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Process of opening an bank account in Korea

August 21, 2018

Setting up a bank account requires proper identification and proof of residency. Usually, a valid passport and an alien registration card suffice as documents for review by commercial banks. Once a bank account is open, the bank will issue a check card. The time taken to issue check cards may vary by bank. Every check card is protected by a four-digit password. Withdrawals and deposits can be made only in Korean Won.

Korea Exchange Bank (KEB)

Of all local commercial banks, Korea Exchange Bank (KEB) is the only one that offers foreigners-only bank accounts that record all transactions in English. In order to open a bank account with KEB, you must present your valid passport and alien registration card. Several different types of bank accounts, as well as a global check card, which can be used overseas, are available.

  1. Visit the nearest Korea Exchange Bank (KEB) branch.
  2. Take a ticket from the queue ticket machine at the Foreign Exchange section, and wait for your turn.
  3. Proceed to the desk that displays your number.
  4. Present your passport and alien registration card in order to open a bank account.
  5. Apply for a check card with ATM deposit/withdrawal functions.

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