Salary Payment: Most companies in Korea pay salaries via bank transfer. Especially in medium-to-large businesses or public institutions, cash payments are almost nonexistent, and having a bank account under your own name is mandatory.
Automatic Payment of Utility Bills: Payments for water, electricity, gas, and internet services are typically processed through automatic bank transfers. Without a bank account, you would have to pay via paper bills or at convenience stores each time, which can be inconvenient.
Mobile Phone Bill Payment: To use a standard mobile service plan, you must have a bank account in your name and register for automatic payments. Without an Alien Registration Card and a bank account, it is often difficult to get anything other than a prepaid SIM card.
Other Everyday Convenience: Receiving insurance payouts, getting tax refunds, receiving part-time job wages, and registering for easy payment apps (such as KakaoPay or Toss) are all done through a bank account.
Possession of an Alien Registration Card: In Korea, the eligibility and restrictions for opening a bank account vary depending on your visa type. Only registered foreigners with a valid visa status (e.g., F-6, F-2, D-2, etc.) are eligible.
Long-term Stay Visas (E-9, E-7, F-2, D-2, etc.): Generally eligible to open an account at most banks.
Short-term Stay Visas (C-3, etc.): Usually not eligible to open an account as they do not have an Alien Registration Card.
F-4, F-5, F-6: Can open an account under conditions nearly identical to those for Korean citizens.
D-4 (Language Training, etc.): At some banks, only limited accounts (with transaction limits) can be issued, and additional documents are often required.
Residence in Korea: Must provide documents that can verify your address (e.g., lease agreement).
Legitimate Purpose for Opening an Account: A clear purpose such as managing living expenses, receiving salary, or paying utility bills is required.
Mobile Phone Under Your Name: Some banks may require this for identity verification purposes.
Financial institutions in Korea are categorized into the first, second, and third tiers depending on their business type, stability, loan structure, and regulatory level.
In general, when people refer to a “bank” in Korea, they are usually talking about first-tier financial institutions.
First-tier financial institutions (1금융권): KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, NongHyup Bank (NH), Industrial Bank of Korea (IBK), SC First Bank, etc.
Second-tier financial institutions (2금융권): OK Savings Bank, SBI Savings Bank, National Agricultural Cooperative Federation (NH Central Association), Saemaeul Geumgo (Community Credit Cooperatives), Credit Unions.
✔ If you are a foreigner opening your first account or a salary account, it is recommended to open it at a relatively safe first-tier bank.
✔ When choosing a bank, select one located near your place of residence or your main activity areas (such as your school or workplace).
NH NongHyup Bank has nationwide coverage and offers excellent accessibility in rural areas and small/medium-sized cities.
KB Kookmin Bank and Shinhan Bank are concentrated in large cities and the metropolitan area.
Note: Some schools or companies may require you to open an account with a specific bank, so it’s best to check before opening your account.
Most major commercial banks in Korea support account opening for foreigners. However, depending on the branch or staff, they may have limited experience in assisting foreigners. Therefore, it is advisable to check in advance for branches with dedicated foreigner counters or that are foreigner-friendly.
Examples:
Shinhan Bank: Relatively active in assisting foreign customers, operates Global Centers.
KEB Hana Bank: Provides multilingual guides and operates many foreigner-exclusive branches.
Woori Bank: Foreigner services vary by region; advance inquiry is required.
KB Kookmin Bank: Mainly supports foreigner account openings in large cities.
NongHyup Bank (NH): Only some branches allow foreigner account openings; local cooperative branches may not.
You can also use recommended bank branches listed by the Seoul Global Center or the Foreign Workforce Support Center, as these locations tend to have more experience in assisting foreigners.
When a foreigner opens a bank account in Korea, the following documents are typically required.
All banks generally require a passport and an Alien Registration Card (ARC), and may request additional documents depending on the purpose of the account.
Passport
Alien Registration Card (ARC)
Proof of Residence: e.g., lease agreement or utility bill
Certificate of Employment / Employment Contract: To prove the account is for salary deposits
Proof of Expected Deposit: e.g., payroll statement issued by the company
When you arrive at the bank, take a queue number from the machine located near the entrance and wait for your turn.
The screen will display options such as deposits/withdrawals, account opening, and foreign customer services. You can either select the “Foreigner Customer” menu or ask a nearby staff member for assistance.
Bankbook (Account Number): These days, most banks do not issue a physical bankbook and simply provide you with your account number. If you need a physical bankbook, make sure to request it separately.
Debit Card: You can usually get a debit card linked to your account immediately after opening it.
Mobile Banking Registration Guide: You will receive instructions on how to install the bank’s mobile app and set up authentication methods. To log in to mobile banking, you will need an OTP (One-Time Password device) or a Public Authentication Certificate.
Starting from March 21, 2025, the Financial Services Commission and the Ministry of Justice have allowed the use of the Mobile Alien Registration Card for financial transactions such as opening a bank account, in order to improve financial accessibility for registered foreigners residing in Korea.
Applicable Banks
Banks supporting in-person transactions: Shinhan Bank, Hana Bank, IM Bank, Busan Bank, Jeonbuk Bank, Jeju Bank
Banks supporting non-face-to-face transactions: Jeonbuk Bank
[Features of a Limited Account]
Internet/ATM Transfer Limit: KRW 1,000,000 per day
Over-the-Counter Transaction Limit: KRW 3,000,000 per day
To convert a limited account into a regular account, you must provide supporting documents such as:
Certificate of Employment
Pay Slip
National Health Insurance Qualification Certificate
Employment Contract, etc.
Foreigners will also usually start with a limited account. If you can prove a legitimate financial purpose (e.g., receiving a salary), you may convert it into a regular account.
Install the Mobile Banking App
This is essential for quickly checking your balance, making transfers, and paying utility bills via smartphone. Each bank has its own official mobile app.
For example, Shinhan Bank uses “Shinhan SOL Bank,” and KB Kookmin Bank uses “KB Star Banking.” You can ask bank staff for instructions on how to download the app.
Register a Public Certificate (Joint Authentication Certificate)
This certificate is required not only for logging into your bank’s website but also for accessing government websites.
It works as a digital signature to verify your identity and can be easily registered through your bank’s app.
Register for OTP or Simple Authentication
An OTP (One-Time Password) or simple authentication method is required to enhance security for each transfer. This is especially necessary for overseas remittances or high-value transactions.
Notes:
You can also receive a physical OTP device, but since carrying it around can be inconvenient, many people now prefer using a mobile OTP.
This method generates a six-digit security code through a smartphone app, which you enter when making transactions.
Simple Authentication: This refers to a method of logging in and authorizing transfers using biometric authentication (fingerprint, facial recognition), a pattern, or a password.
Q1. Can I open a bank account without an Alien Registration Card (ARC)?
Most banks do not allow account opening without an ARC. For short-term visitors (C-3), opening an account is extremely difficult.
Q2. Can I open a bank account online?
In most cases, foreigners must visit a bank in person. However, Jeonbuk Bank exceptionally allows non-face-to-face account opening using the Mobile Alien Registration Card.
Q3. Can I use internet-only banks like KakaoBank or Toss Bank?
Only certain visa holders (e.g., F-4, F-5, F-6) can verify their identity using their Alien Registration Number, making it possible to open an account. However, availability is still limited.