Photo: Freepik (magnific.com)
Rent is due and your part-time wages need somewhere to land — here’s why opening one account is this complicated, laid out in order.
As of September 2026
Photo: Freepik (magnific.com)
If you’re living in Korea without a bank account, you can’t pay rent, can’t get paid for a part-time job, and can’t even set up autopay for your phone bill.
Then when you actually go to the bank, it starts with "do you have an Alien Registration Card?" — and even after you open an account, you often hit another wall called a "limited-transaction account."
This article assumes you already have an ARC, or you’re about to get one. Short-term tourist visitors can’t open an account at most banks at all.
If you don’t have an ARC yet, read the ARC guide first — that’s the right order to do this in.
① and ② are always required. ③ often doesn't need a separate document. ④ isn't required, but skip it and you'll likely start with the "limited-transaction account" below.
Traditional banks (branch visit required)
| Bank | Notes |
|---|---|
| KEB Hana Bank | English app support, dedicated foreigner branches — widely considered the most foreigner-friendly |
| Shinhan Bank | Good English support, well-built-out foreigner services |
| Woori Bank | Good English support |
| IBK | Popular among E-series (employment) visa holders |
| KB Kookmin Bank | English support is relatively weaker |
Internet-only banks (app-based, no branch visit)
Kakao Bank’s own FAQ excludes the ARC from its accepted ID types, and its foreigner-specific product hasn’t launched yet (planned for Q4 2026, terms still being revised). K Bank has traditionally been built around domestic ID only.
Toss Bank is the only internet-only bank where you can open an account with an ARC without visiting a branch.
How to sign up on Toss Bank — install the Toss app → enter your name, contact info, and ARC details in order → verify your identity. It’s simpler with a Korean phone number, and if you don’t have one, an NFC-enabled e-passport can substitute.
Whether the app itself supports English keeps changing, so we won't state it definitively here — check the app store listing or the language settings after installing.
Open an account without documents proving your financial purpose, and it automatically starts as a "limited-transaction account" (한도제한계좌).
This applies to every new account — Korean citizens included — as a measure against voice-phishing and mule accounts, so it isn't something only foreigners run into.
| Transaction type | Daily limit (raised May 2024) |
|---|---|
| Internet/mobile/phone banking transfers | KRW 1,000,000 |
| ATM withdrawal/transfer | KRW 1,000,000 |
| Branch counter withdrawal | KRW 3,000,000 |
These figures are the common standard across traditional banks (Hana, Shinhan, Woori, Kookmin, etc.) and apply the same regardless of nationality — we found no evidence of a separately lower rate for foreigners.
The 2024 policy applied to traditional banks. Internet-only banks (Kakao Bank, Toss Bank, K Bank) already ran on their own higher baseline (KRW 1,000,000–2,000,000) for their domestic customer base, which is why they were left out of that increase — this is purely about domestic customers, and as covered above, Toss Bank is the only one that actually onboards foreign nationals right now.
But even at Toss, foreign national accounts are treated as a separate category capped at KRW 300,000 a day (confirmed via Toss’s own product page and regulatory disclosure filing). "Internet banks have higher limits" doesn’t carry over to foreign accounts.
How do you lift a limited-transaction account?
Submit financial-purpose documents — an employment certificate, enrollment certificate, pay stub, lease, and so on — at the branch or in the app, and you can apply to lift the limited-transaction status.
Bring these documents along when you first open the account and you might not start out limited at all.
Lifting the limit converts your account to a "regular account" — it doesn't automatically bump your transfer limit up to some specific figure.
The actual limit afterward varies by bank, and by whether you've registered extra security like an OTP device or a security card. If you need to move a specific amount, ask about a separate "transfer limit increase" at the same time you apply to lift the restriction.
Internet banking, app login, and transfer authentication all require a Korean phone number for verification.
Without one, you can still get a passbook and debit card, but online banking is off the table entirely — you’d have to visit a branch every single time.
So here’s the order tip: get your phone set up before you go to the bank, if you can. If you can’t do both the same day, at least put the phone ahead of the bank account.
While you're waiting on your ARC or in the gap before you can open an account, a multi-currency card like Wise or Revolut can bridge the gap.
Set one up back home ahead of time, and it'll cover payments and small withdrawals until you get a Korean account open.
Checklist
If you don't have one, start with the ARC guide
Order it this way if you can
Employment certificate, etc. — how to avoid the limited account
Hana, Shinhan, Woori, or Toss Bank (open it remotely)
To hold you over until you have an account
This article is for general information only. Bank-specific requirements and documents can vary by nationality, visa status, and timing — confirm directly with the bank before visiting.