Korea Bank Account Guide for Foreigners (2026)

A bank account is essential for daily life in Korea. This guide explains how foreigners can open an account, set up mobile banking, and use Korean financial services.

Table of Contents

• 1. Major Korean Banks Compared
• 2. Requirements and Documents for Foreign Applicants
• 3. Bank-by-Bank Account Opening Guide
• 4. Setting Up Internet and Mobile Banking
• 5. International Wire Transfers
• 6. Using ATMs
• 7. KakaoBank and Toss — Online-Only Banks
• 8. Frequently Asked Questions
• 9. Consultation

1. Major Korean Banks Compared {#section-1}

2. Requirements and Documents for Foreign Applicants {#section-2}

Basic Requirements

Documents to Bring

3. Bank-by-Bank Account Opening Guide {#section-3}

KB Kookmin Bank

• Open an account at any branch nationwide
• Dedicated foreign customer desks at major branches
• Services in English, Chinese, and Vietnamese
• KB Star Banking app supports English menus

Shinhan Bank

• Partial online account opening via SOL app
• One-stop foreign customer financial service
• Multilingual staff at dedicated windows

Woori Bank

• Specialized foreign resident centers
• Products tailored for immigrants and long-term foreign residents
• WON Banking app supports English

Hana Bank

• 1Q Bank app links to overseas accounts
• Foreign exchange rate discount coupons
• Discounted international transfer fees

4. Setting Up Internet and Mobile Banking {#section-4}

Mobile banking tips:

• Having a Korean SIM card makes mobile banking setup significantly easier
• Some banks support SMS verification for overseas phone numbers — check before you go

5. International Wire Transfers {#section-5}

What you need for a wire transfer:

• Recipient's bank name and SWIFT code
• Recipient's account number
• Recipient's full name and address
• Transfer amount and currency

6. Using ATMs {#section-6}

English language ATMs:

• Most Korean ATMs have an English option — look for the "English" button at the bottom of the screen

7. KakaoBank and Toss — Online-Only Banks {#section-7}

KakaoBank

Toss Bank

8. Frequently Asked Questions {#section-8}

Q. Can I open a Korean bank account without an ARC? A. Some banks allow account opening with just a passport and visa, but the account may have limited functionality. For full banking access, it is recommended to apply after receiving your ARC.

Q. Can I receive international wire transfers into a Korean account? A. Yes — share your Korean bank's SWIFT code and account number with the sender, and international transfers can be received directly.

Q. Can foreigners use KakaoBank and Toss? A. Yes. Foreigners holding an Alien Registration Card (ARC) can open accounts in-app without visiting a branch.

Q. Can I withdraw cash from Korean ATMs with a foreign card? A. Yes. Visa and Mastercard are accepted at most ATMs. Expect a fee of around ₩2,000–₩3,000 per withdrawal, plus any foreign transaction fee from your own bank.

Q. Do I need a Korean phone number for mobile banking? A. Most banking apps require SMS verification with a Korean number. Some banks support overseas numbers — check before your visit to the branch.

9. Consultation {#section-9}

For visa status, residency, or general life settlement questions in Korea, Vision Administrative Office provides expert support.

Related guides:

• Korea Convenience Store Guide for Foreigners
• Korea Public Transportation Guide for Foreigners
• Kakao Apps Guide for Foreigners
• Korea Cost of Living Guide