Opening a Bank Account and Getting a Debit Card

Steps

1. Choose a bank. If your company pays salaries through a certain bank, that bank is the easiest choice.
2. Take your documents and go to a branch. Foreigners usually need to visit a branch in person. Opening an account online is often not allowed.
3. Fill in the 금융거래목적 확인서 (form for the purpose of the account). Write why you need the account. For most people, the answer is "to receive salary."
4. Give your proof documents. If you give a 근로계약서 (employment contract) or 재직증명서 (certificate of employment), the account is often opened with no limit.
5. Apply for a debit card and mobile banking at the same time. You also get a 보안카드 (security card) or OTP (one-time password device) at this time.
6. Set your password. Do not use your birth date or phone number.

What to bring

• 외국인등록증 (or passport)
• Any of these that you have: 근로계약서, 재직증명서, 급여명세서 (pay slip)
• A copy of your company's 사업자등록증 (business registration certificate) (the bank may ask for it)
• Mobile phone (it is good if the number is in your own name)
• You usually do not need a personal stamp (seal). Your signature is enough.

The documents you need are a little different at each bank. If you call and ask before you go, you will not need to go twice.

What is a limited-transaction account (한도제한계좌)?

If you cannot give a document that proves the purpose of the account, the bank still opens the account, but it puts a limit on it. This is called a 한도제한계좌. This rule is to stop 대포통장 (illegal accounts used by someone other than the owner).

From May 2, 2024, the daily limits are:

• Transfers by internet or mobile banking: 100만원
• ATM withdrawals and transfers: 100만원
• Transactions at the bank counter: 300만원

Before this, the limit was 30만원 each for internet banking and ATM, and 100만원 at the counter.

How to remove the limit

• Give a 재직증명서, 근로계약서 or 급여명세서.
• Show that your salary has come into that account for a few months.
• Set up automatic payments for utility bills and build a payment record.
• After you give documents, it is often done on the same day or within a few days. Rules are different at each bank, so ask at the counter.

Debit card (체크카드)

• You can spend only the money in your account. You will not get into debt.
• It is easy to apply when you open the account. It may take a few days to get the card.
• If you add the transport card function, you can use it on buses and subways.
• Check if the card works for payments outside Korea. You need this if you plan to use it in your home country.
• If you lose it, stop the card right away through the bank's customer center or app.

Internet and mobile banking

• If you apply when you open the account, you do not need to go to the branch again.
• You need a security tool (security card, OTP, or app verification).
• In the app, you can check your balance, transfer money, send money abroad, and stop your card.
• Never tell anyone your password or security card numbers. Bank staff will not ask for them either.
• Install apps only from the official app store. Do not install apps from links sent by text message.

Things you must never do

• Give your bankbook, debit card, password, security card or OTP to another person. You will be punished whether you got money for it or not.
• Article 6(3) of the 전자금융거래법 (Electronic Financial Transactions Act) bans these things with access tools (bankbook, card, password, etc.): giving or receiving them, lending them for money, lending, keeping or passing them on when you know they will be used for a crime, and arranging or advertising these deals.
• If you break this law, under Article 49(4) of the 전자금융거래법, you can get up to 5 years in prison or a fine of up to 3천만원. Punishments became heavier from August 20, 2020.
• If your account is used for voice phishing (phone scams), your account is stopped, and your accounts at other banks are blocked too. You will not be able to receive your salary.
• If you get a criminal punishment, it can seriously hurt your chances to extend your stay or to enter Korea again.
• Offers like "I will pay you if you just lend me your bankbook" or "It is a part-time job: when money comes into your account, take it out and give it to me" are all crimes. Say no and report it to 112.

Before you leave Korea

1. Check that you have received everything: 출국만기보험금 (departure guarantee insurance), 귀국비용보험금 (return cost insurance), 국민연금 반환일시금 (national pension lump-sum refund), and your last salary.
2. Cancel automatic payments (phone bill, insurance, monthly rent).
3. Send the remaining money to your home country or take it out.
4. Close the account. It is good to get a document that confirms the account is closed.
5. If you leave the account open when you leave, someone else may use it, or it may be used for crime.
6. If you plan to come back later, ask the bank how to keep the account.

How to find a bank that is easy for foreigners

We do not recommend a specific bank. Instead, check these things:

• See if the bank website has a 외국인 고객 안내 or Foreign Customer page.
• Check the app store description to see if the app supports English or your language.
• Branches in areas with many foreigners (industrial complexes, near markets) often have interpreters or a counter only for foreigners. Call and ask.
• Ask your coworkers or the local 외국인지원센터 (foreigner support center). You can hear about their real experiences.
• On 금융감독원 (Financial Supervisory Service) 파인 (FINE) (fine.fss.or.kr), you can compare bank information and fees.

Frequently asked questions

Q. I do not have my 외국인등록증 yet. A. Some banks let you open an account with a passport, but it will probably be a limited-transaction account. After you get your card, give your documents and remove the limit.

Q. My company says it will open an account for me. A. You must go in person and open it yourself. Keep your bankbook and card yourself.

Q. Can one person open several accounts? A. If you open accounts at several banks in a short time, you may be limited. Open only as many as you need for your purpose.

Q. My account was suddenly stopped. A. Ask the bank right away why. It may be because of a voice phishing report. If you did nothing wrong, you can explain this to the bank. If you need help, contact 1332 or 1345.

Q. I lost my bankbook. A. Call the bank's customer center right away to stop it, and get a new one at a branch.

Where to get help

• 외국인종합안내센터 (Immigration Contact Center) 1345 (many languages)
• 금융감독원 complaints and counseling 1332
• Financial consumer information portal 파인 (FINE) fine.fss.or.kr
• Police 112 (if someone asks you to lend your bankbook)