How to open a bank account as a foreigner in South Korea is one of the first big steps to functionality and everyday life basics. Let’s see together how to do that!

We might all agree that immigrating or traveling to a new country is always a bit terrifying, even for the most courageous ones. Getting on the plane is certainly the easiest part, and as your stay extends, you will certainly have to face some difficulties…

If you plan on staying long-term, opening a bank account as a foreigner is the second most important step after you get your ARC (Alien Registration Card, now called Residence Card, your ID as a foreigner during your time in South Korea). From getting your monthly wages to paying your rent or even getting a mobile postpaid plan (which then allows you to make online orders and get the famous quick deliveries!!), opening a bank account during your stay is a must.

If you are not comfortable with the Korean language and you want to make sure you understand everything you sign, I highly suggest you look for the bank branches around neighborhoods where foreigners are in numbers, as the clerks might be more inclined to speak English or at least to be used to foreign clients. If you are still not sure of exactly where that would be, I recommend the branches around big universities.

To get over the big stress that would be your first visit to the bank, let’s do a list of the documents you will need before trying to open a bank account:

first thing first, you need your freshly made ARC/RC (you will also need your passport); if you are in a hurry and you had the chance to make a visit to your local immigration office early on and you do have the ARC arrival receipt, you might be able to open a “restricted account” (the final call is made by the bank clerk, as the law has been made a little more stricter to avoid frauds) which only allows you a daily transfer/withdrawal usually limited to around 300.000KRW. You will also have to make a second visit after you receive your RC to update the details.

The second document you will have to bring is what will be used as a proof of residence (lease contract, dormitory certificate for example). Last but not least, you actually need a phone number prior to your postpaid plan for SMS verification. I suggest you either opt for a prepaid plan beforehand with which you can get a number from and change it afterward to a postpaid plan. It is easy to find carriers who provide for foreigners (foreigner-friendly or even foreigners only to use) in South Korea, with different options for what fits best your situation.

The rest is just formality, papers to sign and a PIN code to choose. When all the paperwork is done, you will receive a bank book and a debit card (right away or a few days later at your house). If you are staying for a while and you have proof of a stable income, the option of a credit card with more benefits (discounts, cashback, etc.) might be something to think about!

The whole process to open a bank account is free of charge, though you might have to make a small deposit (around 10.000-20.000 KRW) to activate it. Good luck!

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