Opening an account under the real-name system, in a payroll-and-remittance city

Step-by-step

1. 1

   Open a passport-only account only if you need cash access now

   Shinhan, Woori, Hana, KB, NH 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 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. 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. 3

   Let payroll tell you which bank to use, then add one of your own

   Large Ulsan employers typically have a payroll relationship with a particular bank and will steer you to it, which is genuinely the path of least resistance for getting paid. It is worth also holding an account at a bank whose English app you can actually use, because payroll convenience and daily usability are frequently different institutions.

   Via employerWho: You with your employer's HRSame day, 30–60 minutesFree to open
4. 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 — and note this cap also blocks a normal monthly remittance home.

   In personWho: YouImmediate to several weeksFree
5. 5

   Sort outward remittance properly rather than by default

   This is where the money actually goes in Ulsan. Compare your bank's telegraphic transfer fee and exchange spread against the licensed non-bank remittance operators, which are legal in Korea, regulated, and usually cheaper on small monthly sums. Ask the branch to register a designated overseas recipient — once set up, repeat transfers get simpler and the documentation burden drops.

   In personWho: YouOne visit to set upBank telegraphic fees plus spread; non-bank operators are usually cheaper on small sums
6. 6

   Take a check card and set up the lease transfer before you need it

   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. And if a lease signing is coming, tell the branch — a rental deposit moves as one large transfer that a capped new account cannot make.

   In personWho: YouSame visitUsually free