Best Bank for Foreigners & How to Open a Bank Account in Korea

If you are planning to open a bank account in Korea, this guide will take you through the vital steps and present the best bank for foreigners to streamline your experience.

Why Open a Bank Account in Korea?

Opening a bank account in Korea not only simplifies receiving salary payments but also eases international money transfers and currency exchanges. It’s advisable for foreigners intending to stay for 6 months or more to open an account.

Do Korean Banks Assist English Speakers?

Many Korean banks provide English-speaking services or helplines to assist you with your banking needs. However, availability might vary, especially in rural areas, so checking with your chosen bank in advance is recommended.

Best Bank for Foreigners in Korea

When you decide to open a bank account in Korea, selecting a renowned bank that caters proficiently to non-residents is crucial. Here are the top picks:

KEB Hana Bank

• Customer Service: Reach out at 1544-3500 (English/Chinese), available Mon-Fri between 9 am-6 pm.
• Website and Contact: For detailed information, visit their English website.
• After-Business Hours Fee: Be aware of the fees applicable for ATM withdrawals after standard business hours, depending on your account type.

Woori Bank

• Application Process: Find all the necessary steps to apply on the Woori Bank website.
• Foreigner Call Center: Dial 1599-2288, available in various languages from Mon-Fri, 9 am-6 pm.
• Specialized Branches provide services exclusively for foreigners : 
• ANSAN FOREIGNER SPECIALIZED BRANCH : 2, Damunhwa 2-gil, Danwon-gu, Ansan-si, Gyeonggi-do (031-4982-6193) 
  It operates from Mon-Fri (10:00 am – 6:00 pm) and Sun (9:00 am – 3:00 pm) 

Shinhan Bank

• Website: Visit the Shinhan Bank website for comprehensive details.
• Sol Global App: Avail various financial services through the app, available in 12 languages.
• Customer Service: Contact at 1577-8380 from Mon-Fri, 9 am-6 pm.

Kookmin Bank (KB)

• Website: For detailed information, visit the KB website.
• Special Branches: Access services on weekends at specific branches; find details here.
• Customer Center: Reach out at 1599-4477, operational from Mon-Fri, 9 am-6 pm, offering multilingual support.

Required Documents to Open a Bank Account in Korea

Before heading to the bank to open an account, ensure you have the following documents:

• Passport/Visa: Your identification and proof of legal status.
• Alien Registration Card (ARC): Required for opening an account and facilitating other financial transactions.
• Korean Phone Number: For receiving essential notifications from the bank.
• Certificate of Employment: If applicable, it verifies your employment status in Korea.

How to Open a Bank Account in Korea?

• Initial Inquiry: Upon contacting your chosen bank, inquire about the account opening process; some banks offer designated desks for non-Korean customers.
• Document Submission: When you arrive for your appointment, present your ARC and passport to the bank representative.
• Form Filling: The representative will guide you in filling out the necessary forms and selecting the suitable account and card types.
• Final Step: Once the paperwork is sorted, receive your bankbook and cash card instantly.

Top Tip: Get to know the bank’s operational hours, ATM functionalities, and other vital services to have a hassle-free banking experience.

Essential Points When You Open a Bank Account in Korea

Upon successfully opening your bank account in Korea, familiarize yourself with the following:

• Account Types: Learn about the different account offerings to select the most suitable one.
• Online Banking: Inquire about the availability and setup process of online banking services.
• Security Protocols: Set up secure passwords and adhere to the bank’s security protocols to safeguard your account.
• Smartphone Apps: Download the official app of your bank for convenient account management.
• Digital Certificate: Some banks require setting up a digital certificate for online transactions.

Note: The bank representative should guide you through all necessary setups, aiming for a seamless process.

International Transfers and More

• International Transfers: Check to see if your bank facilitates overseas transfers including cap price and access charges. 
• Foreign Designated Bank: Choose a preferred bank for international transactions, considering the different fee structures and restrictions across banks.
• Banking Hours:Generally, banks operate from 09:00am, to 04:00pm on weekdays, with some branches open on weekends. 
• International Card Use: Before traveling abroad, understand the norms of using your ATM card internationally.
• Currency Exchange: Leverage the banks to exchange foreign currency or traveller’s checks for Korean Won, maintaining the transaction slip for future reference.

Charges and Approvals When you Open a Bank Account in Korea

Be mindful of the potential charges including annual membership fees for credit cards, and understand that approvals for certain services depend on your credit history and the bank’s specific requirements.

How ThxKorea Can Help You!

Dealing with the bank in a foreign country can be stressful as it is important to know exactly what you are signing up for, what to expect and to ensure that all of your questions are addressed properly. ThxKorea is pleased to offer assistance you all the assistance you need; Here is how we cater to you:

• Clear Communication: From the outset, our certified partners ensure there’s no language barrier, facilitating seamless discussions.
• Trustworthy processes: We prioritize clarity and reliability, working exclusively with our expert in-house translation team.
• Customized Support: At every step, our approach is tailored to match your unique requirements, aspirations, and financial plans.

Conclusion

Equip yourself with necessary documents and knowledge to enjoy a smooth banking experience during your stay in Korea. Let ThxKorea support and advise you through the process and pave the way for financial convenience in Korea.