How to Open a Korean Bank Account as a Foreigner

Why you need a Korean bank account, and why it's harder than it should be

A Korean bank account isn't optional. Without one you can't receive a local salary, pay rent by bank transfer, sign up for Korean e-commerce (Coupang, Baemin, etc.), pay utility bills, or use most Korean online services.

The frustrating part: most Korean banks require an Alien Registration Card (ARC / 외국인등록증) before they'll open a full account, and the ARC takes 2–4 weeks to arrive after you've applied at the immigration office. This creates a chicken-and-egg problem for newly arrived expats.

The short answer: apply for your ARC first, wait for it, then open your bank account. In the meantime, use cash or a global card like Wise or Revolut for day-to-day spending.

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What you need before going to the bank

Required documents (all banks):

• Alien Registration Card (ARC / 외국인등록증)
• Passport (original, not a copy)
• Korean phone number (for OTP verification)

Often required:

• Employer letter or employment contract (for work visa holders)
• Proof of address in Korea (lease contract, utility bill, or ARC address)

Tip: Bring originals of everything. Korean banks rarely accept photocopies. If you're asked for a document you don't have, ask if you can return with it, don't let them turn you away entirely.

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Step-by-step: opening your account

Step 1, Choose your bank

Go to KEB Hana or Woori if you want staff who can help you in English.

Step 2, Visit a branch

Don't try to open an account online as a new foreigner, the online process requires an existing Korean digital certificate (공동인증서) that you won't have yet. Go in person.

Find a branch near your home or workplace. For KEB Hana, look for branches labelled "글로벌 외환센터" (Global FX Center), these have dedicated foreigner service staff.

Step 3, Take a number and wait

Korean banks use numbered queuing. Take a number at the entrance terminal (press the screen for 외환 or 외국인 services if the option exists). Wait times vary: 10 minutes at a quiet branch, 45 minutes at a busy one.

Step 4, Fill in the form with a teller

The teller will guide you through an account application form. You'll be asked:

• Purpose of account (선택: 급여 = salary, 생활비 = living expenses)
• Your employer name and address (if employed)
• Your Korean phone number

If the teller doesn't speak English, use Papago or Google Translate on your phone. Most tellers are patient with foreigner customers.

Step 5, Set up your card and app

You'll receive:

• A physical bank card (check card / debit card)
• A physical passbook (통장), optional to use but you'll get one
• Instructions to download the bank's app

Set up the app before leaving the branch. The teller can help you with initial login. You'll need to set up a transaction PIN and optionally a biometric login.

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Online banking and OTP setup

Korean banks use a one-time password (OTP) system for online transfers. You'll need to set this up to transfer money online. Options:

• Software OTP (앱 OTP): Generated in the bank's app. Easiest option, set it up in the branch.
• Hardware OTP device: A small physical device the bank issues. Less common now.
• SMS OTP: Sent to your Korean phone number.

Set up software OTP in the branch before you leave. Trying to do it later remotely is frustrating if your Korean is limited.

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Common rejection reasons and how to avoid them

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International transfers

To send money home, you have two main options:

1. Bank wire transfer (전신환) Available from any Korean bank. Fees vary (typically ₩5,000–₩10,000 per transfer + exchange rate margin). Requires your overseas bank's SWIFT code and account details.

2. Wise (formerly TransferWise) Often cheaper than bank wires for international transfers. You can use Wise as your primary international transfer tool while keeping your Korean account for local payments. Wise supports KRW transfers.

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Key things to know after your account is open

• Internet banking (인터넷뱅킹): Requires a digital certificate (공동인증서) for some operations. Your bank app's built-in certificate usually handles this.
• ATM withdrawals abroad: Most Korean debit cards work internationally. Enable overseas use in the app or at the bank.
• Kakao Pay / Naver Pay: Link your Korean bank account to these apps for easy payments at shops and restaurants. Most Korean retailers accept these.
• Account number format: Korean account numbers include a bank code prefix (e.g., Hana = 081, Woori = 020). Give the full number when receiving transfers.