Before you start

An Alien Registration Card, physical or mobile, for a full account
A Korean mobile number registered in your own name, matching the ARC exactly
Proof of your Busan address if the ARC address is out of date
A document proving the account's purpose — payroll, enrolment or a lease — to lift the new-account cap

Step-by-step

1
Open a passport-only account if you need one before the ARC
Shinhan, Woori, Hana and BNK Busan Bank branches with a foreign desk will often open a limited account on a passport. It receives and pays out cash and nothing else — no transfers, no app banking, no sending money abroad. Treat it as a stopgap to be upgraded, not as your account.
In personWho: You, at a branch with a foreign or global deskSame dayFree
2
Get the ARC and a Korean number in your own name first
The bank account and the phone line are mutually dependent in a way that traps newcomers: the account wants a Korean number for identity verification, and postpaid phone plans want the ARC and often a Korean account. The workable order is ARC, then a prepaid or MVNO line in your name, then the bank.
In personWho: You3–6 weeks for the ARC
3
Open the full account with a foreign desk
Shinhan's global app, KB Kookmin, Woori, Hana and BNK Busan Bank all handle foreign customers. Bring the ARC, passport, Korean phone and a small opening deposit. Ask specifically for the foreign or global desk — the difference between a smooth thirty minutes and a refusal is often which staff member you get.
In personWho: YouSame day, 30–60 minutesFree to open
4
Expect and then lift the limited-transaction cap
Anti voice-phishing rules mean a new account is opened as a limited-transaction account, commonly around ₩1 million a day for ATM withdrawals and transfers. Handing the branch an employment certificate, payroll slip, tuition invoice or lease is what lifts it. Some banks want several months of salary deposits before removing it entirely.
In personWho: YouImmediate to several weeksFree
5
Get a check card and a transit card
A check card debits your account directly and is accepted almost everywhere; Korea is close to cashless and foreign-issued cards are declined more often than visitors expect. A separate rechargeable transit card covers the metro, buses and the light rail. Some check cards carry the transit function built in — ask.
In personWho: YouSame visitUsually free
6
Set up remittance before you need it, not on the day
Sending salary home from a Korean bank requires documentary evidence that the money is earned income, and the ceilings and evidence rules are revised periodically. Specialist services are cheaper for ordinary amounts, but they still need a fully verified account. Ask your branch what documentation they want the first time rather than at the counter with a deadline.
Mobile appWho: YouOngoing

Documents you’ll need

Alien Registration Card, or mobile ARC
Original passport
Korean mobile number registered in your own name
Proof of address if it differs from the ARC
Proof of account purpose: employment certificate, payslip, enrolment letter or lease

Things most newcomers don’t know

Every new Korean account starts crippled, and the fix is a document rather than time.

Anti voice-phishing rules standardised a limited-transaction account capping ATM withdrawals and transfers at roughly ₩1 million a day. Newcomers assume it is a foreigner restriction or a temporary glitch and wait it out. It is neither: producing an employment certificate, lease or tuition invoice at the branch is what removes it, and doing that in the opening appointment saves a second trip.

Source: Financial Supervisory Service; bank limited-account notices

The name on your phone contract must match your ARC character for character.

Real-name verification cross-checks your name, date of birth, phone number and registration number against carrier records. A middle name included on one and dropped on the other, or a hyphen in a different place, causes the verification to fail with an unhelpful error. Fixing it means going back to the carrier, so get the spelling identical when you sign the phone contract.

Source: community-reported

BNK Busan Bank is worth considering rather than defaulting to a Seoul name.

Busan's regional bank has the densest branch network in the city, handles the local landlord, utility and management-fee arrangements that a Seoul head office treats as edge cases, and is the main bank for many local employers. Its English support is thinner than Shinhan's global service, which is the trade-off — many residents end up holding one of each.

Source: community-reported

A Korean check card is close to mandatory rather than convenient.

Korea is one of the world's most card-dependent economies, and the reverse of the usual expat assumption applies: it is the foreign card that gets declined, at kiosks, transit top-up machines, delivery apps and small restaurants. Carrying cash is a poor substitute because many places no longer handle it well. Get the check card at the account-opening appointment.

Source: community-reported

Common mistakes to avoid

Expecting a full, transfer-capable account on a passport before the ARC arrives.
Hitting the roughly ₩1 million daily cap and waiting instead of producing a proof-of-purpose document.
A name mismatch between passport, ARC and phone contract breaking real-name verification.
Relying on a foreign card for daily spending and transit top-ups.
Leaving outward remittance documentation until the day you need to send money.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.