Can foreigners open a Korean bank account with a mobile residence card?

Key facts to check first

Official banking start date: The FSC announcement says this banking use began on March 21, 2025.
Banks named by the FSC: Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju Bank were named in the March 21, 2025 announcement.
What the announcement covers: The FSC says mobile foreigner residence cards can be used for opening bank accounts and conducting financial transactions at the named banks.
Who can obtain the mobile card: The FSC describes it as available to registered foreign residents aged 14 or older who own a smartphone under their own name.
Still not a guarantee: Bank account opening, app access, identity checks, KYC, AML review, document requests, and transfer limits can still depend on the bank and your situation.

Quick context

Korean financial authorities announced that foreign residents with registered IDs can use the mobile foreigner residence card to open accounts and make transactions at six domestic banks, starting March 21, 2025. It's genuinely useful — but treat it as an ID-document update, not a promise that every account or app flow will go through.

Timeline

January 10, 2025

The FSC says the Ministry of Justice began issuing mobile foreigner residence cards to foreigners who registered their status of residence in Korea.
March 21, 2025

The FSC announced that mobile foreigner residence cards would be accepted for account opening and financial transactions at six domestic banks.
May 28, 2026

This Korea Money Guide page was reviewed against the FSC announcement and the HiKorea mobile foreigner residence card guide.

Why it matters

Bank account setup is often the first money bottleneck after ARC, phone number, and local address setup.
A mobile residence card may reduce friction if the bank, branch, app, and identity-check flow support it.
Foreign residents should not assume that every bank, branch, or app flow accepts the mobile card in the same way.
The safest approach is to ask the bank exactly which ID, phone, app, and account-purpose documents it will accept before you rely on one document.

What foreign residents should check

Whether the bank you plan to use is Shinhan, Hana, iM, Busan, Jeonbuk, Jeju, or another bank that has added support later.
Whether the exact flow you want is supported: branch visit, account opening, mobile banking setup, non-face-to-face account opening, or another transaction.
Whether your mobile foreigner residence card is issued, active, and available in the official mobile ID app on a smartphone under your own name.
Whether you should still bring your plastic Residence Card, passport, Korean phone number, address, school or employer document, or account-purpose document.
Whether the account may still open as a restricted account with transfer limits until additional verification is completed.

Suggested check order

1 Choose the bank and channel first: branch, official app, customer center, or another official route.
2 Ask whether that exact channel accepts the mobile foreigner residence card for the task you need.
3 Prepare backup ID and account-purpose documents before visiting a branch or starting an app flow.
4 Ask whether the account will have restricted-account or transfer-limit conditions after opening.
5 Keep your phone, mobile ID app, password, certificate, OTP, and verification codes private throughout the process.

FAQ for foreign residents

Which banks were named in the FSC announcement?

The March 21, 2025 FSC announcement named six domestic banks: Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju Bank. Other banks may change their procedures later, so check the bank directly before relying on support.

Does this mean every Korean bank accepts mobile foreigner residence cards?

No. The FSC announcement named six banks and said financial companies can accept mobile foreigner residence cards as a valid ID for financial services. That does not mean every Korean bank, branch, app, or transaction flow accepts it in the same way.

Can I open a Korean bank account with only the mobile residence card?

Do not assume that. The mobile card may be accepted as an ID document, but the bank can still ask for other documents such as passport, plastic Residence Card, phone number, address, school or employer documents, or account-purpose details.

Does it work for non-face-to-face account opening in a bank app?

The FSC announcement says mobile foreigner residence cards can be used for account opening and financial transactions at the named banks, but app handling can still depend on the bank system and the exact identity-verification flow. Ask the bank or check the official app notice before relying on non-face-to-face opening.

Will this remove restricted-account limits?

Not automatically. A mobile residence card helps with identity verification, but restricted account status, transfer limits, and later limit reviews can still depend on bank policy, documents, account purpose, customer situation, and anti-money-laundering checks.

What should I ask before visiting a bank?

Ask whether the branch accepts the mobile foreigner residence card for account opening, whether you should also bring your plastic Residence Card and passport, what account-purpose documents are needed, whether mobile banking can be set up, and what transfer limits may apply.

Official-source checks

Check the bank directly before visiting a branch or starting a non-face-to-face account opening process.
Check whether your mobile foreigner residence card is issued and active in the official mobile ID app on a smartphone under your own name.
HiKorea describes the mobile foreigner residence card as having the same effect as the plastic foreigner residence card, but bank handling still needs bank-level confirmation.
If you have an IC foreigner residence card, HiKorea says the mobile card can be issued by tagging the IC card in the mobile ID app. If you cannot use an IC card, HiKorea describes a QR-code route through the immigration office.
Do not hand over your mobile ID, phone, certificate, password, or OTP to another person.

Sources checked

FSC: mobile foreigner residence card accepted at six banks
Official English press release dated March 21, 2025.
HiKorea: mobile foreigner residence card guide
Government guide to the mobile foreigner residence card.

What this update does not mean

This update does not mean every Korean bank accepts mobile foreigner residence cards.
This update does not guarantee that your account will be opened.
This update does not replace bank-specific KYC, AML, document, or transaction-limit rules.