Foreigner-Friendly Banking Apps in Korea: Your Hassle-Free Guide!
- lewishooper1
- 10 hours ago
- 4 min read
Tired of navigating your way through the complex world of banking in Korea as a foreigner? Your adventure through the Korean banking world starts here! We guide you through opening an account, what you'll need, and which banks are foreigner-friendly!
Why should you open a bank account in Korea?
Whether you are coming to Korea to study, to work, or to live permanently, there are several different reasons why expats or foreigners want to open a Korean bank account. Some of these reasons might be;
You’re thinking about moving to Korea
You’ll be moving to Korea soon
You’re planning to study Korean at a school and are only here temporarily
You want to get payments from an employer overseas
You’ll be getting a salary in Korea
You want to get a Korean credit card
You’ll be traveling in Korea for several months.
What do I need to open my account?
The requirements may vary, but make sure to at least prepare these documents:
Passport
Visa
Registration Card (ARC)
Your address in Korean & English
A Korean phone number - if you don't have one already, you can put your friend's
You might also need to:
Show a certificate of employment
Show your university student certificate - if you are a student, ask your university before going to the bank, they might have a partnership for a special plan.
Download the bank's mobile application (this is something that I would ask for help doing when you are at the bank)
There is usually no fee or minimum balance required, but it's advisable to have some cash or a foreign card on hand, just in case. When I opened my first Korean account, they asked me to deposit around 50,000 KRW (USD 36.00) into my account as an initial payment. With a very small transfer limit at first, which I have increased over time.
English-Speaking Staff at Korean Banks
Yes, generally, Korean banks do have English speakers, especially in larger branches within major cities like Seoul or Busan. This means you'll likely be able to get information about bank accounts and services.
However, if you're in a more remote area or a smaller branch, like I do in Daegu, the availability of English-speaking staff might be limited. It's possible that the only English speaker works on specific days, or in some cases, no one might be fluent in English. Even so, most Koreans will have at least a basic understanding of English, and you can always get by using translation apps for most services at the bank.
Digital Certificate
This is going to be the annoyance of your life in Korea, and you will need a digital certificate to do online transfers and online shopping, among other things. It is really important to get one when you create a bank account, and this digital file means that it identifies you so that you can send money out of your account.
It is basically an added security layer to make sure that no one steals money or takes your hard-earned cash. If you lose or misplace your digital certificate, call your bank and report it missing, just like if you lost your bank card or bank book.
Banking and ATM Hours
Most banks are open from 9 am – 4 pm. However, different bank services may operate at different hours. Some branches stay open later or are open on weekends, and all banks have ATMs. However, you might be surprised that many bank ATMs have hours of banking operations. Some are quite limited, too!
Large banks usually have ATMs that are open until midnight, and some have 24-hour ATMs so you can access your bank account when it’s convenient for you. However, often, they lock the doors after a certain time and require your ATM card to open them. Also, most department stores have bank machines for you to withdraw or deposit cash.
Getting Cash Abroad: Your ATM Card Guide
If you’re using your ATM card from another country, look for “Global ATM” signs to withdraw your cash from your international bank account. It’s usually not a problem. I would strongly recommend speaking to your bank before travelling abroad, as some cards do charge higher fees, and your bank may offer a better alternative before you travel.
Navigating International Currencies Abroad
Dealing with foreign currency can be a bit tricky. Try to be familiar with the exchange rate your bank uses, it’s usually more favorable than the rate you’d get at currency exchange counters, but this isn’t always the case. It’s usually not as good as the market rate, but you might be pleasantly surprised. I have always used Hana Bank for exchanging money before I travel abroad, and you simply need to take your ID with you and they can exchange Korean won for foreign currency without any headaches, it is super simple and easy to do.
Best Korean banks for foreigners
Shinhan Bank
Main: http://www.shinhan.com
English: http://www.shinhan.com/en/
Korea: 02-1577-8380
Overseas: +82-1577-8380
Notes: Shinhan Bank has lots of branches that cater to foreigners with a robust selection of services. A solid choice for your new bank account.
KEB Hana Bank
Main: https://www.kebhana.com/
Korea: 02-1544-3000 x8,9
Overseas: +82-1544-3000 x8,9
Notes: Foreigners love their experience with this KEB Hana Bank. A little light on the ATMs, but good English support and services. Great place to open a bank account. This was the first bank that I opened an account with, and it is super easy to use. The app is simple, and I can send money overseas without any headaches.
Woori Bank
English: http://eng.wooribank.com
Korea: 02-1599-2288
Overseas: +82-1599-2288
Notes: Woori Bank has ATMs everywhere. Online banking is very good as well. One of the most popular spots to open a bank account. I also have a WOORI account for work purposes, and it is also user-friendly for foreigners; however, the application can be a bit tricky to use sometimes.
Why do you want to open a Korean bank account? Which bank have you found the best? Let the Dojeon team know in the comments below!
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