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Open a Bank Account in Korea

Open a Korean bank account as a foreigner. Most banks require your ARC, passport, and a Korean phone number.

Medium⏱ 1–2 hours at the bank

πŸ“‹ What You Need

  • β€’ARC (Alien Registration Card)
  • β€’Passport
  • β€’Korean phone number (usually)
  • β€’Initial deposit (varies)

Step-by-Step Guide

1

Get your ARC first

Most banks require an Alien Registration Card (ARC / 외ꡭ인등둝증). Get this from your local immigration office within 90 days of arrival.

  • πŸ’‘If you just arrived, KakaoBank and Toss may accept passport only for basic accounts
2

Choose a bank

Popular options: KakaoBank (app-only, easiest for foreigners), Shinhan Bank (English-speaking staff at many branches), IBK Industrial Bank (popular with workers).

  • πŸ’‘KakaoBank is 100% app-based β€” no branch visit needed
  • πŸ’‘Shinhan Global Finance Center in Itaewon offers full English service
3

Visit the branch with documents

Bring your ARC, passport, and Korean phone number. Some banks allow in-app registration.

  • πŸ’‘Bring originals AND photocopies
  • πŸ’‘Go weekdays 9am–4pm
  • πŸ’‘Avoid lunch hour (12–1pm)
4

Complete the application form

A bank staff member will walk you through the process. Forms are often available in English.

5

Set up mobile banking

Download the bank app and set up internet banking. You will need an OTP (one-time password) for transfers.

  • πŸ’‘English apps: KakaoBank, Shinhan SOL Bank (English), IBK Business Banking
  • πŸ’‘Set up overseas remittance if needed

πŸ’‘ Insider Tips

  • β†’KakaoBank is the easiest β€” fully app-based, open 24/7
  • β†’If you don't have ARC yet, try Toss or KakaoBank with passport only
  • β†’IBK Industrial Bank is very popular for foreign workers
  • β†’You need a Korean phone number to receive OTP verification codes
  • β†’Some accounts have transfer limits for foreigners β€” upgrade after 3–6 months
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