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Proof of your Daejeon address if the ARC address is out of date
A document proving the account's purpose — payroll, research contract, 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
Pick the branch, not just the bank
With no regional bank to anchor to, what matters is which branch near you actually staffs a foreign or global desk. The branches around KAIST and the research district in Yuseong handle foreign customers constantly and are the smoothest in the city; a neighbourhood branch in Daedeok-gu may never have opened an account for a non-Korean. Ask your institute's international office which branch they send people to.
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, research contract, 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. Many check cards include the transit function; ask for one that does.
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. If a lease signing is coming, tell the branch and get the cap lifted in advance. This is the single most common reason a Korean rental falls through at the last moment for a foreign tenant.
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 or research contract, payslip, enrolment letter or lease

Things most newcomers don’t know

The new-account daily cap collides directly with paying a Korean rental deposit.

Deposits move as one large transfer, often ₩10 million or more even for a modest flat, and a limited-transaction account capped around ₩1 million a day physically cannot make that payment. Tenants discover this on signing day with an agent and a landlord waiting. Tell the bank a lease is coming and lift the cap with a document beforehand — it is a five-minute conversation weeks earlier.

Source: Financial Supervisory Service; bank limited-account notices

Daejeon has no regional bank, which makes the branch matter more than the brand.

Busan, Daegu, Gwangju and Jeonju all have a home bank that the local economy defaults to; Daejeon does not, and the national banks' service quality for foreigners varies enormously between branches in the same city. The branches serving KAIST and Daedeok do this every week and know the documents; others do not. Asking your institute's international office where to go saves an afternoon.

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 the deposit.
Expecting a full, transfer-capable account on a passport before the ARC arrives.
Walking into whichever branch is nearest rather than one that handles foreign customers.
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.

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