Opening a Bank Account in Korea as a Student
A Korean bank account lets you receive money from home, pay your phone bill and health insurance, and get paid for part-time work. Here is how to open one.
What to bring
- Your ARC (or passport, if your ARC is not ready yet)
- Certificate of enrollment or tuition receipt (proof of purpose)
- A Korean phone number
- Some banks also ask for your home-country ID or tax number
New accounts have limits
Most new accounts start as limited accounts (한도제한계좌). You can usually transfer or withdraw up to about KRW 1 million a day online or at ATMs, and about KRW 3 million at a branch. To lift the limit, show proof of purpose, such as your enrollment certificate or an employment contract.
Which bank?
- Choose a bank with a branch on or near your campus. Many universities partner with one bank for student ID cards.
- Busan Bank is Busan's local bank and offers services for foreign customers.
- Some branches of large banks have English-speaking staff. Ask your international office which branch students use.
Set up mobile banking
Ask the bank staff to help you install the bank app and set up your certificate for online banking before you leave the branch. It is much easier with help. If identity checks fail later, see our phone guide.
Never lend or sell your bank account or card. Criminals use student accounts for voice-phishing. Even if you did not know, you can be punished and your visa can be affected.
