Personal accounts: South Korea
An honest assessment before work starts, the quote is fixed in writing.
A personal account in South Korea is needed by people coming to work, study or do business, and by owners of Korean companies. Banks are supervised by the Financial Services Commission and the Financial Supervisory Service, and the currency is the won. The key document for a foreigner is the alien registration card, issued by the immigration service within the first 90 days after entry on a long-term visa. Without it the choice of accounts and services is very limited.
Who can open a personal account
| Your status | Chances | What else the bank will ask |
|---|---|---|
| Resident with an alien registration card and a job | high | card, employment contract or employer letter, Korean phone number |
| Student at a Korean university | high | alien registration card, enrolment certificate |
| Investor on an investor visa | high | alien registration card, company documents |
| Foreigner with a passport who has just arrived | low to medium | some banks open an account with limited transactions |
| Non-resident with no visa or link to Korea | low | an account is usually not opened |
We will calculate online the cost of opening a personal account and maintaining it for a year.
Accounts with limited transactions
To fight fraud, Korean banks open accounts with transaction limits for new clients, especially foreigners. Since 2 May 2024 the limit on transfers and cash withdrawals for such accounts is 1,000,000 won a day, about $800. The limit is lifted once the client confirms the account's purpose with an employment contract, salary certificate or business documents. So it is best to bring work or study documents to the bank right away.
Deposit protection and taxes
| Question | How it works |
|---|---|
| Deposit insurance | since 1 September 2025, up to 100 million won per depositor per bank, ~$74,500 |
| Tax on interest | usually 15.4% withheld by the bank, including local tax |
| Transfers abroad | an annual limit applies without supporting documents; above it the bank asks for documents on the source of money |
| Account currencies | won; dollar and other currency accounts are opened separately |
Dollar amounts are converted at the European Central Bank rate of 5 October 2026, about 1,344 won per dollar, and rounded up. The insurance limit was raised for the first time in almost a quarter of a century.
What the bank checks
- Passport and alien registration card.
- A Korean phone number in your name: it is needed to confirm transactions and for mobile banking.
- Purpose of the account: salary, study, business, rent.
- Source of funds for large receipts from abroad.
- Tax residence: Korean banks report foreigners' accounts to the tax authorities of their countries.
How the opening works
- Obtaining an alien registration card after entry on a long-term visa.
- A Korean phone number in your name.
- A branch visit with the passport, card and work, study or business documents.
- Account opening, card, mobile banking, lifting the limit after the account's purpose is confirmed.
The account is opened on the day of the visit, and lifting the limit usually takes from a few days to a few weeks.
Who gets refused
The bank will refuse if the client has no alien registration card or legal basis to be in Korea, if the account's purpose is unclear, if the source of money cannot be proven with documents, or if the client or their money is linked to sanctions. We check whether the bank works with Russian citizens before preparing documents.
What we do
Murblz specialists help with the visa and alien registration card, choose a bank, prepare documents for lifting the limit and the explanation of the source of funds, and support the branch visit. If you are opening a Korean company, we prepare the personal account together with the company account. We fix the estimate in writing; the decision to open an account always rests with the bank.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property · Country taxes · All country programs
FAQ
Can I open an account in Korea without an alien registration card?
Why does a new account have a transfer limit?
Is money in a Korean bank protected?
What tax applies to deposit interest?
Can I send money from Korea abroad?
Do I need a Korean phone number for an account?
How much does it cost to open an account with your help?
Which South Korean bank will open your account?
We work out which Korean bank will open an account for your residence status, prepare the documents and support the branch visit. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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