Opening a bank account: why you were refused, and what actually works
ENEnglishIf you have been turned away at a bank counter, or given an account that won't let you
transfer more than a small amount, you probably assumed it was about being a foreigner.
Mostly, it isn't. There is a specific rule behind it, it applies to Koreans too, and
once you know what the teller actually needs, the conversation gets much shorter.
WHY BANKS ARE DIFFICULT ABOUT THIS
Korea has a serious problem with 대포통장 — bank accounts opened by one person and
handed to criminals for scam money. In response, banks are required to confirm why you
need an account before giving you a normal one.
So the teller is not asking "who are you". Your ARC already answers that. They are
asking "what will this account be used for", and they need a document that shows it.
If you walk in with only an ARC and no answer to that question, a refusal or a
restricted account is the expected outcome — not bad luck, and not discrimination.
YOU WILL PROBABLY GET A LIMITED ACCOUNT FIRST
This is normal. It is called 한도제한계좌 (limited account), and it is temporary.
As of 2026, the daily caps are roughly:
Internet / mobile / phone banking transfer 1,000,000 KRW per day
ATM withdrawal and transfer 1,000,000 KRW per day
Withdrawal at the counter 3,000,000 KRW per day
For receiving a salary and paying rent, this is usually enough to live on while you
sort out the rest. It is not a punishment and it does not mark you as suspicious.
WHAT ACTUALLY LIFTS THE LIMIT
Bring a document that shows a real reason to hold an account. Any of these commonly
works, and requirements differ by bank:
- Employment contract, or a certificate of employment (재직증명서)
- Proof that salary is paid into the account (급여이체확인서)
- Your lease contract (임대차계약서)
- Tuition payment receipt or proof of enrolment, if you are a student
- Business registration, if you are self-employed
- Utility bills in your name
Bring more than you think you need. Two documents that half-answer the question are
often better than one perfect document you don't have.
If you are refused, ask this before you leave:
"어떤 서류를 가져오면 될까요?" (Which document should I bring?)
Get a specific answer and come back with it. Going to five different banks and hoping
one says yes wastes days — the rule is the same everywhere, and each visit starts over.
WHAT TO BRING THE FIRST TIME
- Your ARC (외국인등록증). If you don't have it yet, some banks will open an account
with a passport, but expect tighter limits.
- A Korean phone number registered in your own name. This matters more than people
expect — it is used for verification later.
- Your address.
- A purpose document from the list above, if you already have one.
A warning about the order of things: a phone contract often wants a bank account, and a
bank often wants a phone number. If you are stuck in that loop, a prepaid SIM in your
own name usually breaks it. Get the phone number first where you can.
INTERNET BANKS
As of 2026, foreign residents can generally open accounts with the app-only banks
(Kakao Bank, Toss Bank) as well. They need your ARC and a Korean phone number in your
own name, and the whole process happens in the app.
These are often easier than a branch visit and the apps have English support. They are
not a way around the limited-account rule — the same purpose-verification applies.
If you send money home regularly, ask about 거래외국환은행 designation. Overseas
remittance has its own paperwork and yearly reporting thresholds, and it is worth
setting up deliberately at one bank rather than improvising each time.
PRACTICAL THINGS THAT HELP
- Go to a branch near your workplace or university. They deal with foreign customers
constantly and know which documents satisfy the rule.
- Large banks in areas with many foreign residents often have foreign-language desks.
Call ahead and ask when someone is available.
- Go on a weekday morning. This is not a five-minute transaction and you do not want
a queue behind you.
- Bring a Korean-speaking friend if you can. Not because your Korean is bad, but
because these conversations involve words you will not have learned yet.
- Once open, set up mobile banking straight away and check the transfer limit shown
in the app so you know where you stand.
WHERE TO CHECK
Financial Services Commission (rules and announcements): https://www.fsc.go.kr
Immigration (ARC): https://www.hikorea.go.kr
Government services portal: https://www.gov.kr
Each bank publishes its own document requirements, and they do change. The bank's own
foreign-customer page is the most reliable source for what that branch will accept.
Written by the Go Korea team, accurate to the best of our knowledge as of August 2026.
Limits and required documents are set by regulation and by each bank, and both change —
confirm with the bank before making a special trip. This is general information, not
financial advice.
If a bank asked you for something not on this list, please reply and tell us. That is
exactly the kind of detail that saves the next person a wasted afternoon.