Guide
How to Open a Bank Account in Korea as a Foreign Student
You need a Korean account for rent, your stipend, and almost every app. Here is exactly what to bring, which banks make it easy, and how to open one even before your residence card arrives.
A Korean bank account is one of the first things you will need. Rent, your scholarship stipend, part-time pay, deliveries, transit cards, and almost every app expect a local account. The good news is that the process is straightforward once you have your residence card. The one wrinkle is timing, because banks usually want that card before they open a full account.
- A full account usually needs your residence card. Most banks want the card (and your registration number) plus a Korean phone number.
- A passport-only basic account exists at some banks if you need one before your card arrives, with limited features and transfer caps.
- The most foreigner-friendly banks offer English apps and dedicated international desks. Open near campus where staff are used to students.
- Bring more documents than you think you need: passport, residence card, Korean phone number, proof of address, and your enrollment certificate.
- Watch the daily transfer limit. New foreigner accounts often start with low online-transfer caps that rise as the account ages.
What you need
For a full account, bring all of these to the branch:
- Your residence card (alien registration card) and the registration number on it.
- Your passport.
- A Korean phone number (a prepaid SIM is fine).
- Proof of your address (lease, dormitory confirmation, or a residence document).
- Your certificate of enrollment, which some branches ask for.
Which bank to choose
All the major Korean banks open accounts for foreign students. A few practical notes:
- KEB Hana is widely seen as the most foreigner-friendly, with strong English app support and international desks.
- Shinhan and Woori are solid, popular alternatives with good foreigner services.
- KB Kookmin is the largest network, though English support at some branches is weaker, so it is easier if you have a Korean-speaking friend along.
Beyond the brand, the most useful tactic is to open at a branch near your university, where staff regularly handle international students and may have English-speaking help.
Opening before your card arrives
If you land and need an account before your residence card is issued, ask about a basic or passport-only account. Some banks (KEB Hana and Shinhan among them) will open a limited account for short-term or not-yet-registered foreigners using just a passport. These accounts work for receiving money and basic use, but they usually have lower transfer limits and fewer features until you return with your residence card to upgrade.
The daily transfer limit, explained
Many new foreigner accounts start with a low cap on how much you can transfer online or by ATM each day, an anti-fraud measure. It can feel restrictive at first. The cap typically increases as the account establishes a history, or you can ask the branch to raise it by showing proof of your income or scholarship. Plan around it for big first payments like a housing deposit.
What to do next
- Make sure you have a Korean phone number before you go.
- Get your residence card first, or open a passport-only account and upgrade later.
- See the Life in Korea overview for how banking fits the rest of settling in.