The first bank I walked into turned me away in about ninety seconds. No ARC, no account — that was it. The second bank I tried, a different branch of the same chain, actually had an English-speaking teller who sat down with me, looked at my passport and visa, and said the same thing, but this time explained why. I had arrived in Korea less than two weeks earlier, my Alien Registration Card was still being processed, and most Korean banks simply won't open an account without one. Nobody had warned me about this.

If you're in the same situation — new in Korea, passport in hand, confused about why a functioning adult human cannot open a basic savings account — this guide is for you.

The ARC thing is real, and it matters more than you think

The Alien Registration Card, known as the 외국인등록증 or ARC, is the foundation of your financial life in Korea. Most major banks — KB Kookmin, NH Nonghyup, and many branches of KEB Hana — will ask to see it before they do anything else. It's not a technicality. It's how their system works.

The good news is that two major banks are documented to allow foreigners to open accounts without a residence card: Shinhan Bank and Woori Bank. Wikipedia's entry on Korean banking cites this directly, referencing Seoul National University's official guide for foreign residents. That said, even at these banks, your experience can vary by branch and by the individual teller you get. A passport, your visa status, and sometimes a Korean phone number may be enough to get started — but call ahead to confirm what the specific branch requires before you make the trip.

If you haven't received your ARC yet, another option worth exploring is IBK Industrial Bank of Korea (기업은행). IBK has historically been accommodating to foreign workers, particularly those on E-series work visas, and some branches will work with you using just a passport. Again — verify directly with the branch, not from a friend-of-a-friend, because policies shift.

What to bring, regardless of which bank you choose

The core documents are your valid passport, your ARC if you have it, and your visa documentation. Beyond those, Korean banks almost universally want a Korean phone number to receive OTP verification messages, which creates a chicken-and-egg problem: you often need a bank account to set up a phone plan, and you need a phone number to open a bank account. The way around this is to get a prepaid SIM first — you can buy one at the airport or at a major convenience store like CU or GS25 — and use that number for the bank.

You'll also likely be asked for a Korean address. If you're in company housing, a dorm, or a goshiwon, bring whatever documentation you have — a copy of your lease, a letter from your employer, or a university enrollment letter. The more formal and stamped it looks, the better.

Some banks ask for an initial deposit to activate the account. The amount varies but is usually modest — often anywhere from 10,000 to 50,000 KRW — though you should check with the specific bank on this.

Which bank is actually best for foreigners?

This depends a lot on what you need. If English-language service is important to you, Shinhan Bank has dedicated foreign-friendly branches in areas like Itaewon and Hongdae in Seoul, and their SOL banking app has English support. For everyday use, it's one of the most consistently recommended options in the expat community.

KEB Hana Bank runs the 1Q Bank app, which was specifically designed with foreign residents in mind and has solid English-language support. If you're already set up with a Hana account, the 1Q app makes mobile banking considerably less painful than some of the other options.

Woori Bank and Shinhan are the two most commonly cited for the no-ARC option. IBK is particularly popular among foreign factory workers and those on manufacturing or industrial work visas, partly because the bank processes a lot of employer payroll for foreign employees.

For shorter-term stays or situations where a full bank account isn't possible, Wise (formerly TransferWise) operates in Korea and lets you hold Korean Won in a multi-currency account. It's not a Korean bank account — you won't get a Korean bank number for receiving local transfers — but for international transfers and day-to-day card spending, it's a legitimate alternative worth knowing about.

The app situation is better than it used to be, but still frustrating

This is where Korea's banking system shows its age. Historically, Korean internet banking relied heavily on browser-based security plugins that didn't work on Macs or in modern browsers. That era is mostly behind us — most banks now have dedicated mobile apps — but the setup process for online banking is still not seamless.

Expect to spend some time at the bank getting your internet banking enrollment set up in person. Bring your phone. Many branches have dedicated spots where staff help you register. If you try to set up online banking from scratch at home, you may run into identity verification steps that require a Korean national ID number, which you don't have. Your ARC number is used instead — another reason having the card in hand makes everything significantly easier.

The Toss Bank app (토스뱅크) is widely praised for its clean, modern interface and has been reported to support foreign residents with an ARC. It requires a Korean phone number and ARC to sign up. Kakao Bank (카카오뱅크) similarly requires an ARC for account opening. Both are app-only, which makes them great for day-to-day use once you're set up — but neither is your first stop as a newly arrived foreigner.

Sending money home: bank wire vs Wise

Korean banks will let you do international wire transfers, but it's not cheap. You'll need to have your foreign income verification or documentation of why you're sending money out of the country, particularly for larger amounts. The exchange rates offered by Korean banks are generally not favorable compared to mid-market rates.

Wise is the most popular option among expats for remittances, and for good reason. They use the mid-market exchange rate and charge a transparent percentage-based fee, which tends to be significantly lower than a typical bank wire. You can send from a Korean bank account to Wise and then on to your home bank. Some expats do this monthly as a routine.

One number worth knowing: under Korean financial regulations, foreigners using overseas bank cards at Korean ATMs face a daily withdrawal cap of USD 5,000 and a monthly cap of USD 10,000. Korean bank ATMs typically set transaction limits at KRW 1,000,000 per transaction and KRW 6,000,000 per day. If you're withdrawing from an overseas-issued card, look for ATMs labeled "Global Service" or those showing the Visa/Mastercard logo — not all ATMs in Korea accept foreign cards.

The thing people don't tell you

Bank policies here change, branch staff have discretion, and what worked for someone in your office six months ago might not work today. The most reliable thing you can do before walking into any branch is to call them first, in Korean if possible (or ask a Korean colleague to do it), and confirm: "I'm a foreigner with [your visa type], what documents do I need to open an account?" That five-minute phone call has saved people I know from wasted trips more times than I can count.

Korea's banking system is not built for foreigners — that's just the honest truth of it. But it's also not impossible to navigate. Once you have your ARC, a Korean phone number, and a bit of patience, the banks that work with foreign residents do a decent job. Get those foundations sorted first, and the rest follows.

Bank policies and document requirements can change. Always verify current requirements directly with the branch before visiting. For general banking questions in multiple languages, the Korea Finance Consumer Agency (금융소비자보호처) can be a resource.