If you’re staying in Korea for more than a few weeks, opening a local bank account quickly becomes “not optional.” It’s how you pay rent, get a phone plan, receive salary, and survive everyday life without constantly juggling foreign cards.
But here’s the reality: foreigners often get stuck because requirements depend on whether you already have an ARC (Residence Card), what your visa status is, and what you’re using the account for (salary, living expenses, tuition, business, etc.).
This guide is designed to save you time at the counter. I’ll show you what to bring, what to say, what to expect, and how to avoid the most common reasons people get refused or end up with a heavily restricted account.
Official Links (Bookmark These — No Random Advice)
- InvestKorea (official PDF guide): How Foreigners Can Open a Bank Account in Korea (PDF)
- Seoul Metropolitan Government (English): Banking in Seoul (Opening a Bank Account)
- Woori Bank (official, English): Procedure for Opening an Account (Woori Bank)
- Shinhan Bank (official PDF, guide for foreigners): Financial Transactions Guide for Foreigners in Korea (PDF)
Quick Reality Check: Can You Open an Account Without an ARC?
Yes, sometimes. But it’s usually more limited, and you’ll need stronger supporting documents (like proof of residence). InvestKorea’s official guide explicitly separates requirements for opening an account after ARC issuance vs before ARC issuance.
What that means in real life:
- With ARC: smoother identity verification, fewer “extra questions,” and better odds of normal transfer limits.
- Without ARC: possible, but you should expect restrictions and more document checks.
What to Bring (Best-Practice Checklist)
Different banks and branches can ask slightly different things, but this checklist covers the most common “must-haves” for foreigners.
If you already have an ARC (recommended scenario):
- Passport (original)
- ARC / Residence Card (original)
- Proof of address in Korea (rental contract, dorm confirmation, or other official proof)
- Korean phone number (often needed for SMS verification and app setup)
- Purpose proof if you want higher limits (salary contract, enrollment letter, etc.)
If you do NOT have an ARC yet:
- Passport (original)
- Proof of residence (this becomes much more important)
- Additional ID from your home country can help, depending on the branch
Official references that discuss ID documents for foreigners (passport/ARC) and account opening basics can be found in the InvestKorea PDF and Shinhan’s official guide linked above.
Step-by-Step: What to Do at the Bank (So You Don’t Waste a Trip)
Step 1) Pick a branch that’s used to foreigners. Not every branch has staff comfortable with English or foreign ID processing. If you can, choose a branch in business districts, near universities, or near immigration offices.
Step 2) Tell them what the account is for (seriously). Korean banks often ask the purpose of the account because of financial verification rules. If you want normal transfer limits, be ready to say something simple and consistent like “salary,” “living expenses,” or “tuition.”
Step 3) Expect a “restricted account” first (and don’t panic). Many foreigners initially receive a restricted account with low daily transfer limits until additional documents are provided. InvestKorea’s guide explains the concept of a restricted account and how transaction purposes can affect required documentation.
Step 4) Set up mobile banking at the counter. Do it while you’re there. If your app setup fails later (verification/SMS issues), you’ll lose another half day coming back.
The #1 Reason Foreigners Get Refused: “We Can’t Verify You Properly”
Refusals usually aren’t personal. They’re typically one of these:
- No ARC + weak address proof: the branch can’t confidently verify your residence.
- No workable phone number: mobile banking setup and verification becomes difficult.
- Unclear transaction purpose: you can’t explain what you’ll use the account for, or it doesn’t match your documents.
- Branch policy differences: one branch says “no,” another branch says “yes” with the same documents.
If you get refused, the fastest “human” move is: politely ask what exact document they need for your case, then try another branch with better foreign-customer handling.
How to Increase Transfer Limits (What They Usually Want)
If you open an account and notice your daily transfer limit is tiny, that’s not unusual for first-time foreign customers. The bank may ask for documents that prove your transaction purpose.
InvestKorea’s official guide lists examples of documents that can support transaction purposes (for example: wage documents for part-time income, business contracts for business funds, etc.).
Practical examples that often help:
- Salary: employment contract, pay slip, employer confirmation (branch-specific)
- Student: enrollment certificate, tuition invoice/receipt
- Living expenses: rental contract + ARC + proof of residence
Small Details That Make the Process Way Easier
Bring your address written in Korean. Even if your contract is bilingual, having the address ready in Korean reduces back-and-forth at the counter.
Keep your name format consistent. Use the same spelling and order as your passport when you sign forms and register for mobile banking.
Do it in this order if you’re new: get a Korean phone number (if possible) → book your ARC appointment → apply for ARC → open the bank account. It’s not the only way, but it’s the least painful way.
FAQ (Quick Answers)
Q1) Can I open a Korean bank account with only a passport?
Sometimes, yes. But requirements vary by bank/branch and may require proof of residence, and the account may be restricted at first. The InvestKorea guide outlines separate document expectations before vs after ARC issuance.
Q2) Why is my account “restricted” right after opening?
It often happens because the bank wants additional documents to confirm transaction purpose and identity/residence verification. This is common for new customers, especially foreigners.
Q3) Which bank is “best” for foreigners?
It depends on where you live and whether the local branch is comfortable handling foreign customers. Your best strategy is to pick a branch that clearly supports foreign customers and can set up mobile banking for you on the spot.