How to Open a Bank Account in Korea as a Foreigner (2026 Guide)
Short answer: Most foreign residents open an account by visiting a branch with their residence card (the Alien Registration Card, or ARC) and passport. Before you have the card, a passport plus proof of a Korean address can work at some banks. Banks also ask why you need the account, and without proof of purpose you may get a “restricted” account with daily transaction limits. Exact rules differ by bank, branch and visa, so this guide only describes what the pages listed below say.
This guide did not find a single Financial Supervisory Service page with step-by-step account rules for foreigners. The sources here are a KOTRA government guide, a Financial Services Commission (FSC) release, Seoul’s city guidebook, and two banks’ English pages (Shinhan and Woori).
Documents: with and without a residence card
The KOTRA ombudsman guide (August 2024) splits the answer in two:
| Situation | Identification | Other documents |
|---|---|---|
| After you have a residence card | Residence card, passport, or ID from your home country | Documents showing why you need the account |
| Before you have a residence card | Passport or ID from your home country | Proof of Korean residence, because a passport cannot confirm your address |
For the “before” case, KOTRA lists examples of residence proof: an employment certificate stating your address, a utility bill receipt, a business registration certificate, a hotel voucher, or a hospital reservation document. It adds that you should ask the branch whether a hotel address is accepted, and that a company address counts only if you actually live there, such as in a dormitory.
Woori Bank’s English page says to bring a passport or ARC, and that you should bring both if you opened with a passport and later received an ARC. It also says staff may ask for proof of employment, income, a utility bill or a credit card statement. The Seoul guidebook says all transactions require verifying your real name under the Real Name Verification Act.
Restricted accounts and daily limits
KOTRA says Korean rules on telecom-based financial fraud require you to show your purpose of financial transactions. If you cannot, the bank opens a restricted account. The guide lists these daily limits for such accounts:
| Channel | Daily limit |
|---|---|
| Bank branch | KRW 3 million |
| ATM | KRW 1 million |
| Electronic finance (online/mobile) | KRW 1 million |
The limit can be lifted after you prove your purpose. Examples KOTRA gives for salary include an employment certificate, a labor contract, a tax withholding receipt, or a national health insurance eligibility certificate for workplace subscribers. Part-time wages and business funds have their own examples, such as an employer’s business registration copy or a transaction contract. These figures come from an August 2024 document aimed at foreign investors, and the guide itself says documents can differ by bank and branch. Ask your bank for its current limits.
The same guide says it is one account per person at each financial company for the free deposit-and-withdrawal type. Woori’s page also warns that lending your account or card to someone else can be punished, even without a financial motive.
Online banking and apps
- Request it at the bank. The Seoul guidebook says to visit the bank with your ID to apply for internet banking, and suggests asking when you open the first account.
- Woori Bank says you register at a branch first. Transfers then need a security card or OTP device, and a digital certificate can be issued through its site or the Global or Smart app. Its page does not state online transfer limits.
- Shinhan Bank says foreigners with a Korean-issued ID (Foreigner Registration Card, Domestic Residence Card or Permanent Resident Card) and a mobile phone in their own name can open an account remotely in the SOL Global app. The steps include a photo of your ID, a KRW 1 deposit from another Korean bank account or a video call, and card delivery of about 3-5 business days. A passport alone is not enough for remote opening, and passport-only applicants must visit a branch.
Can you use the mobile residence card?
Yes, in a limited way. The FSC says foreign residents can use the mobile foreigner residence card for account opening and financial transactions from March 21, 2025, at six banks: Shinhan, Hana, iM, Busan, Jeonbuk and Jeju. Conditions are registered residence status, age 14 or older, and a smartphone in your own name. Other types of financial institutions were not yet included, and This guide could not confirm whether the bank list has grown since. Check that your bank accepts it before leaving your plastic card at home.
The Ministry of Justice says the mobile card requires the updated IC-chip physical card first (or a QR scan at an immigration office for older cards) and has the same validity as the physical card.
Sending money
The Seoul guidebook says overseas remittances above USD 5,000 per transaction need the reason and supporting documents, and up to USD 50,000 per year can be sent without evidentiary documents, although banks may still ask. To receive money from abroad you need an account at a Korean foreign exchange bank. Required documents are your passport, ARC, and an income certificate if applicable.
Quick checklist
- Residence card and passport (or passport plus proof of address if you lack the card).
- Proof of purpose: employment, school or income paperwork, to avoid a restricted account.
- A phone in your own name if you want app-based services.
- Ask the bank about daily limits, internet banking set-up, and whether the mobile residence card is accepted.
- Woori’s page lists branch hours of 09:00 to 16:00 on weekdays, so go early.
Common mistakes
- Assuming every bank, branch and visa gets the same treatment.
- Arriving without any proof of address when you have no residence card yet.
- Skipping the purpose documents and then being surprised by low limits.
- Relying on the mobile card at a bank not on the FSC’s list.
Last verified: November 3, 2026. This guide is general information, not financial or legal advice. Confirm requirements with your chosen bank and the official authority.
Sources
- KOTRA Office of the Foreign Investment Ombudsman: How Foreigners Can Open a Bank Account in Korea (August 2024, PDF)
- Financial Services Commission: Mobile Foreigner Residence Card Accepted for Opening Bank Accounts
- Shinhan Bank: Foreign Account Opening (SOL Global app)
- Woori Bank: Banking Guide for Foreign Customer
- Seoul Metropolitan Government: Guidebook for Living in Seoul (2026 edition)
- Ministry of Justice press release: Mobile Residence Card (PDF)
Related guides
- Alien Registration Card (Residence Card) in Korea: Who Must Apply and How (2026)
- Best Time to Visit Korea: Weather and Seasons Month by Month (2026)
- Emergency Numbers and Medical Help in Korea for Foreigners (119, 112, 1330 and More)
- Paying in Korea as a Visitor: Foreign Cards, Cash, ATMs and Currency Exchange (2026)