Recommended Banks, Account Setup Process, and Required Documents
For foreigners living in Korea, one of the first and most essential steps is visiting a bank and opening a bank account.
Without one, it becomes difficult to handle basic tasks like paying rent, receiving salary, topping up transportation cards,
and shopping online—all of which are tied to having a Korean bank account.
However, for those unfamiliar with Korean banking systems, the process can feel confusing
and overwhelming. Below is a clear guide to help foreigners open a bank account safely and conveniently, including required documents, eligibility, and useful tips.
Foreigners staying in Korea long-term can open a bank account if they meet the following conditions:
✔Alien Registration Card: Must hold a valid visa (e.g., F-6, F-2, D-2) and be officially registered
✔Proof of Korean Residence: Document showing your current address (e.g., lease agreement)
✔Valid Reason for Account: Such as receiving salary, managing living expenses, paying bills
✔Phone Number in Your Name: Some banks may require this for identity verification
1. Step 1: Choose a Bank
Korean financial institutions are categorized as:
👉1st-tier Banks (recommended): KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, NH Nonghyup, IBK, SC Bank
👉2nd-tier Institutions: OK Savings Bank, SBI Savings Bank, credit unions, cooperatives
✔ We recommend choosing a 1st-tier bank for first-time account holders or salary accounts.
✔Choose a branch near your residence, school, or workplace.
✔NH Nonghyup has wide nationwide coverage, including rural areas, KB Kookmin and Shinhan Bank are more common in major cities
✔Some schools or employers may request that you open an account at a specific bank—check this before proceeding.
✨ Many banks now offer tailored services for foreigners, including:
"Global Desks" for non-Korean speakers, Specialized branches for foreign workers, Multilingual websites
Services like KB Quick Send (a remittance service for foreigners)
❗️Note: Remote (non-face-to-face) account opening is usually not available for foreigners. In-person visits are required, especially for your first account.
2. What to Prepare When Visiting the Bank
Required Documents:
✔Alien Registration Card (ARC): Must be valid
✔Passport: Some banks require it in addition to the ARC
✔Visa copy: To confirm your residency status
✔Proof of residence: Resident registration, lease contract, or dormitory certificate
✔Phone number in your name (if possible)
✔Purpose of the account: Salary, living expenses, etc.
3. What Happens at the Bank?
Take a queue number near the entrance
Select the “Foreign Customer” menu on the screen or ask staff for help
When called, explain you want to open a bank account
4. What You’ll Receive:
✔Bank account number: Paper passbooks are often not issued unless requested
✔Debit/check card: Can often be issued immediately and linked to the account
✔Mobile banking registration guide: You’ll need to download the bank’s app and set up authentication tools (OTP or digital certificates)
To fully utilize your account for daily transactions and manage it online, you must complete the following:
✅ Install Mobile Banking App
Use this for checking balances, transferring money, paying bills, etc.
Examples:
✔KB Kookmin Bank → KB Star Banking
✔Shinhan Bank → Shinhan SOL
👉 Staff can help you download and set up the correct app.
✅ Register a Digital Certificate (공동인증서)
This is required to log in to banking websites and government portals. It acts as your digital signature and is easily installed via the mobile app.
✅ Set Up OTP or Simple Authentication
This is crucial for security, especially when sending money.
✔You can receive a physical OTP device, but since carrying it around all the time is inconvenient, mobile OTP is now more commonly used.
It generates a 6-digit security code via a smartphone app, which you enter for verification.
✔Simple authentication refers to a method where you log in and authorize transfers using biometric authentication (fingerprint, facial recognition), a pattern, or a password.
❗️Simple authentication is very fast and convenient, but it may be vulnerable in terms of security.
It is commonly used for login, general inquiries, and small transfers.
However, for high-value transfers (e.g., over 10 million KRW per transaction) or international remittances, OTP authentication—a two-step verification method—is required.
HanGuk Visa offers personalized services for
: Personal and corporate visa processing, Translation support, Employment and labor-related solutions.
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We go beyond just visa processing — we support foreign workers with:
✔Employment contracts
✔Wage condition reviews
✔Unpaid wage responses
✔Practical legal guidance on labor issues
We provide customized visa solutions tailored to your specific situation.
If you have any questions or need detailed consultation, please feel free to contact us using the information below :)
📞 Tel: 02-3210-1113
✉ KakaoTalk Channel: 한국비자
📣 Instagram: @hanguk_visa
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