Opening a bank account is the gateway to living in Korea — salary deposits, rent, utilities and almost every app depend on it. How easily you can do it comes down to your visa and, above all, whether your ARC has arrived.
On a tourist visa
Without an ARC, traditional banks generally won’t open a full account. Your realistic options are a limited or “simple” account(which works for spending and small transfers but caps larger ones) or a foreigner-focused fintech service. For a short trip this is usually enough — pair it with cards and a T-money card and you’re covered. If you specifically need to send money home, a dedicated transfer service is simpler than fighting the full-account requirement.
On a D-2 student visa
Once your ARC arrives — usually a few weeks into your program — you can open a regular account. Bring your passport, ARC, certificate of enrolment and a Korean phone number. Many universities organise a group bank visit during orientation, which is the smoothest path; otherwise, go to a branch near campus, where staff are used to foreign students.
On an E-7 (or other work) visa
With a work visa and ARC you can open a full account, and you’ll need one immediately for salary. Your employer’s HR usually tells you which bank they pay through; opening there simplifies payroll. Bring your passport, ARC, a copy of your employment contract or certificate, and proof of address. Ask specifically for the foreign-customer desk— service and English support are noticeably better than the general queue.
Which documents should you bring?
- Passport — always required.
- Alien Registration Card — the key that unlocks a full account.
- Proof of address — a lease, dormitory certificate or utility bill.
- Proof of status — enrolment certificate (students) or employment contract (workers).
- Korean phone number — needed for verification and the banking app.
Requirements vary by bank and branch, so it’s worth a quick call to the foreign-customer desk before you go — it can save a second trip.
Frequently asked questions
Can I open a Korean bank account without an ARC?
At a traditional bank, usually not for a full account — most require an Alien Registration Card. Short-stay visitors can instead use a foreigner-friendly fintech or a limited 'simple' account that caps transfers, which works for everyday spending but not full banking.
Which documents do I need to open a Korean bank account?
Typically your passport, your Alien Registration Card, proof of address or enrolment/employment, and a Korean phone number for verification. Requirements vary by bank and visa type, so call the branch's foreign-customer desk first.
What is the best bank for foreigners in Korea?
Major banks like KB Kookmin, Woori, Shinhan and Hana all have foreigner desks and English apps to varying degrees. For ease of setup, internet banks and fintech apps are often simpler, though some features still require an ARC.
Can students on a D-2 visa open an account?
Yes. With a D-2 student visa and an ARC, you can open a regular account; many universities arrange a group bank visit during orientation. Without the ARC yet, you're limited to a simple/limited account.
Bank policies for foreign customers change often and vary by branch. Confirm current requirements directly with the bank before visiting.