A Korean bank account is one of the first things you should set up. You need it to receive your salary, pay rent and bills, use mobile payments, and send money home. The good news is that opening one is straightforward once you have your ARC — and several banks have dedicated support for foreigners.
Choosing a bank
The major banks all serve foreign customers, with English support strongest at large or international branches:
- KB Kookmin — the largest network, widely used
- Woori — strong foreigner support, often recommended for newcomers
- Shinhan — good English app and foreigner services
- Hana — solid international and remittance services
- NH Nonghyup — very widespread, useful outside big cities
If you live near a branch with a foreign customer desk (common in Itaewon, Ansan and university areas), start there.
What to bring
- Your passport and ARC (some banks let you open a limited account with just a passport, but a full account needs the ARC)
- A Korean phone number — essential for verification and the mobile app
- Proof of address or status — a rental contract, certificate of residence, enrolment certificate or employment certificate
- An initial deposit (often as little as a few thousand won)
Step-by-step
- Visit the branch in person (accounts usually cannot be opened fully online for foreigners)
- Tell staff you want to open a deposit account (ipchulgeum)
- Complete the forms and set your PIN and signature/seal
- Receive your debit (check) card — sometimes immediately, sometimes by post
- Register for the mobile and internet banking app and set up your security (a certificate or simple PIN)
The transfer limit you should expect
To fight fraud, banks now place a daily transfer and ATM withdrawal limit on new accounts (often around 300,000 to 1,000,000 KRW per day, sometimes lower). This is normal and not a sign of distrust.
To raise the limit, you typically show evidence of genuine activity, such as:
- A certificate of employment or your labour contract
- Proof of income or regular salary deposits
- Utility bills or a longer banking history
Bring these on your first visit if you already have them, and ask to raise the limit at the same time.
Fees and everyday use
- Domestic transfers between your own and others accounts are usually free or very cheap through the app
- ATM withdrawals are free at your own bank; small fees apply at other banks and after hours
- Your debit card works almost everywhere, including for mobile payment apps
Tips
- Choose a branch near where you live or study — you may need to return for changes
- Keep your seal (dojang) if you registered one; some services still use it
- Set up app alerts so you see every transaction
Open your account early, bring proof of income to lift the transfer limit on day one, and register the mobile app before you leave the branch — it runs your whole financial life in Korea.