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Banking in South Korea

Best banks in South Korea for expats & digital nomads

Opening a bank account is one of the first things you do after moving to South Korea. Here are the accounts that work for newcomers and non-residents, plus the fintech we would set up before you fly.

How to open a bank account in South Korea

Korea is tough for newcomers but workable with the right visa. You generally need an Alien/Foreigner Registration Card (ARC), passport, a Korean phone number, and proof of the account's purpose; a visa allowing 3+ months' stay is expected. Since March 2025 a mobile residence card is accepted for account opening at several banks (Shinhan, Hana, iM, Busan, Jeonbuk, Jeju, and expanding).

Our top pick

Wise multi-currency account

Wise is the option we recommend for almost anyone moving to South Korea: hold and convert 40+ currencies, get local account details to be paid like a local, and send money at the real exchange rate with low, transparent fees. It works before you even arrive, so you can receive income and pay deposits while your local account is still being set up.

Open a free Wise account →

Affiliate link: we may earn a commission at no cost to you. Wise is a fintech, not a bank; balances are safeguarded, not covered by deposit insurance.

Top banks in South Korea

KEB Hana Bank

traditional
Best overall for foreigners / transfers

Global desks in foreigner-heavy areas and the Hana EZ English app; long history with international transactions.

Shinhan Bank

traditional
Digital / younger expats

SOL Global English app and many branches; accepts the mobile foreigner residence card.

Woori Bank

traditional
Wide branch network

Woori Global banking app; available to foreigners.

KB Kookmin Bank

traditional
Largest retail base

English KB Star Banking app; experience varies by branch.

IBK (Industrial Bank of Korea)

traditional
Business / work-visa holders

Multilingual counters at some branches; suited to E-7/D-8 visas.

Toss Bank

digital
Remote opening

Digital bank that has allowed foreigners to open remotely; interface Korean-only.

International accounts & neobanks

Payoneer

Used to receive international freelance/business payments.

Availability changes; confirm on each provider's site.

Next steps in South Korea

See the full South Korea tax, cost and visa profile, or compare South Korea with other destinations. Not sure where to go yet? Take the finder quiz.