- Expect to spend 60 to 90 minutes at the bank to complete the paperwork and set up your mobile banking.