Opening a bank account

Right now

1. 1Check whether you have an Alien Registration Card (ARC) first. Without one, whether it works depends on the branch.
2. 2Call the branch before you go and ask if they open accounts for foreigners, and what documents they want.
3. 3Apply for a debit card and internet or mobile banking at the same visit.

What to have ready

• Passport
• Alien Registration Card: Without one, which branch you pick matters even more.
• A Korean phone number: It needs to be in your own name.
• Proof of residence: A lease, a dorm confirmation letter, or similar. Some branches ask for it.
• A certificate of employment or enrollment: Only if the branch asks for one.

Phrases you can copy and paste

Step by step

1. 1

   Call the branch first

   Whether foreigners can open accounts, and what documents are needed, can differ by bank and even by branch. A quick call before you go saves a wasted trip.

2. 2

   Gather your documents

   Passport, ARC, a Korean phone number and proof of residence cover most cases. Some branches also ask for a certificate of employment or enrollment.

3. 3

   Explain what the account is for

   Where:

   The bank counter

   Banks may ask why you are opening the account, because of anti-money-laundering rules. A simple answer like salary, living expenses or tuition is enough.

4. 4

   Apply for a debit card and online banking at the same time

   Coming back later for these usually means another visit. Doing it all at once is easier.

5. 5

   Ask whether non-face-to-face opening is possible

   If you have a mobile Alien Registration Card and the bank supports it, you may be able to open an account from the app. Not every bank offers this, so check in the app first.

The Korean words

비대면 계좌개설bidaemyeon gyejwa-gaeseol· non-face-to-face account opening

Opening an account through an app instead of visiting a branch. Not every bank offers this to every foreigner.

모바일 외국인등록증mobail oegugin-deungnok-jeung· mobile Alien Registration Card

A digital version of the ARC that can be submitted through a smartphone app.

재직증명서jaejik-jeungmyeongseo· certificate of employment

Proof that you work somewhere. Often asked for when opening an account or handling visa paperwork.

Easy to miss

• ·Showing up without an ARC is the most common reason an account opening gets stuck.
• ·Requirements vary by bank, and even by branch within the same bank. A call ahead is the safer move.
• ·Non-face-to-face opening through a mobile ARC is not available at every bank. Check the app before assuming it will work.

You can skip this if

• If your company or school already told you which bank to use for your salary or dorm fees, follow that guidance first.

Where this comes from

• Financial Services Commission, on non-face-to-face account opening for foreigners
• HiKorea, Korea Immigration Service