Open a Bank Account in Korea: Personal and Corporate

You need to open a bank account in Korea for basic operations or when setting up a business. Discover below the types of accounts available and services we can offer to clients who need set them up.

Quick Facts
Types of bank accounts	Personal and corporate bank accounts can be set up in Korea.
Document requirements for natural persons	ID/passport, – application form, – valid visa, – Alien Registration Card (residence permit) in the case of foreign citizens
Documents requirements for companies	– Registration Certificate, – Articles of Association, – passports/IDs of the shareholders and directors, – company seal, – other documents depending on the bank
Address requirements for foreign citizens (YES/NO)	Yes, foreign citizens must have a valid Korean address.
Requirements to travel to South Korea (YES/NO)	Yes
Remote bank opening possibility (YES/NO)	No, Korean banks do not allow remote bank account openings.
Timeframe for opening the bank account (approx.)	– a few days in the case of natural persons, – up to 3 months for corporate accounts
Legal representative requirement (YES/NO)	No, however, it is possible for companies to appoint such a representative. Our Korean company formation agents can help in this case.
Services attached to the accounts	– credit/debit cards, – access to financing, – overdrafts, – money transfers, etc.
Types of banks to open accounts with	Local and branches of foreign banks
Merchant bank account availability (YES/NO)	Yes, for e-commerce businesses
Foreign currency availability (YES/NO)	Yes, USD, EUR, and CHF are some of them.
Access to online banking services (YES/NO)	Yes, with most banks
Advantages of a Korean bank account	– access to both local and large international financial institutions, – modern financial infrastructure, – 24/7 access to the account, – quick opening process
Bank account opening service availability (YES/NO)	Yes, you can rely on our specialists for support in setting up a bank account in Korea.

Can I open a bank account in South Korea as a foreigner?

Yes, you can.

What types of bank accounts can I open in Korea?

Personal and corporate bank accounts are by far the most common in South Korea; however, it is also possible to open:

non-resident bank accounts for foreign people who immigrate to Korea;
savings accounts when it comes to natural persons interested in protecting their money;
merchant accounts for e-commerce businesses.

What are the steps to open a bank account in South Korea?

There are several steps to open a Korean bank account, as follows:

choosing a bank is quite important before starting the setup process, as there are various aspects that may influence the client’s decision;
gathering the necessary documents is the next stage, as depending on the type of bank account, there are different papers to obtain or provide;
filing the documents and collecting the card(s) associated with the bank account.

Here is also an infographic on this subject:

What are the documents required to open a bank account for personal use in Korea?

The documents needed to open such a bank account in Korea in 2026 are:

a valid passport;
a valid visa;
the Alien Registration Card, which is a residency card in the country;
a copy of your address written in English and Korean.

What are the documents required to open a corporate bank account in Korea?

company documents – certificate of registration;
business registration certificate – issued by the tax office (National Tax Service);
proof of registered address – lease agreement, utility bill;
details of the company representative – valid passport/ driver’s license, ID (depending on the nationality);
authorization for the representative to act on behalf of the company;
beneficial ownership affidavit (if applicable).

Is it necessary to deposit a minimum amount when opening a bank account in Korea?

For natural persons, it depends on the bank: you can find both banks that require a deposit and institutions that do not;
For companies: an investment capital of USD 10,000 is recommended by our local specialists.

Can I open a bank account in South Korea as a non-resident?

Yes, non-residents can open a so-called restricted bank account.

Can I also open a bank account with a foreign bank in South Korea?

Yes, there are many foreign banks that operate through branches in South Korea, enabling you to choose.

How long does it take to open a bank account in South Korea in 2026?

Personal accounts can be set up in 1-2 days, if you have all the documents ready. For corporate ones, the procedure can take up to one month; however, it is quite fast compared to other jurisdictions.

Here is also a video on this subject:

How can I choose a Korean bank as a foreigner?

Here are the main aspects to consider when choosing to open a bank account in Korea as a foreigner from a service point of view:

certain banks may charge a small fee when withdrawing money from an ATM;
you can only have one ATM card at most banks;
every bank has a distinct policy regarding the fees associated with taking money out of an ATM;
there may also be a service fee associated with currency exchange.

If you would like to know more about opening a Korean bank account or for assistance in starting a business in South Korea, please contact our friendly staff.