Which Bank Should You Choose?
Not all Korean banks are equally foreigner-friendly. Here are the best options based on language support, documentation requirements, and mobile app quality.
Most foreigner-friendly bank in Korea. Many branches near universities have English-speaking staff. Accepts ARC alone (no Korean guarantor needed).
Excellent for international wire transfers. Has dedicated foreigner banking services at major branches. Good mobile app.
Many ATMs and branches nationwide. SOL app is well-designed. Usually accepts ARC + passport. Popular with long-term expats.
100% mobile bank β no physical branches. Fast setup if you have ARC + Korean phone number. Best UI/UX of any Korean bank. Highly recommended as secondary account.
Large nationwide presence. Good for long-term residents. Has English menus on ATMs and online banking.
Simple, clean mobile bank. Great for daily spending and transfers between Korean accounts. Requires Korean phone number and ARC.
π How to Open a Bank Account β Step by Step
Get your ARC (Alien Registration Card) first
Without an ARC, most banks won't open an account. Apply at the local Immigration Office (μΆμ κ΅κ΄λ¦¬μ¬λ¬΄μ) within 90 days of arrival. Takes 2β3 weeks to process. Some banks accept passport only for tourist accounts β but these are very limited.
Prepare your documents
Required: ARC + passport. Some banks may also ask for: proof of address (residence certificate or rental contract), employment certificate (μ¬μ§μ¦λͺ μ) if employed, or student certificate (μ¬νμ¦λͺ μ) if a student.
Visit an IBK or Shinhan branch in person
Go to a branch near a university β staff are more experienced with foreigners. Avoid very small rural branches. Morning weekdays are quietest. Tell them you want to open a μ μΆκΈν΅μ₯ (basic deposit account).
Fill out the application form
Most major banks have English forms or bilingual staff. Fill in your name, ARC number, address, and phone number. You'll choose a PIN for your bank card (체ν¬μΉ΄λ).
Get your bank card and set up mobile banking
Your debit card (체ν¬μΉ΄λ) arrives immediately or within a week by post. Download the bank's app. You'll need to verify with your Korean phone number via OTP (one-time password). Many apps also work with fingerprint or face ID.
πΈ Sending Money Abroad
Korean banks offer wire transfers but fees and rates vary. Third-party services are usually cheaper.
| Service | Fee | Speed | Best For |
|---|---|---|---|
| Wise (μμ¦) | ~0.4β1% | 1β2 days | Best overall rate. Most popular with expats. |
| KEB Hana Wire | β©5,000 + FX margin | 1β3 days | Reliable bank transfer to most countries |
| Shinhan Wire | β©5,000β10,000 | 1β3 days | Good for large amounts |
| Moneygram / Western Union | Higher fees | Minutes | Cash pickup in recipient country |
π§ Using ATMs in Korea
ATM Tips
- 7-Eleven, GS25, CU convenience store ATMs: Accept most foreign Visa/Mastercard cards. Available 24/7.
- Global ATMs (κΈλ‘λ² ATM): Found at airports, major subway stations, tourist areas β press English and select your language.
- Withdrawal limit: Usually β©700,000β1,000,000 per transaction for foreign cards.
- Fees: Your home bank charges ~$3β5 per withdrawal. Korean ATM adds ~β©1,000 fee after hours.
- Best hack: Open a Wise card before arriving β use it like a local card at any ATM in Korea with great exchange rates.