Banking in Korea as a foreigner: accounts, Toss, KakaoBank and sending money abroad
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Korea is close to cashless: rent, wages, bills and even splitting a dinner bill all run through bank transfers. Getting a Korean account working, with a mobile app, is one of the most important things to do when you move here. Rules vary by bank and change often, so treat this as a map and confirm details at the branch.
Opening an account
Most people open their first account at a branch of a major bank (KB Kookmin, Shinhan, Woori, Hana, NH NongHyup, IBK and others). Branches near universities and in areas with many foreign residents tend to be more used to foreign customers.
- Usually needed: your residence card, passport, a Korean phone number in your name, and proof of why you need the account, such as an employment contract, certificate of employment or certificate of enrolment.
- Before your residence card arrives: some banks open an account with a passport and proof of work or study, but with fewer features.
- Ask for a check card (debit card) and for mobile and internet banking registration at the same visit; it saves a second trip.
New accounts start with limits
To fight phone scams, many new accounts in Korea, for Koreans and foreigners alike, are opened as limited-transaction accounts. App and ATM transfers are capped at a low daily amount until you prove the account is needed for salary, study or regular bills. Limits differ by bank and channel. To lift them, bring documents such as a certificate of employment, proof of enrolment or utility bills in your name. At most banks this means another branch visit, and approval is at the bank's discretion.
Mobile banking apps
Every bank has its own app, and there are app-only banks and payment services that many residents prefer:
- App-only banks such as KakaoBank and Toss Bank let you do almost everything from the phone, with simple interfaces. Some accept foreign residents directly in the app; others need a branch account first or have restrictions for certain visa types.
- Toss (the app, separate from Toss Bank) gathers your accounts, cards and bills in one place and makes transfers very quick.
- KakaoPay and Naver Pay link to your bank account for online shopping and payments in shops.
App language support for foreigners has improved but is uneven. Identity checks usually need a phone number registered in your own name.
Transfers by account number
In Korea you pay people by bank name and account number. Transfers between Korean banks are typically instant, cheap or free, and this is how you pay rent, deposits, tutors and friends. When splitting a bill, the person who paid will usually send their account number on KakaoTalk.
- Always double-check the name that appears before confirming a transfer.
- Never transfer money to someone who calls claiming to be the police, a prosecutor or your bank. These voice phishing scams are common and often target foreigners in their own language.
Sending money abroad
- Your bank: the main banks all offer overseas remittance, at the branch or in the app. Fees and exchange rates vary, and you may be asked to register the bank as your designated foreign exchange bank.
- Remittance apps and fintech services: several licensed Korean and international services offer lower fees and better rates than the banks, especially for regular small transfers. Compare the total cost, including the exchange rate margin, not just the fee.
- Annual limits: Korea caps how much can be sent abroad each year without supporting documents, and the rules for foreign residents differ from those for Korean nationals. Sending salary home is normally fine with proof of income; ask your bank for the current limit for your status before a large transfer.
When you leave Korea
Close accounts or keep them active deliberately: unused accounts can be frozen, and some services become hard to access once your residence card expires. Arrange your final salary and deposit refunds before you go.
Which bank or app has worked best for you as a foreign resident? Share your experience, or ask a question, in the comments.