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.

- Eligibility: Individuals aged 14 and above with verified real-name registration (one account per person) - Annual interest rate: 1% (as of April 3, 2026, before tax) - Interest rates are subject to change based on market conditions and the company's circumstances. If changed, the updated rate will apply from the date of the change. - Interest is calculated at the end of each month and paid on the 1st of the following month. From the date interest is paid until the next interest payment date or the day before the customer's requested payment date, interest is calculated daily based on the final balance at the agreed rate and paid on the 1st of each month or on the customer's requested payment date. - If a withdrawal restriction such as a seizure order has been registered, you cannot terminate your account, and payment of principal and interest will be restricted. - This deposit is protected up to KRW 100 million per person (combined with other protected products at this bank) in principal and accrued interest, in accordance with the Depositor Protection Act. - Upon enrollment, you are entitled to receive an explanation of important product details in accordance with the Financial Consumer Protection Act. - Please make sure to read the terms and conditions and product description sheet before signing up. - For more information, visit the Toss app or the Toss Bank website. - This advertisement is based on information as of April 10, 2026. For the latest information, check the Toss Bank website and app. - This advertisement will remain posted after its validity period for record-keeping purposes. - Ad Review No.: Compliance Officer Review No. 2026-1291 (2026.04.09. ~ 2027.04.08.) / Start date: 2026-04-09 / End date: 2027-04-08

Written by 유서진 Graphics by 조수희