Opening a local bank account is fairly easy in South Korea even if you are a foreigner or not. Because many of the larger banks have previously worked with foreigners, they are sensitive to your needs and some even have translators on-site or documents in other languages other than Korean. However, if you have a friend who can speak Korean, it might prove to be very useful for you in any event.
There are currently 19 banks operating in South Korea; "But big four" - Kookmin Bank, Shinhan
Financial Group, Woori Financial Group, and Hana Bank are the most commonly used. Citibank
Korea, Korea Exchange Bank, Woori Bank, and Hana Bank are just a few exceptional banks
that have experience with foreign customers. Such foreign-friendly banks can even allow you to
use the currency of your choice. And Woori Bank is one of the most common student banks
and universities.
As a foreigner, it is vital to have a bank account if you intend to make money or spend money in Korea. Also, if you want to transfer your money to a bank in your country, it is more effective to use local banking than to go through companies like Western Union or MoneyGram, since it is also cheaper.
What to prepare before going to the bank
These key documents are required by all South Korean banks to open a Bank account. Some documents may vary between banks.
1. Passport / Visa (여권/비자)
You should already have a passport that includes a visa if you are in South Korea for one or the other job or to study. Don't forget to bring it or you will have a wasted trip! Usually, they will want a passport and another ID with a photo. If you have the documents from the university and you need to open a Korean account to get the bank deposit paper then Woori Bank will often open a temporary account for you until you receive your ID card or visa. This may not be accepted unless the university suggests and gives you a paper for the bank.
2. Certificate of employment / University certificate (재직 증명서/재학 증명서)
This is a relatively new requirement at some large banks, and don't be surprised if they ask you to give it to them. It could also be some kind of proof of work, such as a contract signed with your employer. Don't forget to bring this if you are in South Korea to work.
If you are a student or have a student visa, then the school should have an agreement with a bank and can provide you with the assistance or information you need to open a Bank account. For universities, this certificate will unlock the limit amount you can access in the first phase, which is KRW 300,000. Unless you are employed or a student, most banks open an account with limited transactions per day.
3. Foreign Registration Card / Korean ID card (외국인 등록 증)
Having a Korean ID card will give you the most functional options for your bank account. For example, it can allow you to do online banking, get a card and transfer money abroad.
It can sometimes take up to a month to get an ID card, and banks are aware of this thing. If you don't have an ID card or are waiting for it to be processed, most banks will allow you to open a bank account with a passport and the certificate of application for the ID card.
However, your account will have limited services or you will have to use it in person with a cashier until you get your ID card. You will receive a bank book, or a bank passbook, which can be used at the ATM until you receive the ID and you can pick up the card. The bank book has a personal, temporary password, which will be changed into the PIN of the card upon its subsequent purchase.
4. Korean phone number (전화 번호)
It will be used by the bank to call you in connection with the bank account, if necessary. In general, they will not accept an international number, but some banks also accept a foreign number for a limited time. In any case, you will want to give them a number to use so they can contact you if there is a problem with your account. If you do not already have a phone, you can use a friend's number and change it later at the bank.
5. Are you missing something?
You may occasionally find bank branches that will allow you to open a bank account without all these documents, but the account may have fewer services, for example, without a card. However, the closer you can meet the bank's requirements, the more services will be accessible through the bank account.
The application process
With the documents in hand, all you have to do is go to the bank! Try to go early, because the banks close in the early afternoon and can have quite a few people in some places.
When you enter the bank, someone will ask you for the reason why you are there and you can tell them in English that you want to open a bank account. They will guide you to the right counter or give you a number to wait your turn.
Once your application is complete, most banks will be able to offer you a bank card that you can use immediately. You will also receive a bankbook and a number card if you have one requested online service. Keep your bankbook in a safe place, as it may request for official purposes.
Just remember that some visa types will not allow you to open a bank account unless it is for the purpose of taking a bank statement. For short-term visas, they may ask you why you need to open a new account and you should explain to them properly.
Bank statement/Bank trust fund/Deposit/잔액-잔고증명서
You will need this for applying for language institutions, universities, or visas. The immigration office may ask you to provide a certain amount in your account with this paper for visa purposes. To get this go to the bank, with your ID card, passport, and bank book (you need all of them), also 2,000 KRW (for 1 copy). This can be requested in English or Korean as well.
Ask the clerk for this specifying if it is for university or immigration. Sometimes they will just do it alone, sometimes they will ask how much you want to write as the amount (it is better to write the whole amount you currently have in the bank account).
When you request this paper, your bank account will be blocked for 24h, so be aware to have some cash for use. They will ask for the date of using the bank statement, usually, you use the current date when you went to the bank since this bank statement is available for around 3 months (even if I don't recommend using one that is older than 1 week). As an example, if your immigration reservation is Friday, take the bank statement from Monday until Friday morning on any day.
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