In short
- You'll need your ARC first. Most banks require it for a full account. Without it you can only get a limited, deposit-only account (if any).
- Bring: ARC, passport, and a Korean phone number in your own name.
- Foreigner-friendly banks: Hana (KEB Hana), Shinhan and Woori have the best English apps and support. IBK is popular with E-visa workers.
- You must go in person to a branch — online-only opening generally isn't available to foreigners.
A Korean bank account is the foundation for everything else: receiving your salary, paying rent by transfer, setting up utilities, and shopping on Korean apps like Coupang and Baemin. Most of daily life here runs on bank transfers and local cards, so this is one of your first real tasks once your ARC is in hand.
Before you go
The single biggest factor is whether you have your ARC yet. With it, you can open a normal account. Without it, banks may only offer a "restricted" account with low daily transfer and withdrawal limits — or refuse entirely. If you're still waiting on your ARC, a couple of banks (often Hana and Shinhan) will open a basic passport-only account that you upgrade later, but it's simpler to wait for the ARC if you can.
What to bring
- ARC (Residence Card) — issued and in hand, not just applied for
- Passport
- Korean phone number registered in your name (able to receive SMS)
- Proof of address or purpose — sometimes asked for: a lease, an employment/enrolment letter. Having these ready avoids getting a restricted account.
- A small initial deposit — even ₩10,000 is enough to activate the account
Step by step
Pick a foreigner-friendly branch
Not every branch is comfortable with foreign IDs. Choose one in a business district, near a university, or near an immigration office. Big-city branches usually have at least one English-speaking staff member.
Take a number and wait
Grab a ticket from the machine and wait for your number. Tell the teller you want to open a new account ("계좌 개설" / "new account").
Say what the account is for
Banks ask the purpose because of financial rules. Give a simple, consistent answer — "salary," "living expenses," or "tuition." This helps you avoid a low-limit restricted account.
Set up mobile banking on the spot
Ask them to register your mobile banking and issue a check card (debit card) while you're there. Getting it all done in one visit saves a return trip.
Consider a "foreign currency" account
If you'll send money abroad or use ATMs overseas, ask about a foreign-designated account. Also ask about your daily transfer/withdrawal limit and how to raise it.
Which bank?
| Bank | Good to know |
|---|---|
| Hana (KEB Hana) | Widely seen as the most foreigner-friendly; strong English app (Hana 1Q) and dedicated international branches. |
| Shinhan | Good English support; SOL app has a solid English interface. |
| Woori | Solid all-rounder with English guides for foreign customers. |
| IBK | Popular with foreign workers on E-series visas. |
| KB Kookmin | Largest ATM network, but English support is weaker — trickier if your Korean is limited. |
Honestly, the "best" bank matters less than picking a branch that clearly handles foreign customers well. If you can, ask other foreigners near you which local branch they used.
Common questions
Can I open an account without an ARC?
Sometimes — a few banks open a basic, passport-only account for people waiting on their ARC, but it's limited (often no ATM card or online transfers). Most full features need the ARC. If possible, wait until you have it.
Do I need a Korean phone number first?
Effectively yes. You need it for SMS notifications, OTP, and to register mobile banking. Set up your phone line before or alongside the bank visit.
My banking app keeps failing verification — why?
Almost always a name mismatch between your phone line, ARC and bank account, or a prepaid (passport-only) phone line. Make sure all three carry the exact same name, and use a postpaid line registered to your ARC.
Which apps should I link it to?
Once your card is active, you can link it to Kakao Pay or Naver Pay for tap-to-pay, which most shops and apps accept.
Sources: Bank foreign-customer guides (KEB Hana, Shinhan, Woori), Korea Immigration Service, and current foreigner-banking guidance. Requirements vary by bank, branch and visa type.
Last verified: July 2026. Policies differ by branch and change over time — confirm with your chosen bank before going. General information, not financial advice.
Stuck at the bank?
Ask which branches worked for other foreigners — post in the community and tag it Living.