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How to open a Korean bank account as a foreigner
A Korean bank account is the piece that makes daily life click into place — a local card that actually works at checkout, salary deposits, and the bank link that K-Pass and most apps expect. Here’s the realistic path, including what to bring and which banks are kinder to newcomers.
The order that actually works
Almost everyone hits the steps in this sequence: Residence Card (ARC) → real-name Korean phone number → bank account. A full account needs the first two, so chasing the bank before your card and number arrive usually means a wasted trip.
What you need for a full account
- Residence Card / ARC (외국인등록증)
- Your original passport
- A Korean phone number for OTP verification
- Work-visa holders: also bring your employment contract or employer letter and proof of address
No ARC yet? The passport-only option
If you’re short-term or your Residence Card hasn’t arrived (it takes 2–4 weeks), a few banks — notably KEB Hana and Shinhan — will open a basic account with just your passport. These are limited (often no full online transfers), but they bridge the gap until your card comes and you upgrade.
Branch vs internet banks
- Big banks at a branch (KB, Shinhan, Hana, Woori, NH) — the most reliable for foreigners. Expect 30–60 minutes, bring every document, and call ahead: some branches only have English-capable staff at certain hours.
- Toss Bank — an internet-only bank with an English-friendly app that has streamlined verification for Residence Card holders, so it’s become a popular pick once you’re registered.
- KakaoBank — fully app-based, but its 100% online onboarding can be restricted for foreigners or expect long-term residency and Korean fluency. Easier once you’re settled than on day one.
Tips that save a second trip
- Go to a larger or “global” branch near a university or business district — they handle foreigners daily.
- Ask them to turn on internet/mobile banking and OTP while you’re there; that’s what unlocks online checkout and K-Pass linking.
- Bring your phone — verification SMS arrives during setup.