Bank Account Guide 🏦
한국 은행 계좌 개설 가이드
Quick Summary
- ✅ You need an ARC (Alien Registration Card) to open a bank account
- ✅ Visit a bank branch in person - cannot open online initially
- ✅ Bring: ARC, passport, phone number, initial deposit (₩10,000-₩100,000)
- ✅ Process takes 30-60 minutes
- ✅ Most banks offer English support at major branches
🎯Why You Need a Korean Bank Account
💰 Receive Your Salary
Most Korean employers require a local bank account for salary deposits.
📱 Daily Transactions
Pay bills, send money, shop online, and use mobile payment apps.
🏠 Rent & Utilities
Set up automatic payments for rent, electricity, gas, and water.
✈️ Send Money Home
Transfer money to your home country through banks or money transfer services.
📋Required Documents
ARC (Alien Registration Card)
This is the most important document. You cannot open a bank account without it.
Important: You must have your physical ARC card. A receipt or application confirmation is not accepted.
Passport
Your original passport with valid visa.
Korean Phone Number
Required for mobile banking and OTP (One-Time Password) verification.
Initial Deposit
Minimum ₩10,000 - ₩100,000 in cash (varies by bank).
Personal Seal (Optional)
Some banks accept signature instead, but having a seal (도장) can be useful.
🏦Best Banks for Foreigners
🟡 KB Kookmin Bank (국민은행)
Korea's largest bank with the most branches nationwide.
✅ Pros:
- Most ATMs across Korea
- English mobile app and website
- English-speaking staff at major branches
- Easy international wire transfer
❌ Cons:
- Can be crowded at peak times
- Monthly account fees (₩2,000-₩5,000)
🔵 Shinhan Bank (신한은행)
Popular among expats with good English support.
✅ Pros:
- Excellent mobile banking app
- Good English customer service
- Many branches in Seoul
- Easy to link with Naver Pay, Kakao Pay
❌ Cons:
- Monthly fees for some account types
- Fewer branches outside Seoul
🔷 Woori Bank (우리은행)
Government-owned bank with foreigner-friendly services.
✅ Pros:
- Special accounts for foreigners
- Reasonable international transfer fees
- English support available
❌ Cons:
- Mobile app can be complex
- Wait times can be long
🟨 Kakao Bank (카카오뱅크)
Korea's first internet-only bank, completely app-based.
✅ Pros:
- No account maintenance fees
- 24/7 online banking
- Easy app interface (some English)
- Instant debit card via app
❌ Cons:
- Need an existing Korean bank account first
- Limited English support
- No physical branches for help
Tip: Open Kakao Bank as your second account after getting your first traditional bank account.
💡 Recommendation: Start with KB Kookmin Bank or Shinhan Bank for your first account (best English support and most ATMs), then open a Kakao Bank account for daily transactions (no fees).
📝Step-by-Step Process
Find a Branch with English Support
Look for "Global Centers" or major branches in areas like Gangnam, Itaewon, or near universities.
Useful Phrases:
• "계좌를 개설하고 싶어요" (I want to open an account)
• "영어 가능한 직원 있어요?" (Is there an English-speaking staff?)
Take a Number and Wait
Press the button for "new account" (신규 계좌) on the ticket machine.
Best times to visit: Weekday mornings (10-11 AM) or early afternoons (2-3 PM)
Submit Your Documents
Give the staff your ARC, passport, and tell them you want to open a checking account (입출금 통장).
Types of Accounts:
• 입출금 통장 (Checking Account) - For daily use, no interest
• 적금 (Savings Account) - For saving, earns interest
👉 Open a checking account first.
Fill Out the Application Form
The staff will help you fill out the form. You'll need to provide:
- Address in Korea
- Employer information
- Purpose of account (salary deposit, savings, etc.)
- Emergency contact (can be in your home country)
Set Up Your PIN and Security
Choose a 4-digit PIN for your debit card and a password for online banking.
Security Tips:
• Don't use obvious PINs (1234, birthday)
• Use different passwords for card and online banking
• Never share your PIN or password
Make Your Initial Deposit
Deposit the minimum amount required (usually ₩10,000-₩100,000).
Receive Your Bankbook and Card
You'll receive:
- 통장 (Bankbook) - Physical passbook showing transactions
- 체크카드 (Debit Card) - May take 3-7 days for delivery, or instant issue at some banks
You can use your account number immediately for transfers, even without the card.
📱Setting Up Mobile/Online Banking
Mobile banking is essential for daily banking in Korea. Set it up as soon as possible.
1. Download the Bank App
Search for your bank's app in Google Play Store or Apple App Store.
• KB Bank: "KB스타뱅킹" or "KB Star Banking"
• Shinhan: "신한 쏠" or "Shinhan SOL"
• Woori: "우리WON뱅킹"
• Kakao Bank: "카카오뱅크"
2. Register for Online Banking
You'll need:
- Account number
- Online banking password (set at the bank)
- Your registered phone number
- OTP device or app (for security)
3. Install Security Certificates
Korean banking requires additional security apps. The app will guide you to install:
- Anti-virus software
- Keyboard security app
- Authentication certificate
Yes, it's a lot of apps, but they're required by Korean banking regulations.
💡 Tip: Some banks offer English language options in their apps. Look for "English" or "ENG" in the settings menu.
💡Useful Tips & Things to Know
💳 ATM Usage
- • Free ATMs: Your bank's ATMs are always free
- • Other banks: ₩1,000-₩2,000 fee per transaction
- • Convenience stores: Usually ₩1,000 fee
- • Operating hours: Most ATMs work 24/7
Tip: Withdraw money during bank hours (9 AM - 4 PM) to avoid late-night fees at some banks.
💰 Account Fees
- • Monthly maintenance: ₩2,000-₩5,000 (can be waived)
- • SMS alerts: ₩500-₩1,000/month
- • International transfers: Varies (see remittance section)
- • Card replacement: ₩5,000-₩10,000
Fee Waiver: Some banks waive fees if you maintain a minimum balance or set up direct deposit.
🏪 Using Your Card
- • Works at all stores with card readers
- • Also works as a cash card at ATMs
- • Can be linked to Naver Pay, Kakao Pay
- • Some cards offer cashback or points
📞 Customer Service
- • KB Bank: 1588-9999 (English: press 9)
- • Shinhan: 1544-8000
- • Woori: 1588-5000
- • Hana: 1588-1111
English support may be limited by phone. Visit a branch for complex issues.
⚠️Common Issues & Solutions
❌ Problem: Bank won't open account without Korean address
Solution:
- Your ARC shows your registered address - use that
- If staying at a guesthouse temporarily, ask for an address confirmation letter
- Some banks accept employer's address initially
❌ Problem: Forgot my online banking password
Solution:
- Use the "Forgot Password" option in the app
- Visit your bank branch with ARC and passport
- Some banks allow password reset via ATM
❌ Problem: Card is blocked/frozen
Solution:
- Call customer service immediately
- May be due to suspicious activity or too many wrong PIN attempts
- Visit branch with ID to unblock
❌ Problem: Can't receive international transfers
Solution:
- Visit your branch to activate "foreign currency reception" service
- Provide SWIFT code and account details to sender
- Some restrictions may apply for certain visa types
🎯After Opening Your Account
What to do next:
1. Give account details to employer
So they can deposit your salary
2. Set up automatic payments
For rent, utilities, phone bill
3. Link to payment apps
Connect to Naver Pay, Kakao Pay, Toss
4. Consider opening savings account
Start saving with better interest rates
📚 Related Guides
Need More Help?
Having trouble opening a bank account? Check out our video guides or ask in the community!