Korea Foreigner Bank Account: How to Set Up Your Bank Account Easily
If you’re a foreigner in Korea, setting up a bank account might seem tricky at first. But don’t worry—this guide will walk you through it, so you can quickly and easily open an account at one of Korea’s major banks. You’ll also get an overview of the different banks and options for setting up accounts in-person or online. Let’s get started! 😊
1. Introduction to Major Korean Banks
1.1 KB Kookmin Bank: KB Kookmin Bank is one of the largest banks in Korea, offering a wide range of financial services for individuals and businesses. They provide foreign customer support, including translation services, international remittances, and specialized products for foreigners. The mobile app is also available in English and Chinese.
1.2 Shinhan Bank: Known for its diverse range of services for foreign clients, Shinhan Bank operates a global customer center with support in English, Chinese, Japanese, and more. They offer tailored services for foreigners, including account setup, remittances, and customized loan products.
1.3 Hana Bank: Hana Bank specializes in foreign exchange transactions and offers convenient services for currency exchange and international remittances. They also provide special loans for foreigners and have a strong online service.
1.4 Woori Bank: With over 120 years of history, Woori Bank is another prominent Korean bank. They offer international remittance and foreign exchange services, as well as multilingual support.
1.5 NH NongHyup Bank: With branches across the country, NH NongHyup Bank is convenient for foreigners living in regional areas. They offer foreigner-friendly banking services, including deposits, remittances, and loans, along with specialized financial services for agriculture.
In Korea, there are two main ways to open a bank account: by visiting a branch in person or through online (non-face-to-face) account setup.
2. Opening a Bank Account by Visiting a Branch
Choose the bank you want to open an account with and visit a branch location. Some banks may require a prior appointment for foreign customer service. Here are the documents you’ll typically need:
2.1 Required Documents
- Passport: Your original passport is required for identification.
- Alien Registration Card (ARC): Many banks require an ARC, although short-term visitors without an ARC may still open accounts at some banks, albeit with limited functionality.
- Proof of Residence: In some cases, you may be asked to provide proof of residence, such as a lease agreement or utility bill.
- Additional Documents: If you’re employed, a copy of your employment contract may be needed, while students may need proof of enrollment.
After you present the required documents, the bank representative will verify your identity and complete the account setup.
2.2 Purpose of Account
Banks often ask for the purpose of the account (e.g., salary deposits, personal expenses, etc.). Korean financial regulations require banks to confirm the intended use of customer accounts.
2.3 Account Setup Completion
Once your account is set up, the bank will guide you through internet or mobile banking options. You can also request a debit card, which you can pick up at the bank or receive by mail.
2.4 Important Notes
- Account Limitations: Initially, there may be daily withdrawal and transfer limits. These can often be raised after a certain period of residence in Korea, but additional verification may be required.
- International Transfers: Check with your bank about international transfer options, as availability and requirements vary by bank.
- Mobile and Internet Banking Registration: After setting up your account, you may also be able to register for online banking. This allows you to check balances and make transfers easily.
2.5 Additional Tips
If you urgently need a bank account before receiving your ARC, some banks offer non-resident accounts with limited functionality. However, once you have your ARC, you may need to update your account information.
3. Opening a Bank Account Online
Foreigners in Korea can also open a bank account online without visiting a branch. Here’s what you’ll need for a smooth online setup:
- ARC (Alien Registration Card or Foreigner Residence Card)
- Passport
- A mobile phone registered under your name is required.
Here are some popular banks offering online account setup for foreigners:
3.1 Toss Bank
Toss Bank is one of the most popular internet-only banks among foreigners. It has offered non-face-to-face account opening options for foreigners since its launch. 🙂
Steps to open an account with Toss Bank
- Download the Toss app.
- Sign up, enter your ARC number, name (in uppercase letters), and address.
- Select “Open a Toss Bank account.”
- Verify your ARC by scanning it with the app.
- Complete verification with a representative, and your account will be opened!
Note: You must use a mobile phone registered under your name to complete the verification process.
Download the Toss app (Android)
3.2 Hana Bank
Hana Bank offers a similar non-face-to-face account opening service through the “Hana EZ” app. The process is almost identical to Toss Bank’s, and one great advantage of Hana Bank is their specialized international remittance services.
Multilingual Support: The app is available in Korean, English, Chinese, Thai, Sri Lankan, Myanmar, Vietnamese, Filipino, Mongolian, Indonesian, Cambodian, Japanese, Bengali, Nepali, Russian, and Uzbek.
Download the HanaEZ app (Android)
Tip: While it’s convenient to open an account online, consider opening at least one account in person at a nearby bank first. This can make it easier to open additional accounts with other banks online later on.
With this guide, you should be ready to open a bank account in Korea quickly and easily!
Let’s read other blog posts together!
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