Best Bank Accounts for Foreigners in Korea (2026 No-Fee & Easy Setup Guide)
Opening a bank account in Korea can feel intimidating — especially if you're a foreigner unfamiliar with the process.
But in 2026, Korean banks have become more accessible, with better English support and options that don’t require ARC (Alien Registration Card) for short-term visitors.
This guide covers:
- 🏦 Top banks for foreigners in Korea
- 📋 Required documents (with or without ARC)
- 💸 Fees, ATM access & mobile banking
- 🆚 Traditional banks vs fintech (KakaoBank, Toss Bank)
- ✅ Step-by-step setup process
Let’s find the best account for your needs in Korea.
1. Can Foreigners Open a Bank Account in Korea in 2026? 🔍
Yes — but your visa type and length of stay matter.
| Visa Type | Bank Account Eligibility |
|---|---|
| Tourist (under 90 days) | Limited options (e.g. WOWPASS prepaid, some digital banks) |
| Long-term visa (with ARC) | Full access to bank accounts and services |
| Working Holiday / Student | Basic accounts allowed after ID verification |
💡 Without ARC, most banks won’t issue a full bank book or debit card — only limited/prepaid services.
2. Required Documents to Open a Korean Bank Account 📋
Here’s what you typically need in 2026:
- 🛂 Passport (valid for full duration of stay)
- 🆔 ARC (Alien Registration Card) – for full accounts
- 📄 Proof of address (rental contract, utility bill, etc.)
- 📱 Korean phone number (for SMS verification)
Some banks may also ask for:
- 📑 Employment contract (E-visa holders)
- 🎓 Enrollment letter (D-visa students)
💡 No ARC yet? You can still use alternatives like WOWPASS or mobile wallets until you receive it.
3. Top 5 Banks for Foreigners in Korea (2026 Ranking) 🏦
| Bank | Best For | Foreign Language Support | Account Fee |
|---|---|---|---|
| KEB Hana Bank | Expats, global transfers | 🌐 English, Chinese | ₩0–₩1,000/month |
| Woori Bank | Students, young adults | 🌐 English | ₩0 basic account |
| Shinhan Bank | Business accounts | 🌐 English, Vietnamese | ₩500–₩1,000/month |
| KB Kookmin Bank | Everyday banking | 🌐 English, Tagalog | ₩0–₩1,000/month |
| Citibank Korea | International transfers | 🌐 English | ₩0–₩2,000/month |
💡 All offer debit cards, ATM access, mobile apps, and international remittance — but app language support varies.
4. Fintech Options: KakaoBank & Toss Bank (2026) 📱
Want to skip the bank visit? Fintech banks in Korea offer digital setup — but usually require ARC and Korean phone number.
- 📲 KakaoBank: Popular among 20s/30s, no monthly fees
- 📲 Toss Bank: Super intuitive UI, no-fee policies, instant transfers
🚨 eKYC (online ID verification) only works after ARC registration.
💡 For digital nomads or freelancers with ARC, these are the most convenient options in 2026.
5. ATM Access & International Transfers 💸
✅ Most Korean bank cards can be used at:
- 🏧 Global ATMs (7-Eleven, GS25, CU)
- 🌐 Overseas withdrawals (with fees)
- 📲 Apps like Wise, Revolut, Western Union (linked to local accounts)
💰 ATM withdrawal fees: ₩0–₩1,000 (same bank), ₩1,000–₩3,000 (different bank or global ATM)
💡 Use KEB Hana or Shinhan if you plan frequent international transfers.
6. Step-by-Step: How to Open a Korean Bank Account 🪪
- Gather documents (passport, ARC, proof of address, phone number)
- Visit your chosen bank branch during weekday business hours (9am–4pm)
- Request a basic bank account for foreigners (외국인 계좌)
- Complete the application form and ID verification
- Receive your bank book (통장) and check/debit card
- Set up online/mobile banking (usually requires in-person activation)
⚠️ Some branches may only serve foreigners at certain times or locations — call ahead or visit main branches in expat areas (e.g. Itaewon, Gangnam, Hongdae).
Conclusion: Banking in Korea Is Getting Easier in 2026 ✅
Whether you're in Korea short-term or planning to stay long, there are solid banking options for every type of foreigner.
Go with:
- 🔹 KEB Hana or Woori Bank for best foreigner support
- 🔹 KakaoBank or Toss Bank if you prefer mobile banking (after ARC)
- 🔹 WOWPASS or prepaid services while you wait for your ARC
Up next: How to send money internationally from Korea — lowest fees, fastest options, and what to avoid.
