How to set up banking in South Korea as a foreigner
Opening a bank account in South Korea as an expat: difficulty level, required documents, digital banking options, and international transfer tips.
Before you move to South Korea, understanding the local banking system can save you weeks of frustration and unexpected fees.
Banking Overview in South Korea
| Feature | Details |
|---|---|
| Currency | South Korean won (KRW) ₩ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in South Korea
Foreigners can open bank accounts in South Korea. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in South Korea. While you may be able to send money to South Korea, full local account features may not be available. Check their website for the latest on South Korea-specific services.
N26
N26 is not currently available in South Korea. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from South Korea, consider these factors:
- Exchange rate: The currency is KRW. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in South Korea is approximately €2,436 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to South Korea:
- South Korea Hana Bank Citibank South Korea Woori Bank
Additional Data Points
Recent reports and expat sources provide these additional figures for South Korea:
- International money transfers are possible from and to South Korea. Note that foreign nationals holding temporary work visas in South Korea are limited to a transfer amount equal to 60% of their monthly salary to their country of origin. However, conditions vary from bank to bank. Your passport will be required for each transfer.
- The documents required for opening a bank account vary from bank to bank. Nevertheless, you will always have to bring your passport, work visa and your Alien Registration Card. Banks will probably make copies of these documents and keep them in their records.
- International money transfers are possible from and to South Korea. Note that foreign nationals holding temporary work visas in South Korea are limited to a transfer amount equal to 60% of their monthly salary to their country of origin. However, conditions vary from bank to bank. Your passport will be required for each transfer.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
How do international money transfers work from South Korea?
You can transfer money from South Korea via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
Can I receive my salary in a foreign bank account in South Korea?
Technically yes, but most employers in South Korea prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
Does Wise (TransferWise) work in South Korea?
Wise has limited functionality in South Korea. You may need to rely on traditional banks for transfers.
What are the best banks for expats in South Korea?
For expats in South Korea, options depend on your needs. ARC required. Must visit bank. KB and Shinhan most accessible. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
Can I open a bank account in South Korea as a foreigner?
Yes, foreigners can open bank accounts in South Korea. The difficulty level is rated as medium. ARC required. Must visit bank. KB and Shinhan most accessible. You will typically need your passport, proof of address (registration), and sometimes a residence permit.