How to Open a Bank Account in Korea as a Foreigner

Whatever brings you to live in Korea, a bank account will find its way onto your to-do list pretty quickly. Salaries, rent, tuition, online shopping, all run through bank accounts and it's hard to get far without one.

However, opening an account as a foreign resident is harder than it should be. Visiting a branch in person sounds pretty straightforward until you show up and realize you're missing a document. Using an app isn't much easier. Most Korean banking apps verify identity through your phone number, and that verification pulls from your phone carrier's records. Did you register your name, including your middle name, exactly as it appears on your Alien Registration Card (외국인등록증) when you got your SIM? If not, you’re two different people as far as the system is concerned, and verification will fail.

With Toss Bank^*, you can make it work. It’s the only internet bank in Korea where foreigners can open an account with their Alien Registration Card online, without visiting a branch in person.

*Toss Bank is an internet-only bank operated by Toss, a financial super-app. Download the Toss app to access all banking services without installing different apps.

What do I need to open a Toss Bank account?

You'll need one of the following: an Alien Registration Card (외국인등록증), a Permanent Residency Card (영주증), or a Domestic Residence Card (국내거소신고증). You'll also need a smartphone. A Korean phone number makes the process more straightforward, but if you don't have one yet, an e-passport with NFC will work instead.

STEP 1. Sign up for Toss

✅ How to sign up: Download the Toss app → Enter your name, contact information, and Alien Registration Card details → Complete identity verification

When photographing your ID, take it out of your wallet or case and lay it flat on a surface. The scan may fail if your surroundings are too bright or if there's strong glare.

STEP 2. Open a Toss Bank account

✅ How to open: Once sign-up is complete → Tap “Open Account” on the home screen

I opened an account but my transfer limit so low

In Korea, new accounts are opened as an account with reduced limits (한도제한계좌), with a daily transfer limit of ₩300,000 for foreigners. For larger payments like tuition or rent, you'll need to raise that limit.

At most banks, lifting the restriction requires an in-person visit to the bank. And even with the right documents, approval is at the branch's discretion. With Toss Bank, you can submit the required documents by photo directly in the app.

Review takes up to 2–3 business days, so apply as soon as you open your account. Don’t wait until you actually need to make a transfer. Once approved, you can transfer up to ₩50,000,000 per day, with a per-transaction limit of ₩10,000,000.

✅ How to raise the limit: From your Toss Bank account → Tap “Raise Transfer Limit” (송금한도 제한 풀기) → Follow the on-screen instructions to submit your information

With a bank account in place, you're set to begin life in Korea. You can now manage your Toss Bank account to handle transfers, payments, and savings, all from one app.

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