Korean traditional banks open in-branch; KakaoBank, K Bank and Toss are online. Documents for foreigners, ARC and phone hurdles, and student options.
The core hurdle in Korea is the Alien Registration Card (ARC): both traditional and online banks require it, and tourist-visa holders are effectively shut out. Complete foreigner registration first, then banking.
A Korean phone number is nearly mandatory too — eKYC and verification codes depend on it. Get a number first, then open the account.
KB Kookmin Bank and Shinhan Bank have no minimum deposit and no maintenance fee, opened in-branch. Their edge is branch and ATM coverage plus mature FX cash and remittance services — good for cash handling or large transfers.
Bring your passport, ARC and Korean phone number; some branches offer Mandarin or English service — say so when booking.
KakaoBank, K Bank and Toss Bank all have no minimum deposit and zero maintenance fee, completing eKYC in-app. K Bank and Toss are comparatively open to foreign residents; KakaoBank's online opening is mainly for Korean status holders.
Online banks shine at everyday payments and transfers: instant transfers, spending analytics, in-app support. For large FX business, traditional banks remain the better route.
Standard documents: passport, ARC, a Korean phone number, and proof of enrolment or employment; students may also need accommodation confirmation.
The most common failures: ARC not yet issued, a phone number not registered in your own name, and romanized names that do not match the ARC. Consistency matters more than volume of documents.
Yes, but you need an Alien Registration Card (ARC) and a Korean phone number. Tourist visas almost never work; students and workers open with an ARC plus passport, in-branch or online.
Both are fee-free with no minimum. Traditional banks (KB, Shinhan) have branches and suit cash and FX; KakaoBank, K Bank and Toss are app-first and suit everyday payments.
Usually passport plus ARC, a Korean phone number and proof of enrolment; some banks ask for accommodation confirmation. Opening is effectively impossible before the ARC is issued — register first after arrival.