Top Banks for Foreigners
Korea's big five commercial banks — KB Kookmin, Shinhan, Woori, Hana, and NH NongHyup — all accept foreign customers, though the ease of opening an account varies branch to branch. Shinhan Bank has a dedicated Global service (Shinhan Global) with English-speaking staff, and KB Kookmin's KB Star Banking app is reasonably usable in English. Toss Bank is a popular digital-only fintech that now accepts foreigners, though setup is sometimes trickier without an ARC.
| Bank | Foreigner-Friendly | Notes |
|---|
| Shinhan Global | Very | English staff at key branches; popular with expats |
| KB Kookmin | High | Widest branch network; app has English |
| Woori | High | Good for business accounts |
| Hana | Medium | Private banking services; mixed foreigner experience |
| Toss | Medium | Digital-only; needs KYC verification |
If you don't have an ARC yet, head to Shinhan Global or KB Star in a major city — both sometimes allow passport-only openings with limits, though full access still requires an ARC.
Documents You'll Need
- Passport (original)
- Alien Registration Card (ARC) — ideal; passport-only is possible at some branches
- Proof of address in Korea (lease, utility bill)
- Korean phone number (SIM card with your name)
- Proof of purpose (employment contract, student card, or visa)
- Small initial deposit (₩10,000-₩50,000)
Get a Korean phone number before visiting the bank — account creation now always includes SMS verification, and a foreign SIM won't receive Korean bank codes.
Opening the Account — Step by Step
Budget an hour for the appointment. You'll sign a stack of Korean forms; the bank will usually provide English summaries for major clauses. Debit cards are issued on the spot or mailed within a week. Internet banking registration is separate and requires installing the bank's app plus a public certificate (공인인증서) — the staff will walk you through it.
- Visit a foreigner-friendly branch with all documents
- Take a number and ask for account opening (계좌개설)
- Sign forms, select account type (checking + savings)
- Receive debit card (on the spot or by mail)
- Set up internet and mobile banking with the staff
- Install the bank's app and register biometric login
Transfers, Cards & Fintech
Domestic transfers in Korea are instant and free or near-free between most banks. International outbound transfers can be done at the counter or via the bank's app — but fees are higher than services like Wise. For sending money out of Korea, declare the purpose (education support, family remittance, etc.) as required by Korean foreign exchange rules.
Korean debit cards are widely accepted — even small shops and market stalls take card. Toss and Kakao Pay are the two leading fintech apps for domestic payments, splitting bills, and P2P transfers. They are ubiquitous and both support foreigners with an ARC and Korean bank account.
Korean banks have strict anti-money-laundering rules. Large or unusual transfers may be held for review. Always keep documentation of income sources and tax residency.
Top Banks for Foreigners
Korea's big five commercial banks — KB Kookmin, Shinhan, Woori, Hana, and NH NongHyup — all accept foreign customers, though the ease of opening an account varies branch to branch. Shinhan Bank has a dedicated Global service (Shinhan Global) with English-speaking staff, and KB Kookmin's KB Star Banking app is reasonably usable in English. Toss Bank is a popular digital-only fintech that now accepts foreigners, though setup is sometimes trickier without an ARC.
| Bank | Foreigner-Friendly | Notes |
|---|
| Shinhan Global | Very | English staff at key branches; popular with expats |
| KB Kookmin | High | Widest branch network; app has English |
| Woori | High | Good for business accounts |
| Hana | Medium | Private banking services; mixed foreigner experience |
| Toss | Medium | Digital-only; needs KYC verification |
If you don't have an ARC yet, head to Shinhan Global or KB Star in a major city — both sometimes allow passport-only openings with limits, though full access still requires an ARC.
Documents You'll Need
- Passport (original)
- Alien Registration Card (ARC) — ideal; passport-only is possible at some branches
- Proof of address in Korea (lease, utility bill)
- Korean phone number (SIM card with your name)
- Proof of purpose (employment contract, student card, or visa)
- Small initial deposit (₩10,000-₩50,000)
Get a Korean phone number before visiting the bank — account creation now always includes SMS verification, and a foreign SIM won't receive Korean bank codes.
Opening the Account — Step by Step
Budget an hour for the appointment. You'll sign a stack of Korean forms; the bank will usually provide English summaries for major clauses. Debit cards are issued on the spot or mailed within a week. Internet banking registration is separate and requires installing the bank's app plus a public certificate (공인인증서) — the staff will walk you through it.
- Visit a foreigner-friendly branch with all documents
- Take a number and ask for account opening (계좌개설)
- Sign forms, select account type (checking + savings)
- Receive debit card (on the spot or by mail)
- Set up internet and mobile banking with the staff
- Install the bank's app and register biometric login
Transfers, Cards & Fintech
Domestic transfers in Korea are instant and free or near-free between most banks. International outbound transfers can be done at the counter or via the bank's app — but fees are higher than services like Wise. For sending money out of Korea, declare the purpose (education support, family remittance, etc.) as required by Korean foreign exchange rules.
Korean debit cards are widely accepted — even small shops and market stalls take card. Toss and Kakao Pay are the two leading fintech apps for domestic payments, splitting bills, and P2P transfers. They are ubiquitous and both support foreigners with an ARC and Korean bank account.
Korean banks have strict anti-money-laundering rules. Large or unusual transfers may be held for review. Always keep documentation of income sources and tax residency.