Key facts at a glance
- ✓You need an ARC (Alien Registration Card) for full banking access
- ✓Hana, Shinhan, and Woori are the most foreigner-friendly banks
- ✓Without ARC, you can only open a limited-function account
- ✓KakaoBank and Toss require ARC and Korean phone number
- ✓Wise is the best option for international money transfers
Overview
Banking in Korea can be one of the most frustrating experiences for foreigners. The system is heavily reliant on Korean identification (ARC), Korean phone numbers, and in-person verification. Online-only banks like KakaoBank have made things easier for Korean nationals but remain partially or fully restricted for foreigners.
The good news: once you have your ARC and visit the right branch, the process is straightforward. This guide walks you through every step, from what to bring to which bank to choose.
5
Major banks accept foreigners
45 min
Avg. account opening time
0.5-1%
↓ vs $20-50 bank wireInt'l transfer fee (Wise)
Source: ArriveKorea research, 2026
What you need to open an account
Required documents
Some banks may also ask for proof of employment or a letter from your employer. If you do not have an ARC yet, some branches of Hana Bank and Woori Bank will open a limited-function account with just your passport, but you will not have access to internet banking or transfers above a certain limit.
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Best banks for foreigners
| Bank | English App | ARC Required | Foreigner Rating |
|---|---|---|---|
| Hana Bank | Yes (Global) | Partial (limited without) | Best Choice |
| Shinhan Bank | Yes (SOL Global) | Yes | Excellent |
| Woori Bank | Partial | Partial (limited without) | Good |
| KB Kookmin | Limited | Yes | Average |
| KakaoBank | Korean only | Yes + Korean phone | Limited |
Foreigner-friendliness score by bank
Source: ArriveKorea community ratings, 2026
Opening an account: step by step
Get your ARC first
Visit your local immigration office within 90 days of arrival. Processing takes 2-3 weeks. You will receive your ARC by mail.
Get a Korean phone number
Visit a carrier store (SKT, KT, or LG U+) with your passport and ARC to get a postpaid plan. Prepaid SIMs work for calls but not for bank verification.
Visit a foreigner-friendly branch
Not all branches have English-speaking staff. Call ahead or visit branches in Itaewon, Gangnam, or near university areas for the best experience.
Complete the paperwork
Bring all required documents. The process takes 30-60 minutes. You will leave with a bankbook and debit card (card may be mailed separately).
Set up internet banking
Download the bank's app and register with your ARC number and phone. You may need to visit the branch again to activate certain online features.
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Internet banking
Internet banking in Korea requires a verified Korean phone number and ARC. Most major banks offer English-language apps, though the quality and coverage of translation varies.
Important: Many banking apps require a Korean certificate (공인인증서) for certain transactions. This is being phased out in favor of biometric and PIN-based authentication, but some legacy systems still require it.
Credit cards
Getting a credit card as a foreigner in Korea is significantly harder than opening a bank account. Most banks require at least 6-12 months of salary deposits and employment history in Korea. Some options:
- •Hana Card: Most accessible for foreigners with stable income history
- •Check cards (debit): Available immediately with any bank account. Function like credit cards at most Korean stores.
- •International cards: Visa and Mastercard are widely accepted. Keep a home-country card as backup.
Sending money home
International money transfers from Korea have specific regulations. Transfers over $10,000/year must be reported to the Korean National Tax Administration.
| Service | Limit | Fee | Speed |
|---|---|---|---|
| Wise | 5M KRW/transfer | ~0.5-1% | 1-2 days |
| Remitly | Varies | $0-5 | 1-3 days |
| Bank wire | No limit | $20-50 + FX spread | 3-5 days |
Cost to send $1,000 USD from Korea
Source: ArriveKorea comparison, March 2026
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Frequently asked questions
Can I open a bank account without an ARC?
Is KakaoBank available for foreigners?
How long does it take to open an account?
Can I keep my home country bank account?
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