How Foreigners Open a Bank Account in Korea — ARC, Documents, and Limited Accounts Explained

In Korea, the first account a foreigner opens usually lets you transfer or withdraw only up to ₩1,000,000 per day.

You didn't set the account up wrong. That's a standard measure called a "limited account," applied to new accounts that don't yet have enough proof of a financial-transaction purpose. The catch is that you'll have plenty of reasons to use the account — receiving your salary, paying rent, setting up automatic phone-bill payments — but to lift this limit you have to submit documents like an employment certificate or a lease contract separately at a branch.

So below, in order, we'll walk through the options you have before and after receiving your ARC (Alien Registration Card), what a non-resident account opened with just a passport can't do, and how to convert a limited account into a full account. Internal criteria vary by bank, branch, and timing, so before opening one it's best to check directly with the bank and the immigration authorities.

What You Need at a Glance

At most commercial banks, there are three key documents required to open a full (resident) account.

On top of this, as anti-money-laundering (AML) rules have tightened recently, banks increasingly ask you to prove the "purpose of opening the account." Documents such as an employment certificate, an employment contract, an enrollment certificate, or a lease contract are used as proof of purpose. Without such proof, the account may still be created, but it will start out as a limited account (explained separately below).

Step-by-Step Opening Procedure (Full Account)

Step 1 — Register as a Foreigner First

Foreigners staying longer than 90 days must register as a foreigner at the competent immigration office within the set period after entry and receive an Alien Registration Card (ARC). From application to receiving the physical card usually takes more than a month. If you urgently need an account during this gap, see "Cases Where It's Possible Without an ARC" below. Registration procedures, deadlines, and required documents vary by residence status, so check with HiKorea or 1345.

Step 2 — Choose a Bank and Branch

A branch near your home or workplace works fine, but if possible, picking a branch that offers service in a foreign language makes things much smoother. Major banks such as Shinhan, Hana, Woori, KB Kookmin, and NH Nonghyup offer consultation in English and other languages at some branches (not all of them). Calling ahead to ask whether they can open a foreigner's account and whether foreign-language staff are available can save you a wasted trip.

Step 3 — Visit and Apply

Bring your documents and visit the branch. Filling out the application, identity verification, purpose verification, and agreeing to the terms usually takes about 30–60 minutes. You can also apply for a debit (check) card and sign up for internet and mobile banking at the same time.

Step 4 — Set Up Mobile Banking and OTP

Once the account is open, install the bank's app and verify with your own Korean mobile number to turn on mobile banking. Every transfer needs an OTP or in-app verification, so a Korean mobile number is essentially a must.

Limited Accounts — Why Only ₩1,000,000 Can Be Transferred

Many people are caught off guard when their first account won't let them transfer or withdraw. It's because of the limited account applied when there isn't enough proof of a financial-transaction purpose. To prevent voice phishing and "mule accounts," it's broadly applied to all new customers, including Korean nationals.

The standard limits for a limited account (as raised effective May 2, 2024) are shown below. Detailed policies may differ from bank to bank.

Note that over-the-counter withdrawals have a little more room at ₩3,000,000 — worth remembering, since it can help when you're in a pinch.

How to Lift the Limit

To lift the limit, submit proof of a financial-transaction purpose at a bank branch. The proofs foreigners commonly use are as follows.

• For a salary account: employment certificate, employment contract, pay stub
• For students: enrollment certificate, tuition payment receipt
• For housing: lease contract (jeonse/monthly-rent contract)
• For business or freelancers: business registration certificate, proof of transactions

If the documents are accepted, the limit is lifted and you can use the account like a normal one. That said, which documents are accepted is at the bank's discretion, so it's safest to check with the branch in advance before visiting.

Can You Open an Account Without an ARC?

It's possible, but the restrictions are significant. Some banks will open a non-resident won-denominated deposit account with just a passport for short-term visitors, exchange students, interns, business travelers, and the like. These "passport accounts" generally come with the following limitations.

• No overseas remittance (international transfers) — international transfers are usually possible only after you receive your ARC
• ATM cards and online banking may be restricted, so in some cases only over-the-counter transactions are available
• Holders of short-term tourist visas are mostly refused

Once you receive your ARC, in many cases you can convert or upgrade the account into a full account at the same bank. Specific eligibility and required documents vary by bank, branch, residence status, and timing, so don't assume — check directly.

Non-Face-to-Face Opening with a Mobile ARC

From January 2025, the Ministry of Justice began issuing the mobile Alien Registration Card. A registered foreigner aged 14 or older who has a smartphone in their own name can install the "Republic of Korea Mobile ID" app, then tap the IC-chip-embedded ARC to the smartphone or scan a QR code to receive it.

From March 21, 2025, opening an account and other financial services became available using the mobile ARC at six banks including Shinhan, Hana, iM Bank, Busan, Jeonbuk, and Jeju, and coverage has expanded progressively since. Some banks such as Shinhan and Jeonbuk support non-face-to-face (in-app) mobile-ARC account opening as well. Note, however, that even an account opened non-face-to-face usually starts as a limited account, so to lift the limit just follow the procedure above. Supported banks and features keep changing, so check the latest status with each bank.

FAQ

Q1. Can I open an account without a Korean mobile number? A. Most full accounts require a Korean mobile number in your own name (for OTP and identity verification). Without one, opening may be refused or the account's functions may be heavily restricted. A number in a family member's or someone else's name is often not accepted.

Q2. Why can't I transfer larger amounts from my first account? A. Because it's a limited account. It's a standard measure to prevent voice phishing, so you can lift the limit by submitting proof of a financial-transaction purpose — such as an employment certificate or a lease contract — at a branch.

Q3. Can I do nothing before my ARC is issued? A. Some banks let you open a non-resident account with just a passport, but its functions are limited (no overseas remittance, etc.), and short-term tourist visas are mostly a no-go. During the gap before your ARC is issued, which usually takes more than a month, also consider handling transport and payments with foreign payment methods.

Q4. Without a Korean bank account, how do I book KTX or pay for taxis and public transport? A. There are ways to pay even without a Korean card or account. For details, see the LACHA guidance below. (Availability may vary by card company, station, and timing.)

Q5. How long does opening an account take? A. As long as you have the documents ready, it's usually about 30–60 minutes for a branch visit. Checking in advance for a branch with foreign-language service makes it smoother.

Need transit and payments while you wait for your residence card? Check out LACHA.

Built to work without a Korean phone number or bank account, with overseas payment methods like Alipay, WeChat Pay, and Apple Pay. Taxi hailing plus KTX, express bus, and airport railroad (AREX) booking — all in one app.

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