Opening a Bank Account in Korea as a Foreign Worker

Your wages, your rent, your phone bill and the money you send home all run through one thing: a Korean bank account. Most employers pay wages by bank transfer, so this is one of the first jobs to sort out after you arrive. It's not hard, but there are a few traps — especially the “limited account” that surprises many new workers.

What to bring to the bank

Seoul's official guide for foreign residents says you open an account at a branch with your residence card and passport. In practice, many banks also want to see why you need the account. For a worker, that usually means proof of your job.

Haven't got your residence card yet? Ask your employer which bank they use for wages. Some workplaces arrange a bank visit for new workers together. That's often the easiest route. Our residence card guide explains how to get your card within the first 90 days.

Opening the account, step by step

1. Pick a branch near work or home. Weekday mornings are usually quieter. Banks close early in the afternoon, so don't plan a visit after your shift.
2. Take a number and wait. Tell the staff you want to open an account (계좌 개설).
3. Fill in the forms. Staff will help. Check that your name matches your residence card exactly, letter by letter.
4. Set your PIN and get your card. You'll get a bank book, a debit card, or both.
5. Ask about mobile banking. Setting up the bank app often needs a phone in your own name.
6. Ask one key question: “Is this a limited account?” If yes, ask what document will lift the limit.

The limited account: why you can only send small amounts

Since 2016, Korean banks have used a limited account (한도제한계좌) for people who can't show documents proving the purpose of their transactions. It's meant to stop new accounts being used for scams. You can still receive your wages, but daily outgoing amounts are capped.

From May 2, 2024, the caps went up: from 1 million to 3 million won a day at the counter, and from 300,000 to 1 million won a day for ATM withdrawals, ATM transfers and online banking. No application was needed for the new caps.

How do you lift the limit? The Financial Services Commission says each bank decides. Check the required documents at a branch or on the bank's website. For workers, salary records — like a few months of wages arriving in the account — or your employment papers are common. Say you've been paid twice into the account and want to send your family a larger amount. Bring your contract and pay slips to the branch and ask.

Using the mobile residence card at the bank

Since March 21, 2025, registered foreigners aged 14 or older can use the mobile residence card for banking at some banks. You need a smartphone in your own name and the government's Mobile ID app. At the start, six banks accepted it in branches and one bank online. More may follow, so ask your bank. Carry your plastic card too, just in case.

Sending money home

Banks and registered remittance companies both offer overseas transfers. Before your first transfer, ask about the fee, the exchange rate and any document you need.

Before you send a large amount for the first time, try a small test transfer. Check that it arrives, check the name on the receiving account, and only then send the rest.

Compare the total cost, not just the fee. A low fee with a poor exchange rate can cost more than a higher fee with a good rate. And only use companies you can check on the Financial Supervisory Service's English site or through your bank.

Changing jobs or leaving Korea

Your account doesn't end when your job ends. Keep it until all your money has arrived — last wages, severance and any insurance payouts. Our severance pay guide explains what's owed and when.

Before you leave Korea for good, think about how you'll get any late payments. Some workers keep their Korean account open for a while and use online banking from home. Others ask for final payments to go to an overseas account. Ask your bank which option works for you, and don't close the account until you've checked everything has arrived.

If your pay seems wrong when it lands in your account, check it with our minimum wage guide before you sign anything. And if a problem gets serious — a scam call, a frozen account — our help lines guide tells you who to call.

Small habits that save trouble

• Don't write your PIN on your card or save it in your phone's photos.
• Turn on transaction alerts in the bank app so you see every payment.
• Keep one account for wages. Fewer accounts are easier to watch.
• When you get a new passport or your stay is extended, update the bank. An out-of-date record can block online banking.
• Never give your account number or a copy of your ID to someone offering a job before you've actually been hired.
• Check your balance after every payday. If wages arrive late or short, write down the date and amount the same day. Those notes help a lot if you ever need to complain.
• Keep a little money in a second place, like a small amount of cash. If your card is lost on a weekend, you'll still be able to eat and travel until the bank opens.