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Open bank account for foreigner (non-resident)
One of the first things you’ll need to start your daily life in Korea is a bank account.
But opening a bank account in any country is increasingly difficult. And for foreigners without local credit or connections, the language barrier and unfamiliarity of the process often make it difficult to navigate alone.
When opening a bank account, the requirements and documents vary depending on whether you have an Alien Registration Card and your residency status.
Alien registration card holders (long-term resident aliens, international students, etc.)
- If you have a long-term resident visa and hold an Alien Registration Card, you can open a passbook.
- Prove the purpose of opening the account (payroll – business license, tuition – enrollment certificate, etc.)
- Proof of domestic address (lease, utility bill, employment contract, etc.)
Non-residents
- Foreigners entering the country for short-term visits and tourism are mostly restricted from opening passbooks
- You can open a passbook for the purpose of acquiring domestic real estate.
- If you are establishing a foreign-invested corporation, domestic branch, liaison office, etc.
Expatriates
- If you have a residence permit, you can open an account on the same terms as foreigners.
- If you don’t have a residency, non-resident account rules apply.
Limiting initial remittance withdrawal limits
- Limit the amount of money you can send when you first open an account, whether you’re an individual or a legal entity
- You can increase your limit after you’ve built up a track record of account transactions, transfers, invoices, and more.
1:1 account opening service support
For expatriates, Imi Korea provides the following 1:1 account opening assistance services
- Recommend and pre-book banks available to foreigners
- Advance notice of required documents (alien registration card, passport, employment contract, proof of employment, etc.)
- Accompanying and translating bank visits
- Help setting up internet banking and mobile apps after account opening
- Real-world guidance on how to send rent, deposit paychecks, set up direct deposit, and more.
Fastest bank account opening service in Imo Korea
👩💼 We can open accounts for non-resident foreigners to set up investment entities, purchase domestic real estate, and transfer money in a short period of time with minimal documentation through the foreign exchange banks we work with.
To make sure you don’t feel lost, we’re here to help you get started in Korea.