How do I open a bank account as a foreigner in Korea?

Question

Accepted Answer

You can open a bank account by visiting any bank branch with your **Alien Registration Card** (resident foreigner registration certificate) and **passport** during business hours Mon‑Fri, **9:00 am – 4:00 pm**, and the bank will issue a bankbook and cash card on the spot; full details below.

**Details**

- **Required documents** 
 - Alien Registration Card (resident foreigner registration certificate)【2†L1-L4】 
 - Passport (valid)【2†L1-L4】

- **Where to go** 
 - Any branch of a Korean bank (e.g., KEB Hana, Woori)【2†L9-L12】 
 - Business hours: **Mon – Fri, 9:00 am – 4:00 pm**【2†L19-L22】

- **Procedure** 
 1. Go to the chosen bank branch and request to open an account. 
 2. Present the Alien Registration Card and passport. 
 3. The teller will give you a bankbook and a cash card immediately【2†L13-L18】. 
 4. Use the cash card for ATM withdrawals (available any time except **10:00 pm – 8:00 am**)【2†L13-L18】.

- **Tax & interest** 
 - As a resident foreigner, Korean tax and interest regulations apply to your account【2†L23-L26】.

- **Remittance limit** (if needed for overseas transfers) 
 - Up to **USD 100,000** per year can be transferred without extra documentation【2†L31-L36】.

- **Helpful hotlines** 
 - Legal aid for foreigners: **132** 
 - Labor/workplace issues: **1350** 
 - Multicultural/foreigner counseling: **1577‑0071**.