Banking in Korea: A Guide for Foreigners

Opening a bank account in Korea can be straightforward if you know which banks cater to foreigners. Here’s a breakdown of some of the most recommended options: 1. KEB Hana Bank Renowned for foreigner-friendly services and strong English support. Offers an English app and dedicated phone lines for foreign customers. Special desks for foreigners at branches like Itaewon, where staff are proficient in English. Features a "one-pack savings account" with a minimum deposit of 10,000 KRW. 2. Shinhan Bank A popular choice for foreigners due to its tailored services. Has branches with English-speaking staff, such as in Gwanghwamun, Seoul. Provides a comprehensive range of banking options, including an English app for easy access. 3. KB Kookmin Bank One of Korea’s largest banks, offering extensive services for foreigners. Provides a three-way call interpretation service at branches, aiding non-Korean speakers. Requires a minimum deposit of 100,000 KRW to open an account. 4. Woori Bank Offers widespread ATMs and online banking services. English app and services are available, though user experiences vary. 💡Tips for Opening an Account Bring essential documents, including your passport, visa, and Alien Registration Card (ARC). Some banks allow account openings without an ARC, but features will be limited until one is provided. Visit larger branches or those known for serving expatriates to ensure English-speaking support. While these banks generally provide good services for foreigners, regulations and processes can change. Always double-check requirements before visiting a branch.