How to Open Bank Account in Korea for Foreigners
For many years, opening a bank account in Korea meant visiting a branch in person. But times have changed. Today, foreigners can open accounts easily through non-face-to-face (online) banking apps, and starting in 2025, the process has become even simpler with the introduction of the Mobile Foreigner Residence Card.
Opening a Bank Account in Korea: From Online Applications to the Mobile Foreigner Residence Card (2025 Update)
1. Step One: Online Account Opening for Foreigners
Foreigners can now open bank accounts using official mobile banking apps.
Required documents:
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Alien Registration Card (ARC)
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Valid passport
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Korean phone number under your name
Process:
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Download the bank’s app
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Apply for account opening and enter personal information
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Upload ARC and passport photos
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Complete identity verification (face recognition or video call)
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Receive account number
Popular Banking Apps: Hana Bank (HanaEZ app), Shinhan Bank (SOL app)
👉 This became especially popular during COVID-19, when contactless banking was safer and faster.
2. Step Two: Mobile Foreigner Residence Card (Digital ARC)
As of March 21, 2025, foreigners can now use a Mobile Foreigner Residence Card instead of carrying a physical ARC.
What Is the Mobile ARC?
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A digital version of the ARC, stored in the official Korea Mobile ID app
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Legally valid like the physical ARC
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Can be used at both bank branches and mobile apps
How to Use It (Branch / Banking App)
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At a branch: Scan QR code, complete face and password verification
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In a banking app: Select “Mobile ARC,” connect to the ID app, and authenticate digitally
Supporting banks (March 2025):
Shinhan, Hana, Busan, Jeonbuk, Jeju, IM (with KB, NH, IBK to follow later in 2025)
👉 With just a smartphone, foreigners can now complete account opening without carrying a plastic card.
3. Comparing the Two Methods
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Traditional Online Method: Passport + physical ARC + phone number → upload + verify → account issued
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Mobile ARC Method: Simply select Mobile ARC in the app → automatic digital verification → account issued
Result: The new system saves time, reduces paperwork, and improves convenience.
4. FAQ
Q. Can I apply from overseas?
Yes. Some banks support overseas applications with video call or email verification.
Q. What if the name on my phone contract doesn’t match the bank?
The names must match exactly, otherwise the application will be rejected.
Q. Do foreigners get the same services as Koreans after account opening?
Yes. Most standard services (transfers, debit cards, mobile banking) are available. Some advanced products may require additional documents.
✅ Quick Summary
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Step 1 (Online Account Opening): Passport + ARC + phone → simple process via banking app.
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Step 2 (Mobile ARC): From 2025, a smartphone with Mobile ARC can replace physical documents entirely.
Foreign banking in Korea is becoming more digital, safer, and more convenient than ever.
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