Opening a Bank Account in Korea: What You Need and What to Expect

What to bring, why new accounts often start with low limits, how to set up a debit card and banking app, and the one thing you must never do.

Updated Oct 21, 2026As of Oct 20265 min read

A Korean bank account makes daily life much easier. You need one for your salary, rent, phone bill and online payments. Rules differ a little by bank and branch, so it’s a good idea to ask the branch what foreign customers should bring.

What to bring

Passport: always bring it.
Alien Registration Card (ARC): before you get your ARC, some banks may open an account with your passport only, but with more limits.
A Korean phone number: ideally in your own name. The bank uses it to contact you and to verify your identity.
Proof of purpose: for example, a certificate of enrollment or a certificate of employment. This can help lift account limits.

Before ARC vs after ARC

Item	Before ARC (passport only)	After ARC
Opening an account	Possible at some banks only	Possible at most banks
Documents	Passport (plus proof of purpose if you have it)	Passport, ARC, phone number, proof of purpose
Transfer and withdrawal limits	Usually stricter	Often starts as a limited account; limits can be lifted with proof
Mobile banking	May be limited or hard to use	Usually available with a phone number in your name
Debit card	Depends on the bank	Usually issued

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What is a limited account (한도제한계좌)?

In Korea, many new accounts start as limited accounts. This rule helps stop scams that use new accounts. Until you show why you need the account, your daily transfer and withdrawal limits are low. The exact limits depend on the bank and the channel (ATM, app or counter), so ask your bank. To lift the limit, bring documents such as a certificate of enrollment, a certificate of employment or a pay slip. The bank decides after checking them.

Steps at the branch

1
Take a number
Take a waiting ticket and tell the staff you want to open a new account. If you need help in English, say so at the start.
2
Fill in the forms
Write your name as it appears on your passport, your Korean address and your phone number. You will also be asked why you need the account (salary, living costs, tuition and so on).
3
Set a password
You will set an account password. Don’t use an easy number like your birthday, and never share it.
4
Get a debit card
Ask for a debit card (체크카드). Some branches give it on the spot; others send it later.
5
Set up the app
Install the bank’s mobile app and complete identity verification. This usually needs a phone number in your own name. Ask the staff for help before you leave.

Useful tips

Bank branches near universities often have staff who are used to helping international students.
Most bank branches are open on weekdays only. Check the opening hours before you go.
When you get a new ARC or your stay is extended, tell the bank. If the bank’s record shows that your stay has ended, your account may be limited.
If you lose your card, call the bank right away to stop it.

Never lend, sell or rent out your account, card or banking app login, not even to a friend or for “easy part-time work”. This is a crime in Korea. Such accounts are used for scams like voice phishing. You can be punished, your accounts can be blocked, and it can cause problems for your stay.

Official sources

We link to the original source so you can check it yourself.

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