How to open a bank account for foreigner in Korea 🏦

Tips for Living in Korea

by Julie Yoon 2023. 3. 28. 11:42

🏦🏦🏦 How to open a bank account for foreigner in Korea 🏦🏦🏦

Cash transactions are becoming less common in Korea.

Many places, from public transportation to coffee shops, no longer accept cash.

If you come to Korea and open a bank account and get a card,

your life in Korea will be more convenient.

Can foreigners also open bank accounts in Korea?

Which banks can you use?

Stay14 has organized information to answer your questions!

Is it possible for foreigner can create a bank accout in Korea?

In short, foreigners can create a bank account in South Korea.

However, requirements may vary by bank, so it is advisable to contact the customer service center of the bank where you wish to open an account for detailed information.

What kInds of documents are required to open a bank account in Korea?

Foreigners who can open a bank account at domestic banks in Korea are mostly limited to those who reside in Korea.

Therefore, foreign students can also open an account, but additional documents such as a student visa type and a student ID may be required.

Generally, banks require documents such as an Alien Registration Card (ARC) or passport, as well as a Foreigner Registration Number (FRN).

In addition, some banks may require additional documents if a Resident Registration Card or Foreigner Registration Card has been issued for more than 6 months.

Other documents such as a certificate of admission or academic record may also be required.

Furthermore, a certain amount of deposit may be required when a foreign student opens an account.

The amount varies depending on the bank and the type of account or usage.

Is there a daily transfer limit for a foreign bank account?

The daily transfer limit varies by bank and may differ depending on the creditworthiness of the depositor or the duration of account usage.

Usually, the maximum daily transfer limit can be set through internet banking or mobile banking.

For foreign students' accounts, there may be a limit of KRW 300,000 for daily remittance.

This is a limit set by security and financial regulators, and may vary slightly depending on the depositor's creditworthiness or duration of account usage.

However, there are ways to increase the transfer limit.

Usually, the maximum daily transfer limit can be set through internet banking or mobile banking.

In addition, banks may adjust the daily transfer limit after a certain period of usage based on the depositor's creditworthiness or deposit/withdrawal history.

Therefore, foreign students can also increase their daily remittance limit and obtain more detailed information through the bank's customer center or online consultation.

https://m.theinvestor.co.kr/view.php?ud=20191110000157

Which banks can foreign students open an account at?

Major banks that support the opening of bank accounts for foreign students include KB Kookmin Bank, Shinhan Bank, and Woori Bank.

Other banks also support the opening of bank accounts for foreigners, so please contact the customer center of the relevant bank for more information.

In addition, there are banks that provide consultation in other languages.

For example, KB Kookmin Bank provides consultation in English, Chinese, Japanese, Vietnamese, Indonesian, and Thai, while Shinhan Bank also provides consultation in various languages such as English, Chinese, Japanese, Vietnamese, Indonesian, Mongolian, Russian, and Spanish.

Therefore, foreign students can receive consultation in various languages through the bank's customer center or online consultation to obtain more detailed information.

What are the major banks in Korea?

The major banks in Korea are KB Kookmin Bank, Woori Bank, Shinhan Bank, Hana Bank, and Industrial Bank of Korea.

Each bank provides financial services to domestic and foreign individuals and companies, and strengthens internet banking and mobile banking services.

The operating hours are generally from 9:00 am to 4:00 pm on weekdays, but may vary depending on the branch.

Please refer to the official website or customer center of the relevant bank before visiting.

Note that this information is for representative banks, and operating hours may vary by branch.

Kookmin Bank (KB Kookmin Bank)

Kookmin Bank is one of the largest banks in Korea, established in 1905 with 117 years of history.

It provides financial services to domestic and overseas individuals and companies, and is strengthening its internet banking and mobile banking services.