Opening a Bank Account for Foreigners in Korea: Required Documents and Things to Know

A Korean bank account is needed for almost everything: receiving your salary, paying rent, settling bills, using e-wallets and public services. Foreigners can open an account, but the procedure may be stricter depending on the bank and the timing.

Documents usually required: a residence card (외국인등록증/ARC) or passport (if you do not have an ARC yet, some banks will still open an account but with more restrictions), a Korean phone number, and depending on the bank possibly a proof of residence, an employment contract or a certificate of enrollment.

Basic steps: go to a branch (preferably one with English support, or bring someone who speaks Korean) → fill in the account-opening form → receive a debit card (check card) → register for online banking/the app.

Note on limits: to prevent fraud, new accounts of foreigners (and Koreans alike) are usually subject to an initial transfer/withdrawal limit; the limit is raised once you prove real transactions (payslips, contracts, etc.). This is a general rule, not discrimination.

Tips: have your ARC and Korean phone number ready before you go; ask the branch in advance about the documents; if you need to send money to Vietnam, ask about international remittance services and fees.