How to Open a Bank Account in Korea as a Foreigner: Documents, Steps, and Limits

Information checked: 2026-09-09 · Maintenance label: State/local variable

If you want to open a bank account in Korea as a foreigner, the process itself is short. Most of the difficulty comes before and after the counter: proving who you are, explaining why you need the account, and discovering afterwards that the account will only move a small amount of money per day.

This guide walks through the branch visit in the order it actually happens, and separates the parts that are broadly consistent across banks from the parts each bank decides on its own.

One thing to settle first. Almost every foreign resident can open an account. What varies is whether it opens as a normal account or as a transaction-limited account, and how quickly that limit can be lifted.

Key takeaway

Bring your passport and residence card, expect the bank to ask what the account is for, and expect a new account to start with reduced daily transfer and ATM limits. The limit is standard anti-fraud practice, not a judgement about you, and it is removed by supplying evidence of a real financial purpose.

Table of contents

• Before you go: what the bank is actually checking
• The branch visit, step by step
• What the account can do on day one
• If you do not have a residence card yet
• Setting up mobile banking afterwards
• Frequently asked questions
• Summary

Before you go: what the bank is actually checking

A Korean bank counter is verifying three separate things, and it helps to think of them separately because different documents answer different questions.

What the bank checks	What answers it	Where it can go wrong
Who you are	Passport, and your residence card if you have one	Name spelling differs between documents
That you live here	Residence registration, Korean address, Korean mobile number	Number registered under someone else's name
Why you need the account	Employment, study, or another stated purpose with supporting paper	Nothing to show, so the account opens limited

The third one is where most applications stall. Korean banks operate under long-standing rules aimed at preventing accounts being opened and handed to someone else for fraud. A customer who cannot evidence a purpose is not refused, but the account opens with restricted transaction caps.

Check your own residence status firstHiKorea immigration portal ›Confirm your registration status and card issuance before you book a branch visit. Banks check this, not your visa sticker alone.

The branch visit, step by step

1. Go in person, with your original documents. Photocopies are generally not accepted for identity verification.
2. Tell the teller you want to open a deposit account (예금계좌) and state the purpose in one sentence, for example salary, tuition payments, or rent.
3. Hand over your identity documents and any purpose evidence you brought.
4. Set a four-digit account password and register a signature or seal.
5. Ask directly whether the account is opening as a limited account, and if so what the daily caps are.
6. Register for online and mobile banking while you are still at the counter, and ask for a security card or a one-time-password device.
7. Ask for a debit or check card. This is usually a separate request and can take several days by post.

Two practical notes. Arrive well before closing, since banks generally close at 4pm on weekdays and identity checks take time. And if you are not confident in Korean, ask in advance whether that branch has an English-speaking staff member, because coverage is branch-specific rather than bank-wide.

What the account can do on day one

A new account is frequently opened as a transaction-limited account (한도제한계좌). The Financial Services Commission raised the caps that apply to these accounts on 2 May 2024, with three banks following on 10 May 2024:

Channel	Cap before May 2024	Cap after the increase
Branch counter	1,000,000 KRW	3,000,000 KRW
ATM withdrawal	300,000 KRW	1,000,000 KRW
ATM transfer	300,000 KRW	1,000,000 KRW
Internet and mobile banking	300,000 KRW	1,000,000 KRW

The increase was applied automatically to existing limited accounts without any customer application. These are the caps that apply to the limited-account category. Whether your specific account carries them, and what your bank will accept to remove them, is decided by your bank.

If you do not have a residence card yet

A residence card makes everything simpler, but not having one does not automatically end the conversation. Treatment depends on your residence status, your identification, the transaction purpose you can evidence, and the individual bank's policy. Some banks handle non-resident and short-stay customers through specific branches or product types only.

Do not assume a passport alone is enough, and do not assume it is impossible. Ask the specific bank before you travel to a branch.

Check the official source directlyKorea Federation of Banks member bank list ›Open the bank you plan to use and read its own current terms. Documents, limits and fees are set by each bank, not by a single national rule.

Setting up mobile banking afterwards

An account you cannot reach from your phone is not much use. Register for electronic banking at the counter rather than trying to enrol remotely afterwards, because remote enrolment usually depends on an identity check that needs a Korean mobile number registered in your own name.

Since 21 March 2025, mobile foreigner residence cards have been accepted for opening accounts and conducting financial transactions at Shinhan, Hana, iM, Busan, Jeonbuk and Jeju banks, according to the Financial Services Commission. The mobile card is recognised as an equally valid form of identification as the plastic card, for holders aged 14 and over with a smartphone. Because rollouts expand, check whether more banks have joined before you rely on it.

Check the official announcementFinancial Services Commission: mobile foreigner residence card ›The original announcement naming the participating banks and the start date. Confirm whether the list has expanded since it was published.

Frequently asked questions

Can I open an account on my first day in Korea?

Usually not in the smoothest form. Without residence registration and a Korean mobile number in your own name, you are likely to be offered a restricted product if anything. Most people find it easier after their residence card is issued.

Do I need a Korean phone number?

For practical purposes, yes. Identity verification for online banking, card issuance and most app functions depends on a mobile number registered in your own name. A number in a friend's or employer's name will cause failures later even if the account opens.

Will the bank refuse me if I cannot explain the purpose?

Refusal is not the usual outcome. The usual outcome is that the account opens with the limited-account caps until you provide evidence of a purpose.

How long does it take?

The counter process is often under an hour when documents are in order. The debit card and any limit removal are separate timelines set by the bank.

Can someone else open the account for me?

Opening an account for another person to use is exactly what the anti-fraud rules are designed to stop, and it can carry serious legal consequences. Open your own account in your own name.

Summary

Bring originals, be ready to say what the account is for, and ask at the counter whether the account is limited and what the caps are. Those three habits prevent nearly all of the surprises.

The caps quoted here are the published limited-account figures. Documents, evidence accepted for removing a limit, fees and English support are bank-specific, so confirm them with the bank you actually intend to use before you go.