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As of 2026, key points that foreigners must know when opening a bank account are summarized.
1. Differences by Type of ID
First, check the ID you have.
Holders of Alien Registration Card (ARC)
The smoothest account opening is possible. Most commercial banks allow opening deposit/withdrawal accounts and check cards, and recently, banks supporting non-face-to-face opening using mobile Alien Registration Cards (Shinhan, Hana, KB, etc.) are increasing.
In case of only passport
If you haven't obtained an Alien Registration Card shortly after entry, you can attempt to open with a passport, but it may be rejected depending on the bank or branch. Also, accounts opened with a passport often have restrictions on ATM use or online banking, allowing only counter services.
2. Required Documents for Account Opening
Before visiting the bank, it's important to prepare documents proving the purpose of the account. To prevent voice phishing, if the purpose is unclear, it may be rejected.
Basic ID / Alien Registration Card (or Domestic Residence Report Card), Passport
Purpose Proof Documents (Choose 1)
- Students / Enrollment Certificate or Standard Admission Letter
- Employees / Certificate of Employment, Employment Contract, or Payslip
- Others / Lease Agreement, Utility Bill Receipt, etc. for proof of residence
3. About 'Limited Account'
When opening an account for the first time, it is usually issued as a 'Limited Account'. This is a measure to prevent illegal financial transactions.
- Usage Limits / Typically ATM and internet banking are limited to 300,000 to 1,000,000 KRW per day, and counter transactions to 1,000,000 to 3,000,000 KRW per day.
- Limit Removal / If salary receipt records are confirmed for 3 months or more, or normal usage records such as automatic bill payments are proven, it can be converted to a regular account with increased limits.