Mobile Phone & Bank Account In Korea

Which Comes First in Korea: The SIM or the Savings Account?

For foreigners in Korea, one of the first practical hurdles is the close connection between mobile phone numbers and bank accounts. To open a bank account, you need a verified Korean phone number. At the same time, to register for a proper phone number with a mobile carrier, you usually need a Korean bank account for monthly payments. This creates a classic chicken-and-egg situation that can be confusing for newcomers.

Fortunately, there is a clear path forward. The process normally involves an intermediate step: starting with a prepaid SIM or eSIM. This gives you a working Korean number without requiring a local bank account. With this number, you can then open a bank account at one of the major banks that provide services for foreigners. Once your account is active, you can upgrade to a full postpaid mobile contract, which registers the phone number officially under your name and allows you to use it for banking, online verification, and other essential services.

Understanding this sequence is key to settling in smoothly. In the next sections, we will explain in detail how to open a bank account as a foreign resident and how to obtain a proper Korean phone number.

How to Open a Bank Account in Korea

Requirements and Typical Documents For foreigners living in Korea, opening a bank account is an essential step for receiving salaries, paying rent, transferring money, and managing daily expenses. While the process is straightforward, it does require specific documents, and understanding the details beforehand can save you time and prevent unnecessary trips to the bank.

Identity and Residency Documents

The most fundamental document you will need is a valid passport, which serves as your primary form of identification. If you plan to stay longer term, you will also require an Alien Registration Card (ARC). As of March 21, 2025, Korea has introduced a mobile ARC, allowing many banks to accept digital verification in place of the physical card. Major banks, including Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju Bank, recognize the mobile ARC for account opening and everyday banking. The Financial Services Commission and the Ministry of the Interior and Safety oversee these regulations to ensure that all procedures comply with legal requirements.

A Korean mobile phone number is crucial for verification and notifications. Most banks require SMS verification for online and mobile banking, and certain services—such as receiving one-time passwords for transactions—cannot be completed without it. Therefore, it is advisable to secure a mobile number before visiting the bank.

Additionally, banks require proof of your residential address in Korea. This can include a rental agreement, dormitory confirmation, or other official documentation that shows where you are living. This proof ensures that your account is correctly linked to a Korean address, which is necessary for regulatory purposes and may be needed to receive your debit card by mail.

Requirements & Typical Documents

To open a bank account in Korea, the following documents are generally required:

Passport (valid)

• Your passport is the primary identification document. Make sure it is valid for the duration of your stay.
• Reference: Official Bank Websites, Ministry of the Interior and Safety.

Alien Registration Card (ARC) or Digital ARC (mobile)

• Since March 21, 2025, some banks accept the mobile ARC instead of the physical card.
• Accepted banks: Shinhan, Hana, iM, Busan, Jeonbuk, Jeju.

Korean Mobile Number

• Needed for verification, SMS notifications, and online/mobile banking.

Proof of Address in Korea

• Rental contract, dormitory confirmation, or official accommodation certificate.

Optional (depending on bank)

• Employment certificate, student enrollment proof, or other documentation to unlock higher transaction limits or additional services.

Note: Some banks allow limited accounts to be opened without an ARC, using only a passport. The account can later be upgraded once the ARC is provided. Woori Bank, for example, explicitly supports this option.

Step-by-Step Guide (Branch Visit)

1. Choose a bank and branch – ideally close to your residence or workplace. Major banks offer foreign language support.
2. Bring all required documents (passport, ARC, address proof, optional employment/student proof). If only a passport is available, check for potential limitations in advance.
3. Take a number and speak with a consultant.
4. Fill out the application form and specify the purpose of the account (salary, rent, daily transactions).
5. Receive your check/debit card – typically available immediately. Set up online or mobile banking using the bank’s app, SMS TAN, or digital certificate (인증서).
6. After ARC issuance: return to the branch with your passport and ARC to fully activate the account.

Digital Option: Mobile ARC (Since 2025)

If your mobile ARC is active in the government app, you can open an account and conduct transactions at participating banks without presenting the physical card.

Recommended Banks & Foreigner Support Centers

1. Hana Bank – Global & Foreign Customer Centers: 1599-6111; Itaewon branch is especially expat-friendly.  https://www.kebhana.com/easyone_index_en.html?utm
2. KB Kookmin Bank – Global Customer Center: 1599-4477 (Mon–Fri 09:00–18:00) – multilingual support (EN/ZH/JP/VN/RU/KH). https://omoney.kbstar.com/quics?page=C034894&ut
3. Woori Bank – Foreigner Call Center: 1599-2288 – multilingual support, guidance for foreign customers, branch locator. https://spib.wooribank.com/pib/Dream?withyou=ENENG0688&utm
4. Shinhan Bank: English website, branch locator, and SOL Global app for mobile banking. https://www.shinhan.com/en/index.jsp?utm
5. University and Expat Centers: e.g., Seoul National University (SNU) provides a clear list of required documents; Seoul Metropolitan Government offers a banking guide for foreigners. https://oia.snu.ac.kr/open-bank-account?utm

Practical Tips

• Obtain a Korean mobile number first, as many banks require SMS verification.
• Bring proof of employment or salary to increase transfer or international payment limits.
• Starting without an ARC: choose a branch with a foreign desk (e.g., Woori or Hana) and expect limited functions until the ARC is provided.
• Pre-registration: Hana Bank offers pre-registration of personal data before arrival, accelerating account opening.

Work Visa (E-series, e.g., E-7 for foreign professionals)

1. With your ARC and employment contract, you can open a standard account, which will be used for salary deposits.
2. Banks often request a copy of your contract to justify higher remittance or withdrawal limits.

Working Holiday Visa (H-1)

• You can open a regular account once you have your ARC.
• Some banks may limit remittances or credit card applications until you have more permanent status.

F-Visas (F-2 long-term resident, F-4 overseas Korean, F-5 permanent resident, F-6 marriage visa)

1. Holders of these visas generally have the easiest access.
2. You are treated similarly to Korean citizens in terms of banking access, and restrictions are minimal.

Transfer Limits for Foreigners in Korea

When living in Korea as a foreigner, it’s important to understand the rules that apply to transferring money — both within the country and abroad. Banks in Korea apply transfer limits to foreign customers, and these limits vary depending on whether you have an Alien Registration Card (ARC), what type of visa you hold, and whether you can prove a source of income.

Domestic Transfers

For transfers within Korea, there are generally no strict legal restrictions. However, banks apply default daily caps for security reasons. If you are new to Korea and have just opened your account, you can usually expect a daily transfer or withdrawal limit of between one and three million won (roughly 700–2,200 US dollars). This applies across all channels, including ATM withdrawals, online transfers, and mobile banking.

If you need higher limits, the process is straightforward but requires documentation. Bringing your employment contract, a certificate of employment, or proof of enrollment as a student will usually convince the bank to raise your daily cap. The request must be made in person at the branch.

International Transfers

International remittances are more tightly regulated. If you do not yet have an ARC and only opened a “passport account,” you will generally not be able to send money abroad at all. These accounts are intended only for local deposits and withdrawals and must later be upgraded with your ARC.

Once you hold an ARC, international transfers become possible, but there are still limits. By default, foreigners without documented income can transfer up to 5,000 US dollars per transaction and 50,000 US dollars per year. To increase this ceiling, you must prove the source of your funds. For employees, this typically means providing an employment contract and a certificate of income or tax statement. Students may present enrollment certificates and, if relevant, documents showing tuition fees or living expenses.

Spouses and dependents face slightly stricter rules. For example, a partner on a dependent visa with an ARC but no employment in Korea may not be able to send large sums abroad independently, since banks require evidence of income in the account holder’s own name. In practice, the employed partner is usually the one who makes overseas remittances.

Raising the Limits

If you find yourself needing to transfer more than the default limit — for example, to support family abroad, pay for education, or purchase property — you can request an adjustment at your bank. You will need to present your ARC, employment contract, and tax records, and in some cases also documents proving the purpose of the transfer. With this evidence, banks can authorize transfers that match your income level or your declared financial obligations.

Digital Certificates and Secure Banking in Korea

When opening a bank account in Korea, foreigners will quickly encounter the concept of a digital certificate, also known as a login certificate (공동인증서, formerly 공인인증서). This is a core part of how banking, government services, and even tax or immigration platforms verify your identity online. Essentially, it serves as your digital ID for secure access to sensitive systems.

A login certificate is a small digital file stored on your PC, smartphone, or USB drive that confirms your identity when performing online banking or government-related tasks. Until 2020, Korea relied almost exclusively on the official Authorized Certificate system, but reforms have allowed multiple types of authentication, including app-based login systems (like Kakao, PASS, KB Mobile, or Toss). Despite these newer methods, the digital certificate remains the most universally recognized credential, particularly for foreigners who may not yet have access to all mobile-based authentication tools.

Why It Matters for Banking

Even after opening a bank account with your passport, ARC, or mobile ARC, the login certificate is often required to:

• Set up online or mobile banking accounts.
• Make high-value domestic or international transfers.
• Access other linked services, such as bill payments, investment accounts, or foreign remittances.

For everyday banking with lower limits, many banks now allow simpler authentication methods, such as SMS verification, biometric login (fingerprint or facial recognition), or OTP (one-time password) apps. However, for larger transactions or when using government-linked platforms (HiKorea, Hometax, Gov.kr), having a digital certificate is still standard practice.

How to Obtain a Login Certificate

Obtaining a digital certificate is straightforward, but you need to meet a few requirements:

• ARC or Digital ARC: Your official identification in Korea.
• Korean mobile phone number: Used for verification and linking the certificate.
• Bank account: Most certificates are issued through your bank, either in-branch or via online banking.

Once issued, you can store the certificate on your computer, smartphone, or a USB drive, allowing you to log in securely wherever needed.

Considerations for Expats and Their Partners

• Expat spouses or dependents (F-3 visa) can obtain a login certificate once they have their ARC and a bank account. However, they may face some limitations on international transfers if they are not employed in Korea.
• Simpler mobile authentication is increasingly common, but for foreigners performing large transfers or government filings, the login certificate remains a reliable and widely accepted method.

In summary, the login certificate is a key piece of the banking process in Korea. It complements your ARC, Korean mobile number, and bank account, providing secure access to online banking, transfers, and government services. While new app-based authentication methods make everyday transactions easier, the digital certificate continues to be essential for larger transactions and official purposes.

Obtaining a Korean Mobile Number for Long-Term Residents

Living in Korea for the long haul opens up a world of possibilities, and having a fully functional Korean phone number is a key part of that journey. As of 2025, residents have the wonderful option to register either a physical Alien Registration Card (ARC) or a digital ARC, both of which are widely accepted by numerous banks and service providers. This makes it easier than ever to sign up for a mobile contract with one of the major providers, SKT, KT, or LG U+—or to consider budget-friendly alternatives through mobile virtual network operators (MVNOs).

Setting up a mobile plan is straightforward. Typically, you’ll need your passport, your ARC (be it physical or digital), proof of address—like a rental contract—and a Korean bank account or credit card for your monthly payments. Once you’re at the store, the friendly staff will be there to assist you in finding a plan that perfectly suits your needs. They’ll help you get your SIM card or eSIM activated and ensure your number is registered under your name.

Having a Korean number offers incredible advantages! It allows for complete verification, meaning you can link it to the PASS app for secure online identification, banking, and access to a wealth of other essential services. This seamless integration is invaluable in navigating everyday life.

Understanding Mobile Plans in Korea

When it comes to mobile pricing in Korea, it largely depends on the provider and the type of plan you select. For those visiting for a short time, tourist SIM cards or eSIMs are fantastic, typically costing around ₩12,000 for just a few days, up to about ₩70,000 for a month of unlimited data. For residents, standard postpaid contracts with major providers generally start at around ₩37,000–₩40,000 a month, depending on the data package and additional services, with premium plans reaching approximately ₩90,000.

If you’re looking to save while maintaining solid coverage, MVNO providers are an excellent option. They utilize the same networks as the major providers but can start their monthly plans as low as ₩20,000–₩35,000. This makes them particularly popular among students and expats who appreciate the blend of affordability and reliable service quality. Many providers also offer English-speaking support, making the process more accessible for newcomers. Prepaid plans can be a good fit for those who are still awaiting their ARC, and some digital services even let you manage your plan entirely online. The right plan will depend on your lifestyle: if you’re a heavy data user who enjoys streaming, gaming, or working remotely, unlimited plans may be ideal. Alternatively, lighter users can find smaller, cost-effective packages that suit their needs.

Why a Korean Number Matters

A Korean phone number is so much more than just a means to make calls; it’s an essential part of daily life. It facilitates online banking, digital ID verification, and access to a wide array of services, from delivery apps to government websites. Without a Korean number, navigating daily life in Korea can become a bit of a challenge, especially when it comes to official processes and financial dealings. In conclusion, whether you’re a long-term resident or a student here for a season, securing a Korean phone number is a crucial step toward immersing yourself fully in the country’s digital landscape. With the right plan and proper registration, your phone becomes not just a tool, but a reliable ally for convenience and security in your new life. 

Step-by-Step Guide

1. Obtain an Alien Registration Card (ARC)

• Required for all long-term residents.

Options:

• Physical ARC card (issued at Immigration Office after arrival).
• Mobile ARC (digital version available since 2025, supported by major carriers).

Documents needed for ARC: Passport, entry stamp, proof of address, and sometimes employment or school documentation. The immigration office is always allowed to request additional documents.

2. Prepare Required Documentation for Mobile Contract

• Passport
• ARC (physical or mobile)
• Proof of residence (rental agreement, utility bill, or residence certificate)
• Korean bank account or credit card (for automatic billing; some carriers accept a security deposit if no credit card is available)

3. Select a Carrier

• Major carriers: SKT, KT, LG U+ – reliable networks, full functionality, supports PASS and banking verification.
• MVNO (Mobile Virtual Network Operators): cost-efficient alternative with same network quality but some service restrictions (e.g., limited roaming, specific app compatibility).

4. Visit a Foreigner-Friendly Branch or Authorized Reseller

• Recommended to go to a branch with Foreign Desk / International Customer Service.
• Staff assist with plan selection, contract setup, and verification procedures.
• Plans vary from ₩37,000–₩90,000/month depending on data volume, 5G options, and additional features.

5. Contract Registration and SIM Activation

• Provide the prepared documentation.
• Sign the mobile contract under your name.
• Receive SIM card or eSIM.
• Number is officially registered and fully verifiable.

6. Mobile Authentication Setup (PASS)

• Install the PASS app (carrier or government app).
• Register your number using ARC information.
• Enables online identity verification, banking transactions, and other official digital services.

7. Optional Services and Tips

• Ensure your plan supports international roaming if travel is expected.
• For banking and official transactions, use the registered number only, as unregistered numbers may not be accepted.
• MVNO users can later upgrade to major carriers without changing the number, maintaining continuity for business and administrative purposes.

Changing the Phone Number Linked to Your Bank Account

When you first open a bank account in Korea, the phone number you provide is stored as your official registered contact. This number is important because it is used for SMS alerts, app logins, and identity verification through the PASS app. If you start with a prepaid SIM or eSIM, you’ll later need to update the number once you switch to a proper postpaid plan. 

The good news: the process is straightforward.

1.Visit your bank branch

Go to the branch where you opened your account (or any branch of the same bank). Bring your Alien Registration Card (ARC), your bankbook or debit card, and your new phone number details.

2. Request a change of registered number

3. Verification

The bank staff will usually send a test verification code to your new number. Once confirmed, your account will be linked to your postpaid SIM, and your prepaid number is no longer needed.

4. Update your banking app

After the change, make sure your mobile banking app is set up with the new number. In most cases, you’ll need to re-verify once with an SMS code or through the PASS app.

All information is given to the best of our knowledge; however, we are not responsible for the information provided and requirements might change from time to time!