Opening a Korean Bank Account: From Limited Accounts to Full Access
Here is how the limited-transaction account and the switch to a full account work when foreigners open a Korean bank account, drawn from Financial Supervisory Service materials. The specific limit amounts vary by bank.
You need a bank account to live in Korea. When foreigners open one, though, the process can differ from what locals go through, so knowing this in advance saves you some surprise.
What to Bring
To open an account, you need documents that verify your identity and a phone number in your own name. You generally prepare the following.
- One identity document: Alien Registration Card, Permanent Residence Card, or Domestic Residence Report Card
- Passport
- A mobile phone in your own name
- For workers, additional documents such as a certificate of employment or an employment contract
Which documents are required can differ by bank, branch, and purpose, so it is best to confirm with the bank you plan to use before you visit.
Opening Through an App
These days, many banks let you open an account remotely through their app. Typically, someone aged 19 or older photographs their ID and verifies the account (for example, a small transfer from another account in their own name). Accounts opened remotely may start out with limited transactions, however.
What Is a Limited-Transaction Account
The limited-transaction account is a common measure that applies to both locals and foreigners to prevent financial crime such as accounts used for fraud. If you cannot document the purpose of your transactions, the account may be opened in a form that allows only small transactions.
Once you submit the required proof, you can switch to a regular account according to each institution's policy. The types of proof commonly used for the switch are as follows.
- Proof of employment or enrollment
- A record of salary deposits
- A record of utility bill payments
- A record of transactions over a set period
Worth Noting
Details such as the conditions for mobile banking or the criteria for issuing a debit card also differ by bank. For anything you are unsure about, check with the bank counter or FSS FINE.