Procedural information only. Bank policies differ by bank and even by branch, and they change. Always confirm with the bank before visiting. We do not recommend financial products.
NOTICE
1. What you need for a full bank account
- Most banks ask for: passport, residence card, and proof of purpose (employment certificate, business registration, or enrollment letter).
- A Korean phone number in your own name helps at almost every step: many banks verify by phone.
- Without a residence card, some banks open limited accounts with transfer caps. Rules vary; ask the branch first.
2. Sending money home
- Banks handle international wires. Licensed money transfer operators are a common alternative for smaller amounts: they are regulated under Korean law and often cheaper for remittance.
- For larger or recurring transfers, ask the bank about designating a foreign exchange bank. Keeping your transfer records consistent in one bank simplifies future paperwork.
3. Receiving money from abroad
- Incoming wires above certain thresholds trigger documentation questions (source of funds, purpose). Keep contracts or invoices that explain the transfer.
4. Cards and online banking
- Debit cards come with the account. Credit cards are harder for new arrivals: issuers look at Korean income history.
- Online and app banking require Korean phone verification and an in-app certificate. Set these up at the branch while you are there.
Korea Concierge offers phone interpretation for bank visits and help preparing document checklists, as part of settling-in support. Written quote first; nothing charged until you approve.
NOTICE