Before you start

An Alien Registration Card (ARC / 외국인등록증) — or its mobile version — for a full account; a passport alone gets you only a limited account
A Korean mobile number registered under your own name (same name as the account) for real-name verification and OTP
Proof of Korean address if your ARC address is outdated (lease contract or utility bill within 3 months)
Documents that prove the account's purpose (employment/payroll, enrolment, lease) to lift new-account transfer limits

Step-by-step

1
Optional: open a limited account on your passport when you land
If you need somewhere to receive cash before your ARC is issued, Shinhan, Woori or KEB Hana will sometimes open a passport-only 'limited' account. It is deposit-and-withdraw only — no online banking, no transfers, and you generally cannot send money abroad at all. Treat it as a stopgap you will upgrade later with your ARC.
In personWho: You, at a branch with a foreign/international deskSame day (~30-60 min)Free
2
Get your ARC and a Korean phone first
The ARC is the gate to real banking. Apply at immigration after arrival; the card typically takes about 2-3 weeks. Since 21 March 2025 a mobile ARC (모바일 외국인등록증) is also accepted by several banks (Shinhan, Hana, iM, Busan, Jeonbuk, Jeju). Use your ARC to get a SIM/phone plan in your own name — mobile banking and every transfer depend on that phone for identity verification.
In personWho: You (immigration + a telecom carrier)~2-3 weeks for the ARCARC fee ~₩30,000 (~US$22)
3
Open a full account at a foreigner-friendly bank
Shinhan (SOL Global app, English UI and a foreigner desk), KB Kookmin, Woori, KEB Hana (best-in-class for FX/remittance) and NH are the usual choices. Bring your ARC, passport, Korean phone and an initial deposit (often as little as ₩10,000). Ask for a foreigner/global desk and bring proof of income or your lease so they can open it without crippling limits. Kakao Bank, Toss and K Bank now also open accounts for ARC holders, but are best added as a second account once you are settled.
In personWho: You, at a branch with a foreign/global deskSame day (~30-60 min)Account opening free
4
Activate mobile banking and real-name verification
Install the bank's app (e.g. Shinhan SOL Global), register internet/mobile banking and complete real-name verification (본인인증) through your Korean phone. New accounts open as a 'limited transaction account' (한도제한계좌) capped around ₩1,000,000 (~US$730) per day for ATM and transfers. To lift it, show the bank a salary/employment, tuition, rent or business document; some banks (Shinhan especially) may want several months of payroll before fully unlocking.
Mobile appWho: YouSame day to set up; limit removal immediate-to-weeksFree
5
Go cashless and set up sending money home
Ask for a check (debit) card with overseas/online use enabled — it draws straight from your account and is accepted almost everywhere. Buy a T-money card (convenience stores, ~₩2,500-3,000) for transit; T-money is now in Apple Wallet (since July 2025) but topping it up needs a Korean-issued card. For sending money abroad, Wise or your bank's remittance work once you have a full account; Korea lets you remit earned income with light documentation up to a high annual ceiling (the no-document limit is moving to US$100,000/yr from Jan 2026), but larger or undocumented transfers are treated as gifts and need proof of source.
Mobile appWho: YouOngoingT-money ~₩2,500; Wise fees ~0.4-1% + FX

Documents you’ll need

Alien Registration Card (ARC) or mobile ARC — passport only for a limited account
Original passport
Korean mobile number in your own name (for OTP and real-name verification)
Proof of account purpose to lift limits: employment/payroll certificate, enrolment letter, or lease/utility bill

Things most newcomers don’t know

The ARC is a hard gate: on a passport you get only a deposit/withdraw account with no transfers and no overseas remittance — a real, full account needs the ARC (physical or mobile).

Korea's real-name financial law and bank anti-fraud policy tie a full account to a registered resident identity, so a passport-only account is deliberately crippled until you upgrade it with the ARC.

Source: Foreigner banking guides + real-name banking decree (2025-26)

Mobile banking and transfers are walled behind a Korean phone in your own name — a foreign number will not pass real-name verification (본인인증).

Identity checks validate your name, birth date, phone and ARC number against carrier records held by Korean telecoms; without a Korean line registered to you, the verification step simply cannot complete.

Source: Kakao/Toss & bank app onboarding flows (2025-26)

Even a full new account starts limited: a 'limited transaction account' (한도제한계좌) caps ATM and transfers at about ₩1,000,000 (~US$730) per day until you prove the account's purpose.

It is a nationwide anti voice-phishing (보이스피싱) measure — the daily limit was standardised to ₩1,000,000 from 2 May 2024 — and submitting a salary, rent or tuition document is what unlocks normal limits.

Source: FSS/FSC anti-fraud rules; bank limited-account notices

Shinhan (SOL Global, English app + foreigner desk), KB Kookmin, Woori and KEB Hana are the easiest traditional banks; Kakao Bank, Toss and K Bank now accept ARC holders but suit a second account once settled.

The legacy banks have dedicated foreign/global desks and English apps, while the internet-only banks historically blocked foreigners and only recently opened up, so they are smoother as an add-on than as your first account.

Source: Foreigner bank comparison guides (2025-26)

Common mistakes to avoid

Expecting a full, transfer-capable account on your passport — before the ARC most banks give only a deposit/withdraw account that can't send money or bank online.
Trying to use mobile banking with a foreign phone number — real-name verification fails, so you can't transfer; you need a Korean SIM in your own name first.
Hitting the ~₩1,000,000/day cap on a brand-new account and not realising you must hand the bank a proof-of-purpose document (payroll, lease, tuition) to lift it.
Relying on a foreign Visa/Mastercard for everyday spend or topping up T-money — foreign cards are often rejected at kiosks and can't reload T-money in Apple Wallet, so get a Korean check card early.