How to open a bank account in Korea as a foreigner
Passport only or with an ARC, what a "limited account" is and how to lift it, what to bring to the branch, and how to send money home.
You’ll want a Korean bank account as soon as you start working. Most employers pay wages into a Korean account, and it’s much cheaper than using your home card for everything.
Passport only, or wait for your ARC?
| Passport only | With your ARC | |
|---|---|---|
| Can you open one? | At some branches | Yes, at any bank |
| Online and app banking | Often no | Yes |
| Transfer limits | Low | Normal, once proven |
| Debit card | Usually yes | Yes |
Our advice: if your job starts right away, open a basic account with your passport so you can get paid. Then go back once your ARC arrives and ask to upgrade it. See How to get your ARC.
The “limited account” (한도제한계좌)
Korea fights phone scams by opening most new accounts as limited accounts. You can still receive money, but daily withdrawals and transfers are capped, often at around ₩1,000,000 a day or lower.
To lift the limit, show the bank why you need the account. Bring one of these:
- your employment contract (근로계약서)
- a payslip, or proof of wages paid into the account
- a lease or proof of address
What to bring to the branch
- passport
- ARC (if you have it)
- a Korean phone number in your own name, for text-message codes
- employment contract or proof of address
- sometimes a document from your employer or school
Go in person. Branches near universities and in central Seoul usually see more foreigners and may have English-speaking staff. Policies change from branch to branch, so if one says no, try another branch of the same bank.
Things to know
- One account at a time. After you open an account, Korean anti-fraud rules can stop you opening another account at a different bank for about 20 business days.
- Never lend or sell your account. Letting someone else use your account or card is a crime in Korea, even if they promise you money. Scammers target foreigners for this.
- Online banking needs identity verification (본인인증), which usually means a phone plan in your name. A prepaid tourist number often isn’t enough.
- Internet-only banks usually need an ARC and a phone plan in your name, and their rules for foreigners are changing quickly. Check the bank’s own site before you rely on one.
Sending money home
Big banks can send money abroad from the branch or app, but fees and exchange rates are often poor. Many foreigners use licensed money transfer apps instead. Compare the final amount received, not just the fee.
Keep your payslips. Some banks ask for proof of where your money came from before large transfers abroad.
Before you leave Korea
Close your account, or make sure all transfers in (last wages, deposit refund, severance) have arrived first. See Leaving Korea: money to claim.