Opening a Bank Account in South Korea (2025 Guide for Foreigners)

Opening a bank account in Korea is one of those things no one warns you about, until you're stuck trying to register for a mobile plan, pay online, or create a gaming account and suddenly hit a wall. Whether you're an international student, a digital nomad, or here long-term, having a Korean bank account is essential.

Let’s break it down simply so you can get it done with zero stress.

Why You Need a Bank Account in Korea

In Korea, most online services, whether it’s ordering food, paying bills, or signing up for memberships, require real-name verification. That means your Korean phone number must be linked to your Alien Registration Card (ARC), and in most cases, your phone plan must be connected to a Korean bank account.

So yes, you’ll need a local bank account if you want to:

• Register for online services

• Sign up for mobile phone plans (not just prepaid SIMs)

• Make online payments in Korea

• Get paid if you’re working or interning here

• Use your card as a T-Money transit card

• Avoid high international fees and conversion rates

Even for short stays, having a Korean bank account makes daily life easier and cheaper.

What You Need to Open a Korean Bank Account (2025)

While requirements vary by bank, these are the minimum documents you should bring:

• Passport

• Valid visa

• Alien Registration Card (ARC)

• Your Korean address (in English and Korean)

• A Korean phone number (you can temporarily use a friend’s, but most banks prefer it to match your ARC)

Depending on your status, you may also need:

• Proof of enrollment (for students)

• Certificate of employment (for interns, workers, or visa holders)

• A local contact or reference number

💡 Pro tip: Some banks may require you to deposit a small amount to open the account (~₩10,000–₩20,000). Bring cash or a card just in case.

Best Banks for Foreigners in Korea (The Big 4)

Here are the most popular banks in Korea for foreigners in 2025, known for English support and expat-friendly service:

1. Woori Bank

• Great online banking tools and wide ATM availability

• Great for students and long-term residents. Easy online banking, English support, and tons of ATMs nationwide.

🔗 Open a Woori Account (Official Site)

2. KB Kookmin Bank

• Korea’s largest bank. Reliable service, widespread branches, and great for everyday banking.

• Easy to find branches and ATMs everywhere

🔗 Start with KB Kookmin (Official Site)

3. KEB Hana Bank

• Designed with foreigners in mind. Multilingual staff and a smooth onboarding process.

• Offers multilingual support (English, Japanese, Vietnamese, Chinese)

🔗 Explore KEB Hana Banking (Official Site)

4. Shinhan Bank

• Well-connected across Asia with solid mobile tools and good English service in cities.

🔗 Visit Shinhan Bank (Official Site)

📱 Most Korean banks require you to download their official banking apps,plus additional security apps for transactions. Don’t panic. It’s normal.

What to Expect at the Bank

Here’s how the process typically goes:

1. Walk in and go to the reception desk

   • Say: “I’d like to open a bank account”

2. Get a queue number and wait for your turn

3. Present your documents

4. Use Papago or Google Translate to prep phrases like:

   • “I need internet banking and a card for transportation.”

   • “I need international transfers and mobile app access.”

The process is usually straightforward, especially in major cities like Seoul, Busan, and Incheon. Most banks close by 4 p.m. and are not open on weekends, so plan ahead.

Once everything’s set up, the staff will help you:

• Download the bank’s mobile app

• Register your login

• Link your phone number

• Activate online transfers or card features (like T-money)

Final Tips

• Go early in the day to avoid long wait times

• Bring translated documents if needed

• Ask your university or employer if they have partnerships with specific banks

• Don’t use prepaid SIMs—you’ll need a plan connected to your ARC for real-name verification

Once you’ve opened your bank account, gotten your phone number, and registered your ARC, you’re officially ready to live like a local.

Conclusion

Opening a bank account in Korea might seem overwhelming at first, but once it's set up, it unlocks a smoother, more connected life here. From paying bills and using local apps to signing up for services and getting paid at work, your bank account becomes the foundation for living like a local.

Take your time, prepare your documents, and don’t hesitate to ask for help. Whether you're here for school, work, or adventure, having your finances set up properly will save you stress, and probably a few awkward moments at the convenience store.

Once your account is open, you’re officially one step closer to settling into Korea with confidence.