If you’re living in Korea, a local bank account isn’t just “nice to have.” It’s usually the key to everything else: phone plans, rent deposits, salary payments, online subscriptions, even simpler things like booking appointments without payment issues.
But foreigners often run into the same wall: “We can’t open an account for you,” or “Only limited services,” or “Come back with more documents.” The annoying part is that it’s not always explained clearly.
This guide is the practical version: what to bring, what to say, why you might be refused, and how to set up online banking and overseas remittance without getting stuck.
Official Links (Bookmark These)
- Seoul Metropolitan Government – Financial Guide Book for Foreigners (PDF, official):
https://english.seoul.go.kr/wp-content/uploads/2023/02/FINANCIAL_GUIDE_BOOK_FOR_FOREIG_ERS_IN_KOREA.pdf - Bank of Korea – Foreign Exchange System (official overview):
https://www.bok.or.kr/eng/main/contents.do?menuNo=400191 - EasyLaw (government legal info, English) – Financial Transactions (official legal guidance hub):
https://easylaw.go.kr/CSM/SubCnpclsCmd.laf?ccfNo=1&cciNo=1&cnpClsNo=1&csmSeq=2500 - Woori Bank – Banking Guide for Foreign Customers (official):
https://spib.wooribank.com/pib/Dream?withyou=ENENG0688
The “Fast Answer”: What You Usually Need to Open an Account
Document requirements can vary by bank branch and by your visa/status, but in real life most foreigners succeed faster when they bring a complete set instead of the bare minimum.
- Passport (original)
- ARC / Residence Card (original, if you have it)
- Korean phone number (helps a lot for verification + banking SMS)
- Proof of address (rental contract, dorm confirmation, or similar)
- Proof of employment or enrollment (if you’re opening a “full-featured” account)
Human tip: If you don’t have an ARC yet, you can still try—but expect limits. Some branches will only open a restricted account until your residency status is confirmed more strongly.
Why Banks Sometimes Refuse Foreigners (It’s Usually One of These)
Most refusals are not “because you’re foreign.” They’re compliance or risk flags, and the staff often won’t explain them in detail.
- No reliable identity verification (no ARC yet, name mismatch, document format issues)
- No stable local contact (no Korean phone number, no fixed address)
- Purpose unclear (you can’t explain why you need the account; they worry about misuse)
- Branch policy differences (yes, this is real—some branches are simply more experienced with foreigners)
What to say (keep it simple): “I live in Korea. I need a bank account for salary/rent and daily payments. I can provide my passport, ARC, and address.”
Choose the Right Account Type (This Affects How Useful Your Account Is)
Some foreigners open an account successfully… and then realize they can’t do basic things (online transfers, overseas remittance, certain card functions). That’s often because it was opened as a limited transaction account due to missing documents or incomplete verification.
To reduce that risk, ask clearly for:
- Debit card (check card / cash card)
- Internet banking + mobile banking setup
- Overseas remittance service registration (if you’ll send money abroad)
Many banks publish foreign-customer guides that describe the availability of overseas remittance services once registered (example: Woori Bank foreign customer guide page).
Mobile Banking Setup: The “Small Steps” That Save You Pain Later
When you open the account, do these before you leave the branch:
- Confirm your registered phone number is correct (one digit wrong = verification fail forever)
- Ask for English support options if available (some banks/menus have it)
- Confirm your daily transfer limits and how to increase them later
- Ask whether you need additional registration for international transfers
Human tip: If your name has a middle name or hyphen, use one consistent format everywhere (bank + telecom + insurance). Korea systems can be picky about spacing.
Overseas Remittance from Korea: The Rule You Must Understand
If you plan to send money abroad from Korea, don’t treat it as “just like PayPal.” Korea has a foreign exchange framework, and in certain cases you must use a designated bank for specific foreign exchange transactions.
The Bank of Korea explains that certain transactions like personal remittances may require designating a correspondent bank and processing through that bank.
Official overview (Bank of Korea):
https://www.bok.or.kr/eng/main/contents.do?menuNo=400189
The Bank of Korea also notes important reporting-related points (for example, annual thresholds that trigger reporting to the National Tax Administration in certain cases). Because rules can evolve, use the official Bank of Korea pages and your bank’s foreign exchange desk as the final authority.
Official Foreign Exchange System page (Bank of Korea):
https://www.bok.or.kr/eng/main/contents.do?menuNo=400191
How to Send Money Abroad (Practical Flow)
Step 1) Register overseas remittance service at your bank (some banks require a one-time registration or additional verification).
Step 2) Prepare recipient details correctly: recipient name (exact), bank name, bank address (if required), SWIFT/BIC, account number/IBAN, purpose of remittance.
Step 3) Ask about documentation requirements if your amount is large or your remittance purpose is sensitive (income remittance, donations, etc.). Use official legal guidance hubs like EasyLaw if you want a government-level explanation framework.
EasyLaw financial transactions hub (official):
https://easylaw.go.kr/CSM/SubCnpclsCmd.laf?ccfNo=1&cciNo=1&cnpClsNo=1&csmSeq=2500
Human tip: If you’re sending “salary savings” abroad, tell the bank exactly that. Clear remittance purpose descriptions reduce delays.
Receiving Money from Abroad to Korea (What to Ask Your Bank For)
To receive an international wire into Korea, you’ll typically need your bank’s SWIFT code, branch info, your account number, and your name exactly as the bank has it.
Many banks provide official instructions for receiving remittances (example page from a major bank’s foreign customer portal):
Example (official bank guide):
https://spib.wooribank.com/pib/Dream?withyou=ENENG0675
FAQ (Fast, Honest Answers)
Q1) Can I open a bank account in Korea without an ARC?
Sometimes yes, but many banks may limit features until you have stronger residency verification. If you want full functionality (higher transfer limits, overseas remittance), having an ARC and stable address helps a lot.
Q2) Why does one branch refuse me but another might accept?
Branch experience and internal policy can differ. If you’re refused, ask politely what document is missing, then try a branch that handles foreign customers more often (near universities, large business districts, or foreign resident centers).
Q3) Is overseas remittance from Korea regulated?
Yes. Personal remittances and foreign exchange transactions can require designated bank processing and may involve reporting thresholds depending on the situation. Use Bank of Korea’s official foreign exchange pages as your starting point.