How to Open a Bank Account in Korea as a Foreigner - Possible Even Without an ARC

So, you've come to Korea and want to open a bank account, but it's more complicated than you thought, right? Many people think it's impossible without a Foreigner Registration Card (ARC), but you can actually open a temporary account with just your passport.

You Can Open an Account Even Without a Foreigner Registration Card (=ARC)

Let's start with the good news. You can open a temporary account with just your passport, even if you don't have an ARC yet. However, keep in mind that its functions are limited. Online banking or issuing a debit card may be difficult, and the transfer limit will be set low.

Still, if you need to receive a salary or pay monthly rent, it's a good idea to create a temporary account. You can convert it to a regular account later when you receive your ARC.

Choosing a Foreigner-Friendly Bank

The level of support for foreigners varies greatly from bank to bank. Even within the same bank, there are significant differences between branches, so you should choose carefully.

Recommended Banks and Branches

KB Kookmin Bank has the most foreign customers, and you are likely to find English-speaking staff at the Itaewon or Gangnam branches. The app is also relatively intuitive.

Woori Bank's Woori Global Banking service is really good. The app supports English, and branches in areas with high foreign populations, such as Hongdae and Gangnam, are used to serving foreign customers.

Hana Bank and Shinhan Bank also have fast procedures at branches near universities because they deal with many foreign students. This is especially true for branches near Yonsei University and Ewha Womans University.

These days, many young people also use internet-only banks such as KakaoBank and K Bank. The apps are simple and the fees are relatively low.

Things to Bring When Opening an Account

Make sure you have all the necessary documents before going to the bank. You don't want to miss anything and have to go back.

Passport (required)
Foreigner Registration Card or Foreigner Registration Card Issuance Confirmation
Korean Mobile Phone Number (for SMS verification)
Proof of Address: Lease agreement or utility bill

If you are a student, bring your student ID, and if you are an office worker, bring your employment certificate. You can create a salary account or a student preferential account.

If you don't have a Korean phone number, it's almost impossible to open an account. Please get a phone from a mobile carrier before going to the bank.

How to Increase Your Transfer Limit

When you first create an account, the daily transfer limit is set at around ₩500,000 to ₩1,000,000. That's barely enough to pay the monthly rent.

To increase the limit, you need additional documents:

Proof of Income (pay stub, employment certificate)
If you are a student, proof of enrollment
Proof of Residence

Take the documents to the branch and say you want to "apply for an increase in the transfer limit." It usually takes about 1-2 days, and if you have a normal income, you can increase it to up to ₩5,000,000 per day.

How to Use Mobile Banking Apps

Korean banking apps may seem a bit complicated at first, but they are really convenient once you get used to them. However, you must register your security certificate at the bank.

KakaoBank and K Bank allow you to do everything through the app from the beginning, but with traditional banks, you have to go to the branch for the initial registration. Tell the staff you came to "apply for mobile banking," and they will help you.

If the app is in Korean and it's difficult for you, try using the Google Translate camera function. It translates the screen in real time, which is quite useful.

Fees Are About This Much

Account maintenance fees are about ₩500 to ₩1,000 per month. KakaoBank and K Bank are free if you meet certain conditions.

You will be charged a fee each time you use another bank's ATM, so check the location of your bank's ATMs in advance. Convenience store ATMs also have different partnerships with each bank.

Overseas Remittances Are Cheaper with Apps

If you need to send money to your home country, I recommend apps like Wise or Toss instead of banks. The fees are much lower and the exchange rates are better.

If you send money overseas from a bank, the fee is ₩20,000-₩30,000, but with an app, it costs less than half that. However, there is a limit to the amount you can send at one time, so check in advance.

Useful Tips to Know Before Going to the Bank

Bank hours are from 9 AM to 4 PM on weekdays. Avoid the lunch hour (12 PM - 1 PM) as the wait can be long.

It takes some time to open an account for the first time. Allow at least 30 minutes. In particular, it may take longer for foreigners because of additional verification procedures.

Don't panic if the bank clerk doesn't speak English. Show them a translation app and they will help you. Korean bank clerks are very kind.

When you are done opening your account, apply for a debit card as well. You can usually pick it up at the branch after about a week, and until then, you can use your bankbook at ATMs.