The popularity of Korea is increasing among foreign citizens who are eager to invest or work in the country. An important aspect when moving here is opening a bank account in Korea. In this article, our company formation consultants in Korea explain how to open such an account. You can also rely on our immigration lawyers in South Korea if you decide to move here.
| Quick Facts | |
|---|---|
| Types of bank accounts | Personal and corporate bank accounts can be set up in Korea. |
|
Document requirements for natural persons |
ID/passport, – application form, – valid visa, – Alien Registration Card (residence permit) in the case of foreign citizens |
|
Documents requirements for companies |
– Registration Certificate, – Articles of Association, – passports/IDs of the shareholders and directors, – company seal, – other documents depending on the bank |
| Address requirements for foreign citizens (YES/NO) | Yes, foreign citizens must have a valid Korean address. |
| Requirements to travel to South Korea (YES/NO) |
Yes |
| Remote bank opening possibility (YES/NO) |
No, Korean banks do not allow remote bank account openings. |
| Timeframe for opening the bank account (approx.) |
– a few days in the case of natural persons, – up to 3 months for corporate accounts |
| Legal representative requirement (YES/NO) |
No, however, it is possible for companies to appoint such a representative. Our Korean company formation agents can help in this case. |
| Services attached to the accounts |
– credit/debit cards, – access to financing, – overdrafts, – money transfers, etc. |
| Types of banks to open accounts with | Local and branches of foreign banks |
| Merchant bank account availability (YES/NO) |
Yes, for e-commerce businesses |
| Foreign currency availability (YES/NO) |
Yes, USD, EUR, and CHF are some of them. |
| Access to online banking services (YES/NO) |
Yes, with most banks |
| Advantages of a Korean bank account |
– access to both local and large international financial institutions, – modern financial infrastructure, – 24/7 access to the account, – quick opening process |
| Bank account opening service availability (YES/NO) | Yes, you can rely on our specialists for support in setting up a bank account in Korea. |
Table of Contents
Types of bank accounts available in South Korea
Personal and corporate bank accounts are by far the most employed in South Korea, however, it is also possible to open:
- non-resident bank accounts for foreign people who immigrate to Korea;
- savings accounts when it comes to natural persons interested in protecting their money;
- merchant accounts for e-commerce businesses.
Each type of bank account requires the preparation of various documents and/or minimum amounts of money to deposit. For example, even if you decide to open a non-resident bank account, you still need to provide a valid Korean residence permit.
In order to create your bank account as simple as possible, you can rely on our local specialists.
Steps to open a bank account in South Korea
There are several steps to open a Korean bank account, as follows:
- choosing a bank is quite important before starting the setup process, as there are various aspects that may influence the client’s decision;
- gathering the necessary documents is the next stage, as depending on the type of the bank account, there are different papers to obtain or provide;
- filing the documents and collecting the card(s) associated with the bank account.
Since we mentioned the documents to prepare, please mind that these are different for natural persons and companies. Based on the type of account you want to create, you can discuss it with our local lawyers or our company formation agents in Korea. An important requirement, no matter the type of account you want to establish, is a local phone number that must be provided to the bank officer.
Opening a corporate bank account in Korea
Opening a corporate business account in Korea in 2025 is easier than you might think. It is important for foreign investors to have such an account in the country, as it allows them to invest here.
The only document needed is a valid passport. Then, the account holder must arrange to transfer the equivalent of 50,000,000 won (around USD 40,900), which is the minimum setup amount, from a foreign account into the one opened in his or her name.
This deposit has to be in a lump sum and it should be categorized “for investment purposes only”. Then, the foreign investor can proceed with gathering the required documentation to open a company in Korea. Our Korean company formation advisors can assist you with this procedure, while our immigration lawyers in Korea can help you relocate here.
Here is also an infographic on this subject:
Opening a personal bank account in Korea in 2025
If you intend to move and live in Korea as an employee, having a personal bank account will help you settle in. Immigration to Korea also enters the attention of our specialists.
The documents needed to open such a bank account in Korea in 2025 are:
- a valid passport;
- a valid visa;
- the Alien Registration Card, which is a residency card in the country;
- a copy of your address written in English and Korean.
Sometimes, not all these documents are required. Certain banks in Korea allow foreign citizens to open accounts as foreigners.
However, Korean banks do not enable customers to open bank accounts before they arrive in the country. The applicant has to be physically present at the bank branch.
If you intend to send money overseas, you must designate a certain bank to use for the transactions. Then, a specific form has to be filled in. Our Korean company registration agents can provide further details for persons interested in this subject.
What to consider as a foreigner in Korea when setting up an account
The procedure for opening a bank account as a foreigner is very straightforward because South Korea is a popular destination for expats, especially young people.
The Alien Residency Card is one of the most important documents for foreigners to get in order to open a bank account in South Korea as a non-resident in 2025. Please mind that it can take up to one month to have the residence document issued after arriving in the country. Most foreigners will select a normal or checking account, however, saving accounts are also available for creation.
You must physically visit the bank in order to open an account. Both residents and non-residents are subject to the same procedure from this point of view, which is why an appointment is recommended. The card attached to the account is usually issued on the same day.
How to choose a bank to work with
As mentioned above, choosing an appropriate bank is quite important, as it can help you benefit from certain facilities. Luckily, the South Korean banking system is made up of national and foreign banks operating through branches here.
No matter if you are a foreigner or Korean national, you can work with any bank you desire. Among the aspects to look for are:
- the currencies you can link to your account (if you want to);
- the services attached to the account;
- the possibility of opening the bank account remotely (most banks enable you to start the process online and complete it with a single visit after the documents are approved);
- the fees imposed for various transactions;
- access to online banking, as this is a widely-sought facility.
You can also rely on our company registration consultants in South Korea for tips or recommendations on choosing a bank.
Our team is made of various specialists ready to assist you in various matters, including financial ones. In this case, you can count on our accountants in Korea for support.
Here is also a video on this subject:
Banking sector statistics in South Korea
Banking is an important segment of the financial market in South Korea. Recently, digital banking has started to increase in popularity, as more and more clients opt for mobile apps for completing various transactions and making payments. This is also what shapes the development of the banking industry as it can be read below:
- by the end of 2025, the net interest income of this sector is expected to rise significantly, reaching a value of USD 216.50 billion;
- the same net interest income is projected to grow at an annual rate of 6.16% between 2025 and 2029, reaching a total value of USD 275 billion at the end of this period;
- the market is still dominated by traditional banks, which are expected to have a total market volume of USD 150.70 billion at the end of 2025.
Apart from our company formation and bank account opening services, we also offer guidance in immigration to South Korea. If you want to apply for residency in South Korea, the first permit you will receive will be for a temporary stay. Its duration depends on the reason for relocation, so be careful when you choose the type of visa. You can rely on our accountants in South Korea for assistance in registering for taxation after relocation.
If you would like to know more about opening a Korean bank account, or for assistance in starting a business and in immigration to South Korea, please contact our friendly staff.