Banking & Cards
A bank account is the gateway to almost everything else in Korea — salary, rent, bills, transfers. Here’s how to open one and which card to get, for foreigners.
Open a full account + debit card, in branch or in the app.
QHow do I open a bank account?
You’ll generally need your ARC (or a passport for a limited account), a Korean phone number, and sometimes proof of address. Go to a branch — and once you have an ARC plus a phone, many banks let you open right in the app.
Why is that — Banks have to verify your identity and residency, which is why the ARC and a Korean number do most of the work. Internet-only banks and the big banks increasingly support foreigner onboarding, sometimes in English.
QCan I bank before my ARC arrives?
Sometimes. A few banks open a basic, lower-limit account with your passport and proof of address. It has reduced transfer limits and fewer features, and upgrades to a full account once your ARC card is issued.
Why is that — Limited accounts (한도계좌) let newcomers receive a salary or pay rent while waiting for the ARC. The caps are an anti-fraud measure, so expect daily transfer limits until you upgrade.
QDebit or credit card — which can I get?
A debit (check) card comes with your account immediately 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 — Korea uses credit scoring tied to your local financial history, which you build over time. A secured (deposit-backed) card or your bank’s entry-level card can be a first step toward a regular credit card.
QForeign cards, ATMs and fees
Foreign-issued cards — especially some Visa debit — are often declined at Korean ATMs and online checkouts. A local debit card avoids most of this. Watch out-of-hours and interbank ATM fees, and don’t assume you can pay cash everywhere: Korea is largely cashless.
Why is that — Domestic networks and identity checks favor local cards. Once you have a Korean account and card, ATM withdrawals from your own bank are usually free during the day, with small fees late at night or at other banks.
Related calculators
Common terms
Setting up your banking
- Get your ARCRegister your stay at immigration to receive the resident card
- Get a Korean SIMA Korean number is needed for verification and the app
- Visit a branchBring passport + ARC + proof of address
- Open account + debit cardA check card comes with the account
- Set up mobile bankingInstall the app and complete ID verification
Frequently asked
We don’t rank banks. Pick by English support, foreigner app onboarding, and fees — major banks and internet-only banks all support foreigners.
Practically you’ll need a local account, since employers pay into Korean banks. A limited (passport-based) account can work while you wait for your ARC.
Several banks offer English apps or English menus, but coverage varies — check the English support before you choose a bank.