Banking & Cards
Salary, rent, bills, transfers — in Korea almost everything starts with a bank account. Here’s how to open one as a foreigner, and which card you can get.
You can usually open a full account + debit card, at a branch or in the app.
How do I open a bank account?
You usually need your ARC (Alien Registration Card) and a Korean phone number, and sometimes proof of address. Most people still open the account at a branch. But if you have both, many banks let you do the whole thing in the app: app-only banks, for example, open a foreigner account with your ARC, a Korean phone number and your Korean address if you’re 19 or over. Without an ARC, some banks will open a limited account on your passport.
Why is that? Banks have to confirm who you are and that you live here, so the ARC and a Korean number do most of the work. Internet-only banks and the big banks have both made sign-up easier for foreigners, and some handle it in English.
Can I bank before my ARC arrives?
Sometimes. Some banks will open a basic account with your passport and proof of address. Transfer limits are lower and there are fewer features, but once your ARC is issued you can upgrade it to a full account.
Why is that? A limited account (한도계좌) lets you receive a salary or pay rent while you wait for your ARC. The caps are there to stop fraud, so expect a daily transfer limit until you upgrade.
Debit or credit card — which can I get?
A debit (check) card comes with your account and works almost everywhere. Credit cards usually need Korean income or credit history, or a secured deposit. So most newcomers start with debit.
Why is that? Korean credit scoring runs on your financial history here, and that history takes time to build. A secured (deposit-backed) card, or your bank’s entry-level card, can be a first step toward a regular credit card.
Will my foreign card work in Korea?
Foreign-issued cards (especially some Visa debit cards) are often declined at Korean ATMs and online checkouts. A local debit card avoids most of that. Watch for fees late at night or at another bank’s ATM. And don’t plan to live on cash. Korea runs on cards.
Why is that? Korean card networks and ID checks are built around local cards. Once you have a Korean account and card, withdrawals from your own bank’s ATM are usually free during the day.
Related calculators
Common terms
Setting up your banking
- Get your ARCRegister your stay at immigration and collect the card
- Buy a Korean SIMYou need a Korean number for verification and for the app
- Visit a branchBring your passport, your ARC and proof of address
- Open account + debit cardA debit card (체크카드, “check card”) comes with the account
- Set up mobile bankingInstall the app and complete ID verification
Frequently asked
We don’t rank banks. Look at English support, whether foreigners can sign up in the app, and the fees. Major banks and internet-only banks both take foreign customers.
In practice you need a Korean account. Employers pay salaries into Korean banks. While you wait for your ARC, a limited (passport-based) account can work.
Several banks have English apps or English menus. How much of the app is really in English varies by bank, so check before you choose one.