Yes, you can open a bank account in South Korea, but the process depends on your visa status and how long you plan to stay
Foreign nationals can open a bank account at most South Korean banks, but you will need a valid visa, an Alien Registration Number (ARN), and proof of address. The major banks—Shinhan, KB Kookmin, Woori, and NH Nonghyup—all accept foreign account holders. The timeline is usually one to two hours if you have all documents ready, though some banks may take longer to verify your visa status.
The catch: you must have been in South Korea for at least 90 days to open a regular account at most banks, or you must have a local sponsor (employer, university, or family member). If you have just arrived, some banks offer temporary accounts that convert to full accounts once you meet the residency requirement. A few banks, including some branches of Shinhan and KB, will open accounts for short-term visitors with a valid passport and visa, but these accounts come with lower withdrawal limits and fewer services.
Key Takeaways
- You need a valid visa, an Alien Registration Number, and proof of address—a lease agreement or employer letter usually works for the address requirement.
- Most banks require 90 days of residence in South Korea before opening a regular account, though some offer temporary accounts for new arrivals.
- Bring your passport, visa, ARN, and address proof to any major bank branch; the process takes one to two hours if documents are complete.
- Monthly maintenance fees vary by bank and account type, ranging from free to about 2,500 KRW, and some accounts waive fees if you maintain a minimum balance.
- You can receive international wire transfers, but outbound transfers may require additional documentation and take three to five business days.
What documents you need to bring
Bring your original passport and a copy of your visa page. You will also need your Alien Registration Number, which you receive from your local immigration office (출입국관리사무소) after registering your residence. If you have not yet registered, you can do so at the same time you open your account at some banks, though this adds time to the process.
For proof of address, bring a signed lease agreement (전월세계약서), a utility bill in your name, or a letter from your employer or university on official letterhead stating your address and employment or enrollment status. If you are staying with a friend or family member, bring a notarized letter from them plus a copy of their ID and proof of their residence. Banks vary on what they accept, so call ahead or ask at the counter which documents they prefer.
The 90-day residency rule and how to work around it
Most South Korean banks will not open a regular account until you have been in the country for 90 days. This rule exists because banks must verify your visa status and confirm you are not a flight risk for debt. If you have just arrived, you have two options: wait 90 days, or open a temporary account that converts to a full account once you hit the residency threshold.
Temporary accounts are offered by Shinhan, KB Kookmin, and some other major banks. They allow you to receive deposits and make domestic transfers immediately, but may limit you to 5 to 10 million KRW in monthly withdrawals and do not include a debit card until the account upgrades. Some employers and universities can sponsor you for an account before 90 days—ask your HR or international student office whether they have a banking partnership. If you are on a long-term visa (D-10 job seeker, D-2 student, F-2 long-term residence), the 90-day wait is usually waived.
How to open an account step by step
Go to any branch of a major bank during business hours (usually 9 a.m. to 4 p.m. weekdays, closed weekends). Take a number at the counter and tell the teller you want to open a new account (계좌 개설). Hand over your passport, visa copy, ARN, and address proof. The teller will ask you to fill out an account application form in Korean and English.
You will choose an account type—most foreigners open a regular checking account (보통예금)—and decide on a PIN and account nickname. The bank will verify your information against immigration records, which usually takes 10 to 30 minutes. Once approved, you will receive a debit card (체크카드) on the spot or within three to five business days, depending on the bank. Some banks charge a one-time account opening fee of 1,000 to 5,000 KRW; others waive it for new customers.
Monthly fees, minimum balances, and account types
Most South Korean banks charge a monthly maintenance fee of 0 to 2,500 KRW, though many waive the fee if you maintain a minimum balance (usually 100,000 to 500,000 KRW) or set up automatic deposits. Some accounts are free if you use online banking or mobile banking exclusively. Ask the teller about fee waivers before you sign—they vary widely by bank and account type.
Debit cards are issued free or for a small one-time fee (1,000 to 3,000 KRW). Credit cards are a separate product and require a credit history or a local guarantor, so most new arrivals cannot get one immediately. You can use your debit card at ATMs, shops, and restaurants, and it doubles as your account access card for online banking. International debit card use (outside South Korea) may incur a 1 to 2 percent foreign exchange fee, depending on your bank.
Receiving and sending money internationally
You can receive international wire transfers (송금) to your South Korean account. Give the sender your account number, bank name in English, and SWIFT code (your bank will provide this). Transfers from the United States, Europe, or Japan usually arrive within three to five business days and cost the sender 15 to 50 USD in fees, depending on their bank. Your bank will not charge you a receiving fee.
Sending money out of South Korea is slower and more expensive. You will need to visit a bank branch in person (most banks do not allow international transfers online for foreign account holders). Bring your passport and the recipient's full banking details. The transfer takes five to ten business days and costs 15,000 to 25,000 KRW plus a 1 to 2 percent exchange fee. Some banks require you to provide a reason for the transfer and may ask for supporting documents. If you are sending a large amount (over 10 million KRW), expect additional verification steps.
What happens when your visa expires
If your visa expires and you leave South Korea, your account will remain open but dormant. You can keep it open indefinitely, though some banks charge a small annual fee (1,000 to 5,000 KRW) for inactive accounts. If you return to South Korea on a new visa, you can reactivate the account by visiting a branch with your new passport and visa.
If you want to close the account before you leave, visit any branch of your bank with your passport and account card. The teller will process the closure, and any remaining balance will be transferred to a method you choose (wire transfer, cash, or another account). Closing takes about 15 minutes. If you have outstanding debts or unpaid fees, the bank will deduct them before returning your balance.
Frequently Asked Questions
Can I open a bank account online without visiting a branch?
Most South Korean banks require you to visit a branch in person for your first account opening so they can verify your identity and visa status. Some banks offer online account opening for existing customers or for certain visa types, but this is rare for new foreign arrivals. Check with your bank's English-language customer service line to confirm.
What if I do not have an Alien Registration Number yet?
You can register for an ARN at your local immigration office (출입국관리사무소) before opening a bank account. Bring your passport, visa, and proof of address. Registration takes about 30 minutes and is free. Some banks will help you register on the same day you open your account, but call ahead to confirm.
Can I use a foreign address as proof of residence?
No. South Korean banks require a South Korean address. If you are staying with someone temporarily, ask them for a notarized letter confirming your residence. If you are renting, bring your lease agreement. If you are staying in a guesthouse or hostel, ask the manager for a letter on their letterhead stating your dates of stay.
Will my South Korean bank account affect my taxes in my home country?
That depends on your home country's tax laws. The United States, for example, requires citizens to report foreign bank accounts over 10,000 USD. Check with a tax professional in your home country or contact your country's tax authority for guidance on reporting requirements.
Can I get a credit card as a foreigner?
Most banks will not issue a credit card to a foreigner without a credit history or a local guarantor. After six months to one year of using your debit card and building a payment history, you may become may be able to access. Some banks offer secured credit cards that require a deposit equal to your credit limit. Ask your bank about options after you have had your account for several months.