Bank Accounts and Overseas Remittance for Foreigners

At a glance

• Opening an account: go to a bank with ID (one of passport, residence card or resident registration card), a seal (a signature can replace it) and documents proving the purpose of the financial transaction (FSS).
• If you cannot submit proof of the transaction purpose, the account is opened as a limited-transaction account (FSC).
• Overseas remittance: a foreign resident can send money, within income such as pay received in Korea, through a designated foreign exchange bank.
• The limit you can send without supporting documents is USD 50,000 per year.

Who needs to do this

• For foreigners, the real name for financial transactions is the name and registration number in the registered foreigner record. For people who have not been issued a residence card, it is the name and number on the passport or ID.
• A foreigner engaged in business activities in Korea or staying in Korea for 6 months or more is treated as a resident (foreign resident) under the Foreign Exchange Transactions Act.
• A foreigner who was a resident and has left Korea and is staying abroad for 3 months or more is treated as a non-resident.
• Since 21 March 2025, registered foreigners can open an account with the mobile residence card at some banks (in person: Shinhan, Hana, iM Bank, Busan, Jeonbuk, Jeju; non-face-to-face: Jeonbuk) (FSC).
• The FSC announced that registered foreigners aged 14 or older can get the mobile residence card on a smartphone.

Where to apply

• To open an account, visit a nearby bank branch and follow the staff’s guidance (FSS).
• When a foreign resident sends money abroad within pay or income earned in Korea, it must go through a designated foreign exchange bank.
• The FSS provides its financial life guidebook for foreigners free of charge in 8 languages: English, Vietnamese, Russian, Indonesian, Chinese, Khmer, Thai and Filipino.

What to bring

• Opening an account: ID (one of passport, residence card or resident registration card), a seal (a signature can replace it) and documents proving the purpose of the financial transaction.
• Examples of proof of purpose: employees bring a certificate of employment, students a certificate of enrollment, business owners a business registration certificate, and so on (FSS).
• For receiving salary, examples given include the health insurance eligibility certificate and the earned income withholding receipt (FSC).
• Overseas remittance (pay of foreign workers): passport, foreign currency remittance application, an employment contract or certificate of employment if the bank asks, and proof of domestic income if you send more than USD 50,000 per year (FSS).
• Information needed to send money: names, addresses and phone numbers of sender and recipient, the receiving bank’s name and address, the bank code (SWIFT, etc.) and the recipient’s account number.

Cost

• This guide lists only amounts set by the government and laws. Bank fees are not listed, so check with your bank.
• Limit you can send without supporting documents: USD 50,000 per year.
• A foreign resident can pay overseas travel expenses of up to USD 10,000 without supporting documents.
• Daily limits of a limited-transaction account: internet banking KRW 1,000,000, ATM KRW 1,000,000, bank counter KRW 3,000,000 (from 2 May 2024, FSC).

Procedure

• Step 1: Prepare your ID, seal (or signature) and proof of the transaction purpose, and go to the bank.
• Step 2: Take a number ticket and tell the counter that you want to open an account. If needed, also apply for internet banking and a cash card.
• Step 3: Write your foreigner registration number, date of birth, address and contact details on the application and sign it.
• Step 4: Set the passbook PIN and the cash card PIN (4 digits each).
• Step 5: To send money abroad online or by mobile, first complete the preliminary steps at a branch, such as designating the foreign exchange bank, registering foreign exchange customer information and signing up for electronic banking.
• Step 6: A foreign resident can send money within income such as pay received for employment or work in Korea through the designated foreign exchange bank, by submitting documents proving how it was obtained.
• Step 7: Even if Step 6 does not apply, non-residents and foreign residents can pay up to USD 50,000 per year through a designated foreign exchange bank or a credit card company.
• Step 8: Money coming in from abroad can be received without supporting documents if it is USD 5,000 or less per transaction.

Common sticking points

• If you cannot submit proof of the transaction purpose, the account is opened as a limited-transaction account. This system was introduced in 2016 (FSC).
• To lift the limit you must submit proof of the transaction purpose to the bank. It was improved so that, with the customer’s consent, the bank can collect the information through public MyData (FSC).
• Even at USD 50,000 or less per year, the bank may ask for source-of-funds documents such as pay slips if voice phishing or illegal virtual asset trading is suspected (FSS).
• Sending money through an unregistered private broker (hwanchigi, 환치기) violates the Foreign Exchange Transactions Act, and the FSS warns that there are many cases of the money being stolen.
• Transferring, acquiring or lending access media such as passbooks and cards for payment can be punished by imprisonment of up to 5 years or a fine of up to KRW 30,000,000.

This guide is general information and does not decide individual eligibility. Laws and fees can change, so check the original text through the official links and with the competent authority.