Open a bank account in Korea (and lift the limit on a limited account) 은행 계좌 개설 / 한도제한계좌 해제
You need a Korean bank account for salary, rent and bills. Bring your Residence Card (외국인등록증) and passport to a branch. Banks must also check why you want the account (금융거래 목적 확인). If you cannot show proof, you get a limited-transaction account (한도제한계좌) with low daily limits. You can lift the limits later by showing proof at the bank.
Which account will I get?
Answer 2 quick questions.
Do you have your Residence Card (외국인등록증) or another Korean ID for foreigners?
With only a passport, banks need extra proof of where you live in Korea. Some branches may refuse. Ask the bank first, or get your Residence Card first.
Can you show proof of why you need the account (for example a workplace letter, pay slip or utility bill)?
You will usually get a limited-transaction account (한도제한계좌) with low daily limits. You can still use it. Lift the limits later with the steps below.
You can open a regular account. Bring the proof with you. The bank may still ask for more papers, so ask the branch first.
Your timeline
Tap a point to jump to that step.
Step by step
Tick each item as you finish it. Your progress is saved on this device.
- 1
Prepare your ID and proof papers
You do thisBefore you visit the bankAfter you get your Residence Card, bring it with your passport. The 2024 bank guideline lists these IDs: Residence Card, passport, or ID from your home country. If you want to open an account before your Residence Card is ready, you need your passport (or home-country ID) plus a paper that proves where you stay in Korea.
!Rules differ by bank and by branch. Call or visit first and ask exactly which papers they want. - 2
Visit the bank and apply
You do thisOn a weekday during bank hoursGo to a branch and ask for a deposit account with free deposits and withdrawals (입출금통장). The bank checks your ID. It must also check the purpose of the account. You may fill in a form about the purpose (금융거래 목적 확인서).
!You can have only one free deposit/withdrawal account at each bank. - 3
Check which type of account you got
The other partyBefore you leave the branchIf the bank accepts your proof, you get a regular account. If not, you get a limited-transaction account (한도제한계좌). It works, but each day you can only move a small amount.
!For a limited account, the daily limits are 3,000,000 won at the counter, 1,000,000 won at ATMs, and 1,000,000 won in e-banking. If you have several limited accounts, the limits are added together at some banks. Internet-only banks can have different limits. - 4
Lift the limit on a limited account
You do thisWhen you have the proofThe Financial Supervisory Service (금융감독원) says a limited account can be changed to a regular account if the bank sees normal use for some time, or if you give proof of the purpose of the account. Each bank sets its own rules. Some banks also use your customer grade or past use of their services.
!Proof papers are usually valid for 3 months from the issue date. Banks can ask for more papers than the examples.
Documents checklist
Tick each document as you get it. Your list is saved on this device.
0 of 7 documents ready
- Residence Card (외국인등록증), or other accepted ID (permanent resident card, domestic residence report card)Immigration office
- PassportYou
- If you have no Residence Card yet: proof of where you stay (workplace letter with address, utility bill, dormitory confirmation, hotel voucher). Ask the bank if a hotel address is allowedEmployer, dormitory, utility company
- Proof of salary: health insurance eligibility record (건강보험자격득실확인서), pay slip, or employment certificateEmployer, or the National Health Insurance Service (NHIS)
- Proof of part-time pay: employer's business registration copy plus work contract or pay slipEmployer
- Proof for paying bills: utility or management-fee bill and receiptLandlord, utility company
- Other proof the bank accepts, for example papers for a group account (member list, rules)Ask the bank
Why does this limit exist?
- Banks must check why you open an account. This is to stop accounts being sold to scammers (대포통장).
- Limited accounts started in 2016. The daily limits went up on 2 May 2024 (to 1,000,000 won for ATM and e-banking, 3,000,000 won at the counter).
- Money-laundering rules also require banks to know their customers, so they ask for ID and an address.
Keep your account safe
- Never sell, lend or give your bank book, card or app login to anyone. Accounts used for fraud can be frozen, and the limits on your account can be cut.
- Accounts used for fraud can also block you from opening new accounts.
What this page does not cover
- Which bank is best for foreigners, and each bank's English service hours. Ask at the branch.
- Limits and papers for savings banks, credit unions and internet-only banks can differ. Check with that bank.
Who to call
Tap to call.