How to Open a Bank Account in Korea as a Foreigner, Documents and Transfer Limits
Opening a bank account is one of the first practical jobs after settling in Korea. Foreign residents can open Korean bank accounts, but the documents you bring can affect whether you receive a normal account or one with lower transfer limits.
Bring identification and something that explains why you need the account. Requirements can vary by bank, so preparing more than just your passport can save you another branch visit.
What to Bring to Open a Korean Bank Account
Korean government guidance lists a Residence Card, passport, or other accepted identification among the documents a bank may request. Banks can also ask for proof showing the purpose of the account.
For a salary account, useful documents can include an employment certificate, employment contract, income documents, or other records connecting the account to your job. Students or other residents may be asked for documents appropriate to their reason for opening the account.
① Prepare your Residence Card and passport
② Bring proof showing why you need the account
③ Visit a bank branch or use a supported mobile service
④ Ask for mobile banking and a debit or ATM card
Check the Official Banking Guide for Foreigners
The government guide also notes that exact document requirements can differ by bank and account type. Check your chosen bank before visiting if your situation is unusual or your supporting documents are limited.
Why Your New Account May Have a Daily Transfer Limit
If the bank cannot sufficiently confirm the purpose of your financial transactions, it may open a limited-transaction account instead of a regular account. This restriction is not limited to foreign customers.
Under the current standard limits, internet banking and ATM transactions can be limited to KRW 1 million per day, while transactions at a bank counter can be limited to KRW 3 million per day.
Check the Official Transfer Limit Rules
If you need the account for salary payments, rent, tuition, or another large transaction, ask about your transfer limit before leaving the branch. The bank may request additional documents before removing the restriction.
Set Up Mobile Banking Before You Leave
Once the account is open, check that you can access mobile or internet banking and understand your current transfer limit. Korea’s government-run Study in Korea service also recommends applying for internet banking and an ATM card during the account-opening process when needed.
Mobile Residence Cards can also be used for financial services at participating institutions. Financial authorities first introduced bank-account opening with the Mobile Foreigner Residence Card at six domestic banks in March 2025, and availability may expand, so check with your bank.
Before leaving the branch, confirm that your account, card, mobile banking, and transfer limit all work for what you actually need to do. An account number alone may not be enough if your next payment is larger than the account’s current daily limit.
