Banking — Come to Korea

A Korean bank account makes everything else easier — rent transfers, phone bills, NHIS, salary. Here's how to open one and what to expect.

What you need to open an account

Alien Registration Card (ARC) — see the Visa & Legal section
Passport
Korean phone number (carriers require ARC too)
A local address
Proof of purpose (work contract, school enrollment) if asked

Tourists and short-term visitors can sometimes open a limited "non-resident" account, but functionality is restricted (no online banking, no transfers abroad).

Big traditional banks

The big five: KB Kookmin, Shinhan, Woori, Hana, and NH NongHyup. All offer English-language services to varying degrees — Shinhan and KB are generally easiest for foreigners. The designated "Global" or "Foreigner" branches always have English speakers.

Internet-only banks

Kakao Bank, Toss Bank, and K-Bank are excellent if you can navigate Korean — better rates, no branch visits, slick apps. Most require a Korean phone in your own name and ARC. Some now offer partial English UI.

Sending money home (and getting paid)

Bank wire (SWIFT) — reliable but slow and pricey.
Wise / Remitly / WireBarley / SentBe — much cheaper for typical amounts.
Korea has reporting requirements above certain thresholds (currently USD $50,000/year for personal outbound). Ask your bank before large transfers.