How to set up a bank account as a foreigner in South Korea

To open a Korean bank account, you need your Alien Registration Card (ARC), a local phone number, and a residential address. Go to a major bank branch like KB Kookmin, Shinhan, or Woori with these documents in person, as online-only setup is rarely possible for first-time arrivals.

1. Wait for your ARC. You cannot open a standard bank account without your Alien Registration Card. If you just arrived, wait the 3–5 weeks it takes for the Immigration Office to process your card.
2. Secure a Korean SIM card. Banks require a Korean mobile number registered to your name to verify your identity. Use a provider like KT or SK Telecom to get a post-paid plan before heading to the bank.
3. Choose a foreigner-friendly branch. Not all bank tellers are familiar with opening accounts for foreigners. Call ahead to ensure they have an English-speaking staff member or visit branches near international hubs like Gangnam, Itaewon, or major universities.
4. Bring the mandatory documents. Carry your original passport, your ARC, your phone (with the registered SIM), and a utility bill or residence proof if requested. If you are working, bring your employment contract.
5. Complete the 'Financial Transaction Purpose' form. Banks are strict about anti-money laundering. Be prepared to explain why you need the account (e.g., salary deposit). Have your company's contact info ready if you are opening a salary account.

Can I open an account with a tourist visa?

No. Standard bank accounts require an ARC. Travelers should use travel cards like NAMANE or WOWPASS instead.

Which bank is best for foreigners?

KB Kookmin, Shinhan, and Woori Bank are the most foreigner-friendly and have the most English-capable staff.

Do I need a minimum balance?

Usually no, but having 10,000–50,000 KRW (approx. 8–40 USD) for your initial deposit is standard practice.