Lucas opened an account at a big bank near his office in his second week. A month later he tried to pay his ₩3 million deposit for an apartment by app, and the transfer failed: his limit was ₩1 million a day.
The landlord was waiting. The bank teller said something about "limited account."
Many new accounts in Korea start as limited accounts (한도제한계좌) with low daily transfer caps. Bring proof of employment or income to the branch and they can lift the limit, often on the spot.
What to bring
- ARC (외국인등록증), or your passport and ARC receipt if the card hasn’t arrived
- Passport
- A Korean phone number in your own name, for app verification
- Proof of purpose, to avoid the limits: employment certificate (재직증명서), employment contract, student ID or certificate of enrollment, or a pay stub
- Your Korean address
Banks set their own rules, and some branches handle foreigners far more often than others. Branches near universities, industrial areas or foreigner-heavy neighborhoods are usually smoother.
Step by step
- Get a phone plan in your own name first. Banking apps verify you by the phone carrier’s records. See our phone plan guide.
- Visit a branch with your documents. Take a number for personal banking (개인).
- Sign up for internet banking and a debit card (체크카드) at the same visit, and ask the teller to help set up the app.
- Ask about limits. If the account is limited, show your employment or enrollment proof and ask for 한도 해제.
Your phone contract lists your name differently from your ARC, for example missing a middle name or in a different order.
Make sure the carrier registered your name exactly as on your ARC. If not, visit the carrier's store with your ARC to correct it.
Lucas went back with his 재직증명서 (employment certificate from HR).
The teller lifted the limit in 15 minutes. He paid the deposit that evening.
Internet-only banks such as Toss Bank let some foreign residents open an account online with an ARC, which avoids the branch visit entirely. Kakao Bank and K Bank are also popular, but foreigner sign-up rules vary, so check the app's current requirements.
Sending money home
Most big banks offer overseas remittance in their apps, and licensed transfer services are often cheaper. Korea caps how much foreigners can send abroad without supporting documents each year, so for large amounts, such as your pension refund or savings, ask the bank which documents to bring.
Sources: Korean Financial Services Commission guidance on limited accounts; KOTRA Invest Korea guide to opening a bank account.
Written from the laws and official notices in force on the date above. Rules change and every case is different, so check with the office named in the article before an important decision. Spotted something out of date? Tell us.