How to Open a Korean Bank Account as a Foreign Resident

A Korean bank account is not optional. Without one you cannot receive a local salary, pay rent by bank transfer, sign up for Korean e-commerce (Coupang, Baemin, and others), pay utility bills, or use most Korean online services.

The complication: most Korean banks require an Alien Registration Card (ARC, 외국인등록증) before they will open a full account, and the ARC takes 2 to 4 weeks to arrive after you have applied at the immigration office. This creates a timing gap for newly arrived foreign residents.

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 do you need before opening a Korean bank account?

Every Korean bank requires three core items to open a full account: an Alien Registration Card (외국인등록증), your original passport, and a Korean phone number for OTP verification. Work visa holders should also bring an employer letter or employment contract, and proof of address. Bring originals of everything, as Korean banks rarely accept photocopies.

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 are asked for a document you do not have, ask if you can return with it. Do not let them turn you away entirely.

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How do you open a Korean bank account, step by step?

Opening a Korean bank account as a foreign resident is a five-step in-person process: choose a foreigner-friendly bank like KEB Hana or Woori, visit a branch with dedicated international staff (look for 글로벌 외환센터), take a number for 외환 or 외국인 services, fill in the application form with a teller, then set up your card, passbook (통장), and mobile app before leaving.

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

Do not try to open an account online as a new foreign resident. The online process requires an existing Korean digital certificate (공동인증서) that you will not 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), which 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 will 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 does not speak English, use Papago or Google Translate on your phone. Most tellers are patient with foreign customers.

Step 5, Set up your card and app

You will receive:

• A physical bank card (check card / debit card)
• A physical passbook (통장), optional to use but you will 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 will need to set up a transaction PIN and optionally a biometric login.

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How do you set up Korean online banking and OTP?

Korean banks require one-time password (OTP) authentication for online transfers, with three options: software OTP generated inside the bank's app (simplest), a hardware OTP device, or SMS OTP sent to your Korean phone. Set up software OTP inside the branch before leaving. Configuring it remotely in Korean-only menus later is significantly harder for foreign residents.

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.

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What are common reasons Korean banks reject foreign applicants, and how do you avoid them?

Five situations most commonly cause a Korean bank to reject a foreign applicant: no ARC (외국인등록증) yet, no Korean phone number for OTP, arriving at a branch with no English-capable staff, holding only a short-term tourist visa (B-2), or lacking an employer letter. Each has a workaround, from non-resident accounts (비거주자 계좌) to substituting an employment contract for an employer letter.

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How do you send international transfers from a Korean bank account?

Foreign residents sending money out of Korea have two practical options: a bank wire transfer (전신환) from any Korean bank, which costs ₩5,000 to ₩10,000 per transfer plus exchange margin and requires the recipient's SWIFT code, or Wise (formerly TransferWise), which is typically cheaper and supports KRW outbound. Keep the Korean account for local payments and use Wise for cross-border transfers.

1. Bank wire transfer (전신환) Available from any Korean bank. Fees vary (typically ₩5,000 to ₩10,000 per transfer plus 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

Four things matter once your account is active: internet banking (인터넷뱅킹) typically requires a digital certificate (공동인증서), which your bank's app usually handles; overseas ATM use must be enabled in the app or at the branch; link Kakao Pay or Naver Pay for in-store payments accepted by most Korean retailers; and quote your full account number including the bank code prefix when receiving transfers.

• 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.

What's changed

• 2026-05-28: /en voice retune (Lonely Planet voice model, stripped AI-corporate + bureaucratic phrasing, problem-first opener, replaced "expats" with "foreign residents" throughout, removed contractions for translation-neutral writing).
• 2026-04-21: Retrofitted for AI-search citability, added direct-answer passages at the top of each section.

@misc{seoulstart-how-to-open-a-korean-bank-account,
  author = {{Seoulstart Editorial Team}},
  title = {{How to Open a Korean Bank Account as a Foreign Resident}},
  year = {2026},
  publisher = {Seoulstart},
  url = {https://seoulstart.com/guides/how-to-open-a-korean-bank-account},
  note = {Last updated May 28, 2026}
}