Open Bank Account Korea Foreigner?The #1 reason foreigners in Korea end up “going to the bank once, then coming back two or three more times” to open a bank account is missing documents, and #2 is underestimating the waiting time. If you prepare using the checklist below, your chances of finishing in a single visit go way up.
1) Why do banks require so many “things to bring”?
When opening a new demand deposit account in Korea, banks have a process to verify your purpose of financial transactions (salary, business, studies, etc.), and if documentation is insufficient, your account may be opened as a limited-transaction account. This system was introduced to prevent mule accounts and voice phishing, and the government has also promoted “reducing inconvenience (raising limits, strengthening guidance on required documents, using MyData)” under the premise of maintaining the system. (Financial Services Commission)
2) “Basic items to bring” before visiting a branch (for foreigners)
The four items below are safe to prepare in almost all cases.
(1) ID
- Alien Registration Card (ARC) / Permanent Resident Card / Domestic Residence Report Card (if applicable)
- If possible, bring your passport as well (in case a branch/task requires additional verification)
Especially for non-face-to-face/app-based openings, a common pitfall is that a passport alone may not be accepted, and only an Alien Registration Card (or Permanent Resident Card/Residence Report Card) is recognized in some cases. (KB Kookmin Bank)
(2) A Korean mobile phone under your name (the most commonly missed point)
- Because of “identity verification/SMS/app sign-up,” a Korean carrier mobile phone registered under your name is often the key requirement. (KB Kookmin Bank)
✅ Tip: If your phone is not yet under your name (short-term stay, prepaid SIM, etc.)
even if you “open the account at the counter,” you may get blocked later with internet banking/easy authentication/easy transfers.
Before visiting, call the branch and confirm “what’s possible if I don’t have a phone under my name.”
(3) Korean address/contact information
- Your residential address (note it down so you can write it in both English/Korean)
- Email (for internet banking/alerts)
(4) 1–2 supporting documents for your “purpose of financial transactions” (details in section 3 below)
- If you have just 1–2 documents that fit your situation—salary/employment, enrollment, business, etc.—the chance of getting a “limited-transaction” account drops significantly. (Financial Services Commission)
3) The key to finishing in one go: a “purpose of financial transactions” documentation checklist
What happens if your documentation is insufficient?
If your new account is designated as a limited-transaction account, your daily transaction limits are restricted. However, starting 2024-05-02, the daily limits for limited-transaction accounts were eased and raised to around KRW 1,000,000 for internet banking/ATM and KRW 3,000,000 at the counter. (Financial Services Commission)
Examples of documents that “work best,” by purpose
Based on guidance from the Financial Services Commission (representative examples), you can prepare as follows. (Financial Services Commission)
- Employees (for salary deposit)
- National Health Insurance Eligibility/Enrollment & Loss Certificate / wage & salary income withholding receipt, etc. (or employment/salary-related documents)
- Pension recipients
- Pension certificate / benefit recipient confirmation, etc.
- Students (for tuition/living expenses)
- Certificate of enrollment / admission letter / tuition payment-related documents (the combination your school provides is usually the strongest)
- Self-employed/freelancers (for business)
- Business registration-related documents + contract/transaction proof (as much as possible)
✅ Tip: If you prepare “one original + one set of phone photos (or PDFs),” you can respond quickly even if the counter asks for additional items.
4) A major change starting in 2025: account opening is possible with a “mobile Alien Registration Card”
This is one of the most welcome updates for foreign customers.
- From 2025-03-21, it became possible to handle financial services such as account opening at banks using a mobile Alien Registration Card, and
- In 6 banks (Shinhan, Hana, iM Bank, Busan, Jeonbuk, Jeju), it was applied first for in-person services (for non-face-to-face, Jeonbuk was first). (Financial Services Commission)
✅ Practical tip
If you’re in a situation like, “I left my physical ARC at home, but I really need to open an account today,”
first check whether the bank you’re going to is one of the 6 banks above.
(As expanded rollout may continue, it’s recommended to check the latest notice before visiting.) (Financial Services Commission)
5) 7 practical tips to reduce branch waiting time
Tip 1) Check “mobile queue ticket/wait status” first
For example, in KB’s case, you can view the number of waiting customers and the estimated wait time in the app and issue a queue number in advance, and they 안내 that issuance is available up to 40 minutes before closing. (KB’s THINK)
Tip 2) If “visit reservations (consultation reservations)” are available, booking is overwhelmingly better
At KB, for example, the “Branch Visit Reservation Service” allows you to reserve services such as new openings/closures and consultations for deposits, loans, FX, etc.,
and reservation requests have conditions such as D-5 business days to 3 hours before the same day (restrictions may also vary by service/branch). (Otalk)
Woori Bank also explains the reservation-consultation flow via WON Time (request reservation → visit at the reserved time → receive a reserved queue ticket). (Woori Bank)
✅ Point
“New passbook/account opening” may or may not be reservable depending on branch policy.
First check whether “New Deposit Account” is selectable in the reservation menu.
Tip 3) Avoid bank peak hours (the difference is big)
- Monday mornings, right before/after lunch, and around month-end/paydays are more likely to be crowded
- If possible, right after opening in the morning or after 2 p.m. is relatively better (varies by branch)
Tip 4) Prepare your “purpose” in one sentence (shortens counter time)
What takes the most time at the counter is “explaining.” If you prepare a single sentence like below, things move faster.
- (Korean) “급여 수령용 계좌로 만들고 체크카드/모바일뱅킹까지 같이 신청하고 싶어요.”
- (English) “I need a bank account for salary/tuition. I also want a debit card and mobile banking.”
Tip 5) Put documents in a “ready-to-submit format”
- Paper originals + phone photos (organize your gallery folder)
- Long file names waste time while searching → simplify like “ARC.jpg / Passport.jpg / Enrollment.pdf”
Tip 6) Check whether the branch offers extended hours like “9 to 6”
KB’s guidance also mentions that you can use the mobile queue ticket feature to see branches that are open until 6 p.m. (9 to 6). (KB’s THINK)
(Not all banks/branches offer this, so confirm via the branch finder.)
Tip 7) One phone call to the branch = save one return visit
Your success rate increases if you ask just these three questions by phone.
- “Can I open a new account as a foreigner? (based on my visa/status of stay)”
- “What documents do I need? (salary/student/business—whichever applies)”
- “How busy is it today / do you support reservations / can I use a mobile queue ticket at this branch?”
6) A surprisingly common trap: the “20 business-day rule (restriction on opening multiple accounts in a short period)”
If you recently opened a demand deposit account, you may be restricted from opening an additional demand deposit account at another financial institution within 20 business days. KB’s financial content also introduces this policy and explains that if you have an account-opening history within 20 business days, there may be restrictions. (KB’s THINK)
Media reports also frequently cover cases where this regulation becomes an obstacle to joining savings/deposit products or special-rate promotions. (Donga)
So what should you do?
- If you have a recent account-opening history: be prepared to explain “why I absolutely need a new account today”
- Because exception criteria can vary by bank/branch/situation, contacting the branch in advance is the safest approach
7) Final checklist before visiting a branch (copy and use)
Must-haves
- Alien Registration Card (ARC) or Permanent Resident Card/Residence Report Card
- Passport (if possible, bring it too)
- A Korean mobile phone under your name (able to receive SMS) (KB Kookmin Bank)
- A note with your Korean address/contact details
Extra documents to finish in one visit (highly recommended)
- Employment/salary documents or enrollment/admission documents or business-related documents (Financial Services Commission)
- (If possible) document originals + photo/scan copies
Save time
- Check mobile queue ticket/wait status (KB’s THINK)
- Check whether visit/consultation reservations are available (Otalk)
- Check whether you opened an account within the last 20 business days (KB’s THINK)
Wrap-up
- For “documents,” the 핵심 3-piece combo is ID + a phone under your name + purpose documentation. (KB Kookmin Bank)
- For waiting time, the game changes with mobile queue tickets/reservations. (KB’s THINK)
- Starting in 2025, mobile Alien Registration Cards also began being used for actual bank services (initially at 6 banks), and the trend is toward gradual expansion. (Financial Services Commission)
FAQ (Open Bank Account Korea Foreigner)
Q1. Can I open an account with only a passport, without an Alien Registration Card (ARC)?
It can vary by branch, status of stay, and the purpose of the account, but non-face-to-face (app) opening is often difficult with only a passport, and there is clear guidance showing cases where an Alien Registration Card (or Permanent Resident Card/Residence Report Card) is required. (KB Kookmin Bank)
Q2. What is a limited-transaction account, and why does it happen?
It’s an account type that may be opened when you lack sufficient documents to prove your purpose of financial transactions, and it is operated to prevent voice phishing and mule accounts. (Financial Services Commission)
Q3. What is the daily transfer limit for a limited-transaction account?
From 2024-05-02, the daily limits for limited-transaction accounts were eased and raised to KRW 1,000,000 for internet banking, KRW 1,000,000 for ATMs, and KRW 3,000,000 at the counter, according to the guidance. (Financial Services Commission)
Q4. What should I prepare as “documentation for the purpose of financial transactions”?
For employees, salary/employment documents; for students, enrollment/admission documents; for business owners, business/transaction documents—1–2 documents that most directly prove your purpose are effective. (Financial Services Commission)
Q5. What’s the most reliable way to reduce bank waiting time?
If possible, the most reliable combination is mobile queue tickets (check wait status) + visit reservations (consultation reservations). (KB’s THINK)
Q6. Can I really open a bank account with a mobile Alien Registration Card?
Yes. From 2025-03-21, a government press release stated that financial services such as account opening are available with a mobile Alien Registration Card at six banks. (Financial Services Commission)
Q7. They said I can’t open a new account because of the 20 business-day rule. What is that?
This policy is designed to prevent multiple demand deposit accounts from being created in a short period, and guidance states that if you have an account-opening history within 20 business days, you may be restricted. (KB’s THINK)
Q8. Different branches ask for different documents. Which one is correct?
It can vary depending on the bank, branch, and customer situation. The government also recommends “checking in advance, as required documents may differ depending on each bank’s business characteristics.” (Financial Services Commission)
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