Korean Limited Account Explained: Transfer Limits and How to Request an Upgrade

Information checked: 2026-09-09 · Maintenance label: Annual variable values

You opened an account, the salary arrived, and then the transfer failed. The app said the daily limit was exceeded, even though the balance was clearly sufficient. That is a Korean limited account, and it is one of the most common surprises for new foreign residents.

It is not a penalty and it is not aimed at foreigners. It is an anti-fraud control applied to accounts that have not yet evidenced a clear financial purpose, and it applies to Korean nationals in the same situation.

This guide explains what the caps are, how to tell whether your account has them, and what banks generally ask for before removing them.

Key takeaway

A transaction-limited account caps how much you can move per day, not how much you can hold or receive. Published caps are 3,000,000 KRW at the branch counter and 1,000,000 KRW for ATM withdrawals, ATM transfers and internet banking. The route out is evidence of a genuine financial purpose, and the evidence each bank accepts is set by that bank.

Table of contents

• Why the limit exists
• The published caps
• How to tell whether your account is limited
• What banks generally ask for
• If the answer is no
• Frequently asked questions
• Summary

Why the limit exists

Korea has spent years tackling accounts opened by one person and handed to another for fraudulent use. The control that emerged is straightforward: an account whose purpose has not been evidenced gets reduced daily transaction caps until it has been.

Two consequences follow. First, being asked for a purpose document is routine rather than suspicious. Second, the limit is removable, which is the part people miss when they assume the account is simply defective.

The published caps

The Financial Services Commission raised the caps applying to transaction-limited accounts with effect from 2 May 2024, with NH, Hana and Busan banks following on 10 May 2024:

Channel	Previous cap	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 electronic banking	300,000 KRW	1,000,000 KRW

The increase was applied automatically to accounts that already existed, with no application required. Customers who preferred the lower caps were able to keep them.

A separate and stricter regime applies to accounts that were actually used in fraud. Where a payment suspension is later released on such an account, reduced caps of 300,000 KRW for internet banking, 300,000 KRW at ATMs and 1,000,000 KRW at the counter apply. That is a different situation from an ordinary new account and should not be confused with it.

How to tell whether your account is limited

1. Open your banking app and look for the account limit or transfer limit screen, often under settings or account details.
2. Compare the daily transfer figure against the table above. A daily cap of 1,000,000 KRW in the app is the clearest signal.
3. Call the bank's customer line, give your account number and ask directly whether the account is a 한도제한계좌.
4. Ask a second question at the same time: what specific documents this bank accepts to remove it.

That second question matters more than the first. The answer is bank-specific, and getting it on the phone saves a wasted branch visit.

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.

What banks generally ask for

Requirements are set by each bank, so the following is a description of the categories commonly requested rather than a guaranteed list. Confirm your own bank's list before you go.

• Employment: employment certificate, employment contract, or recent payslips
• Study: enrolment or admission certificate
• Business: business registration documents
• A specific transaction: a lease, tuition invoice, or other document showing the payment you need to make
• Existing account activity: some banks will review a period of ordinary usage as supporting evidence

Bring originals plus copies, and bring your identification. This is an in-branch process at most banks rather than something the app can complete.

If the answer is no

A refusal is usually about the evidence rather than about you. Ask which specific condition was not met and what would satisfy it. Common outcomes are that the document was too old, that it did not name you in the form the bank needs, or that a waiting period of ordinary account activity has not yet passed.

If a branch answer contradicts the bank's own published terms, the bank's customer complaint channel is the first route, and the Financial Supervisory Service is the supervisory body above it.

If a bank decision looks wrongFinancial Supervisory Service (English) ›The supervisory body for banks in Korea, and the place to look for consumer complaint routes if a branch answer conflicts with the bank's own published terms.

Frequently asked questions

Does the limit stop money coming in?

The caps are on moving money out, not on receiving or holding it. Confirm the terms of your specific product with your bank.

Is this applied because I am a foreigner?

No. The same control applies to Korean nationals who open an account without evidencing a purpose. Foreign residents encounter it more often because they are more likely to be opening a first account without local employment history.

How long until the limit is removed?

There is no single national timeline. Some banks act on the same day once documents are accepted, and others apply a review period. Ask your bank for its own timeline.

Can I raise the limit in the app instead of at a branch?

Most banks handle the removal at a branch because it involves reviewing documents. Some may offer partial adjustment in-app. Check with your bank rather than assuming.

Are the caps the same at every bank?

The figures above are the caps for the limited-account category following the 2024 increase. What each bank requires to lift them is not standardised.

Summary

A limited account is a temporary state with a defined exit, not a broken account. The caps are published; the removal criteria are not, because each bank sets its own.

The fastest route is one phone call asking exactly what your bank accepts, then one branch visit with those documents in hand.