Opening a bank account in Korea: what you need

The Ministry of Justice has been issuing the mobile foreigner registration card (Mobile ARC) since 10 January 2025. Under the Immigration Act it has the same legal standing as the plastic card.

You can get it if you live in Korea with a registered residence status, are at least 14 years old and own a smartphone in your own name.

How to get it: download the Mobile ID app. Then either hold the plastic card (IC card) to your phone or scan a QR code in the app.

Since 21 March 2025, six banks accept the Mobile ARC for opening an account: Shinhan, Hana, iM, Busan, Jeonbuk and Jeju. The authorities want to introduce it at other kinds of financial institutions too. Best ask your bank directly whether more banks have joined since.

Banks display a list of typical proof at the counter and on their website, depending on what the account is for (salary account, pension etc.). You can also submit other proof, but the bank can ask for more.

Examples for a salary account: a certificate of health insurance (eligibility) or a receipt for withheld income tax.

Requirements differ from bank to bank. So check their website first.

Without proof of the account's purpose you get a limited account (한도제한계좌). With it you can only move limited amounts per day at the counter, at ATMs and in online banking. Your bank can tell you the current limits.