Banking and Money transfers

The banking sector in South Korea is one of the most advanced and stable in Asia, playing a crucial role in supporting the country’s export-driven economy and technological development. It is characterized by a mix of large commercial banks, specialized banks, and a growing number of digital-only banks.

As a foreigner, if you want to open up a bank account or use any of the financial services, you must go in person to the bank to do so. The typical opening hours are 9am to 4pm Monday to Friday.

 

1. Major Commercial Banks

 

South Korea’s major commercial banks dominate the domestic market and provide a wide range of services, including retail banking, corporate finance, and international banking. The five largest commercial banks are:

• KB Kookmin Bank

• Shinhan Bank

• Hana Bank

• Woori Bank

 

These institutions have extensive branch networks and are known for strong digital services. They are also key players in corporate lending, foreign exchange, and international trade finance.

 

Banks Accessible to Foreigners in South Korea

 

South Korea’s banking system is modern and efficient, but language barriers and administrative requirements can make it challenging for foreigners to open and manage bank accounts. However, several banks have made strong efforts to become more foreigner-friendly, offering English services, online banking options, and international support.

 

1. KEB Hana Bank

Best for: Foreign residents and international money transfers
 KEB Hana Bank is one of the most foreigner-friendly banks in Korea. Originally the Korea Exchange Bank (KEB), it merged with Hana Bank and retained its strong focus on international banking.

• Services in English: Branch staff in major cities often speak English, and online/mobile banking offers an English interface.

• Global services: Offers easy international remittances, overseas account linking, and global debit cards.

• Foreigner benefits: Simplified account setup with an Alien Registration Card (ARC), passport, and local phone number.

 

2. Woori Bank:

Best for: English-language support and accessibility
 Woori Bank is another major bank that actively supports foreign customers.

• Multilingual services: English, Chinese, and Vietnamese support on ATMs, apps, and websites.

• Global branches: Available in many countries, useful for foreigners with business or travel needs.

• International remittance: Offers fast and low-fee transfer options through partnerships with global platforms like Western Union and Wise.

 

3. Shinhan Bank:

Best for: Comprehensive financial services and student accounts
 Shinhan Bank provides good English-language services and is popular among international students and workers.

• Foreigner-friendly branches: Found in university areas and business districts (e.g., Seoul Station, Itaewon, Gangnam).

• Online banking: English mobile app available; however, some functions may still require in-person setup.

• Special accounts: Student and salary accounts tailored for foreigners, with low fees and easy remittance options.

 

4. KB Kookmin Bank:

Best for: Convenience and mobile access
 As one of Korea’s largest banks, KB Kookmin offers convenient banking for residents and short-term visitors.

• English app and website: Somewhat limited but improving steadily.

• ATMs: Widely available across Korea, with English-language options.

• Services: Foreign currency exchange, credit cards, and online banking once registration is completed.

 

Tips for Foreigners Opening a Bank Account

• Documents required: Passport, Alien Registration Card (ARC), proof of address, and a Korean phone number.

• Bank hours: Most branches operate from 9:00 a.m. to 4:00 p.m., Monday to Friday.

• Remittance services: Wise, Western Union, and direct bank transfers are commonly used for sending money abroad.

• ATMs: Offer English menus, but some rural ones may not accept foreign cards.

• Foreign Currency Exchange: Available at airports, banks, and money exchange offices (환전소).