Before you start

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Proof of your Suwon address if the ARC address is out of date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

Step-by-step

1
Open a passport-only account only if you need cash access now
Shinhan, Woori, Hana, KB and NH branches with a foreign desk will often open a limited account on a passport. It receives and pays out cash and does nothing else — no transfers, no online banking, no remittance abroad. It is a stopgap to be upgraded, not an 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 dependency is circular if you attack it in the wrong order: the account wants a Korean number for identity verification, and postpaid phone plans want the ARC and often a Korean account. The order that works is ARC, then a prepaid or MVNO line in your own name, then the full account.
In personWho: You3–6 weeks for the ARC
3
Use a global desk rather than a neighbourhood branch
Southern Gyeonggi has one of the largest foreign working populations in Korea, and the banks have responded with dedicated global centres and multilingual desks concentrated around Suwon Station, Yeongtong and the industrial belt. They handle remittance, limited-account lifting and English documentation as routine. Sunday opening at some global centres exists specifically for shift workers and is worth checking.
In personWho: You, at a branch with a foreign or global deskSame day, 30–60 minutesFree to open
4
Clear the limited-transaction cap in the same visit
Anti voice-phishing rules open new accounts capped around ₩1 million a day for ATM withdrawals and transfers. An employment certificate, payslip, tuition invoice or lease is what lifts it. Bring one to the opening appointment and you often avoid the cap entirely rather than returning later.
In personWho: YouImmediate to several weeksFree
5
Take a check card with the transit function
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 newcomers expect — at kiosks, transit top-up machines and delivery apps in particular. In the capital region the transit function matters more than elsewhere because fares are distance-based and you will use it daily.
In personWho: YouSame visitUsually free
6
Set up the deposit account you will need at lease time
Korean rental deposits move as a single large transfer, and a brand-new account under a daily cap cannot make one. Suwon deposits are larger than provincial ones — ₩10–40 million is ordinary for a wolse lease and jeonse runs into hundreds of millions — so this bites harder here. Tell the branch a lease is coming and get the cap lifted in advance.
In personWho: YouBefore signing a lease

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 purpose: employment certificate, payslip, enrolment letter or lease

Things most newcomers don’t know

The daily cap collides hardest with a capital-region deposit.

A limited-transaction account is capped around ₩1 million a day, and a Suwon wolse deposit is routinely ₩10–40 million while a jeonse deposit runs into the hundreds of millions. The arithmetic is not close. Tenants discover this on signing day with an agent and a landlord waiting. Lift the cap with a proof-of-purpose document weeks earlier — it is a five-minute conversation at the right time and a lost flat at the wrong one.

Source: Financial Supervisory Service; bank limited-account notices

Southern Gyeonggi has the best foreign-customer banking infrastructure outside Seoul, and it is not evenly spread.

The concentration of foreign workers across Suwon, Ansan and Hwaseong means dedicated global banking centres with multilingual staff, sometimes with weekend hours built for shift patterns. A neighbourhood branch three stops away may have none of that. Find the nearest global desk once and use it for everything, rather than judging Korean banking by whichever branch happens to be by your flat.

Source: community-reported

The name on your phone account must match the ARC character for character.

Real-name verification compares your name, birth date, phone number and registration number against carrier records as strings rather than as a person. A middle name recorded on one and dropped on the other, or a hyphen in a different place, fails with an error message that explains nothing. The phone contract is usually created last, so it is the one to police at the counter.

Source: community-reported

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

Korea is one of the most card-dependent economies anywhere and the usual expat assumption inverts: it is the foreign card that gets declined, at transit machines, unmanned kiosks, delivery apps and small restaurants. Cash is a weak fallback because many places now handle it badly. Get the check card issued at the account-opening appointment rather than later.

Source: community-reported

Common mistakes to avoid

Signing a lease before lifting the new-account daily cap, and being unable to transfer a capital-region deposit.
Expecting a full, transfer-capable account on a passport before the ARC arrives.
Using whichever branch is nearest rather than finding the nearest global desk.
A name mismatch between passport, ARC and phone contract breaking real-name verification.
Relying on a foreign card for daily spending and distance-based transit fares.

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