Opening a Bank Account in South Korea

Understand what is required to open a bank account in South Korea...

The following documents are needed to open a bank account:

  • Valid passport
  • Visa
  • Alien Registration Card

No appointment is necessary. Fill out an account application, which is available in English, and then make a deposit. Very few banks require a minimum deposit; however, a suggested minimum deposit is KRW10,000 (about $10.00).

A foreigner can open an account in South Korea whether or not they live there. A "residing foreigner" is the term for someone who has been in Korea for more than six months. A "non-residing foreigner" is the term for someone who has been in Korea for less than six months.

Banks do not allow a customer to open an account before arriving in South Korea.

Direct Deposit

Most employers set up a direct deposit to an employee's account, or they pay in cash at the end of the month.