Opening a bank account in Korea: Start your financial journey (1 of 2)

Opening a bank account in Korea as a foreigner? Opening a bank account is a very important first step for foreigners starting their life in Korea, right up there with finding a place to live. This is because having a bank account allows you to receive your paycheck, manage your living expenses, pay your bills, and make other financial transactions that are necessary for everyday life. In this article, we’ll take a closer look at the process of opening a bank account for foreigners in Korea, what you need to bring, and what you should keep in mind. This article is part of a series of 24 articles in the Complete Guide to Living in Korea for Foreigners.

Preparing to opening a bank account in Korea

Documents required for opening a bank account in Korea

Opening a bank account in Korea as a foreigner, you’ll need a few essential documents, the most important of which is your Alien Registration Card. In some cases, it is possible to open a bank account without an alien registration card (if you are working), but if you want to get an actual withdrawal card, an alien registration card is a must. Therefore, it is not practical to open a bank account when visiting a country for a short time on a tourist visa, but it is possible to open a bank account for a longer stay such as studying or working.

• Valid passport: You will need a valid passport to prove your identity.
• Alien Registration Card: If you’re staying in Korea for a long period of time, you can apply for an Alien Registration Card, which you’ll need to bring with you when you open a bank account.
• Proof of address: You’ll need documentation to prove your residence in Korea. This can be a lease agreement or utility bill.

Select a bank

There are many different banks in Korea, and each bank may have different services for foreign customers. Consider things like English or other foreign language support, online banking systems, and international transfer fees when choosing the best bank for you. In Korea, the leading banks are Shinhan Bank, Kookmin Bank, Hana Bank, Woori Bank, and SC First Bank, while internet banks include Toss Bank, Kakao Bank, and K-Bank. However, as a foreigner, internet banking is recommended if you’re opening a bank account face-to-face, in which case Toss bank is the most foreigner-friendly bank. There are also foreign banks such as HSBC Bank, Citibank, and Deutsche Bank, although they don’t have many branches in Korea.

The process of opening a bank account

When you visit your bank, you’ll follow the steps below:

1. Visit your bank: We recommend choosing a branch with English-language services whenever possible.
2. Request to open an account: Tell the bank employee that you want to open a bank account as a foreigner and submit the required documents.
3. Fill out the paperwork: Fill out the bank account opening application and any additional documents required.
4. Complete the account opening: After everything is done, you will receive your bank card with your bank account number. If you want to use online banking services, this is a good time to apply.

However, in general, we recommend utilizing non-face-to-face bank account opening, where languages such as English are easily recognized, rather than in-person visits these days.

Helpful tips

Bank fees and minimum deposits

One of the advantages of opening a bank account in Korea is that you can maintain your bank account with no minimum balance. Of course, some policies may vary slightly from bank to bank, but most banks in Korea do not require an average balance to maintain a bank account, nor do they charge any fees for maintaining an account. However, there are fees for ATM transactions, especially if you withdraw cash from a non-bank ATM. (Some internet banks have a no-fee policy.)

And most banks in Korea have well-implemented mobile banking systems that are easy to use, though there may be a small transaction fee depending on the type of transaction, such as transferring money. Of course, you can also visit the bank in person, but this will incur a relatively high fee compared to mobile banking.

Utilize language assistance services

If you’re not fluent in Korea, choose a bank that offers support in English or another foreign language. When you opening a bank account in Korea, many banks offer multilingual services for international customers. However, keep in mind that multilingual services are more likely to be available at larger locations, such as the main branch, than at smaller branches.

Online Banking, Mobile Banking

Korea has a well-developed online banking system, so we recommend that you sign up for online banking services when you open your account. This will allow you to manage your bank account anytime, anywhere. You can use internet banking via PC, but we recommend using mobile banking whenever possible. It’s easier for foreigners to use than a PC, with simplified verification and other processes.

Check international transfer fees

If you know that you’ll be sending money overseas frequently, then check each bank’s international transfer fees and exchange rates. There can be differences between banks, so it’s wise to compare before you choose. Some banks offer free international transfer fees or a certain number of free international transfers.

Opening a bank account in Korea as a foreigner is the first step to start your financial journey in Korea. If you do your homework and choose a bank that suits your needs and situation, opening a bank account is a simpler process than you might think. In our next article, we’ll walk you through opening a bank account with a real internet bank.