Guide · as of 2026-08-09T00:00:00.000Z
A full-function Korean bank account effectively requires an ARC. Passport-only accounts are possible at some banks but open as limit accounts (한도제한계좌) with daily caps — since 2024-05-02: ₩1,000,000 per day for internet/mobile/phone banking transfers, ₩1,000,000 for ATM withdrawal and transfer, and ₩3,000,000 for counter withdrawals (Financial Services Commission, raised from the previous ₩300,000/₩1,000,000 caps). Overseas remittance without supporting documents is capped at US$100,000 per year through a designated foreign exchange bank, a limit unified across banking and fintech channels from January 2026.
What banks require
Since the 2016 anti-fraud rules on account opening, every Korean bank applies a “financial transaction purpose” check. The document sets that produce a normal (unrestricted) account for a foreign resident:
- ARC plus proof of purpose: employment contract or certificate of employment (재직증명서) for workers, certificate of enrollment for students, business registration for the self-employed
- Some banks additionally ask for proof of address or a Korean phone number under the applicant’s name (unverified: per-bank current requirements)
Without purpose documentation, the account opens as a 한도계좌. This is not a foreigner-specific rule — Koreans without documentation get the same account — but new arrivals are its most common holders, since an employment certificate often does not exist until after the first payroll setup, which itself wants a bank account. The circular dependency resolves because a 한도계좌 is sufficient to receive salary; the account is then converted to unrestricted status by presenting the employment certificate or a record of salary deposits (unverified: per-bank conversion criteria).
The major retail banks (KB국민, 신한, 우리, 하나, NH농협, IBK기업) all open accounts for ARC holders. Practice for passport-only opening varies by bank and even by branch; branches near universities and industrial zones process foreign customers routinely, and some banks impose their own waiting periods for newly arrived foreigners (unverified: which banks currently apply entry-date waiting periods). Internet-only banks: KakaoBank and Toss Bank historically required Korean identity verification unavailable to most new arrivals; Toss Bank opened ARC-holder onboarding in 2025 (unverified: current availability and scope).
The 한도계좌 caps, exactly
Per the FSC rule change effective 2024-05-02:
| Channel | Daily cap |
|---|---|
| Internet / mobile / phone banking transfer | ₩1,000,000 |
| ATM withdrawal + transfer | ₩1,000,000 |
| Bank counter withdrawal | ₩3,000,000 |
Rent transfers, deposit payments, and used-goods purchases above ₩1,000,000 are the usual points where the cap becomes visible. Counter transactions up to ₩3,000,000 per day remain available with a passbook and ID.
Overseas remittance
Foreign exchange rules distinguish documented from undocumented transfers:
- Undocumented (무증빙) remittance: up to US$100,000 per year after designating one bank as the 지정거래외국환은행 (designated foreign exchange bank). The limit was US$50,000 until mid-2023, and from January 2026 the US$100,000 annual ceiling applies uniformly across banks and licensed fintech remitters combined.
- Documented remittance (e.g., a foreign worker remitting salary with an employment certificate and income evidence on file): not bound by the US$100,000 undocumented ceiling; the bank keeps the documentation and reports per foreign exchange regulations.
Designation is a one-time registration at the chosen bank; fintech remittance apps (와이어바레, 센트비 등) operate under separate licenses and their transfers count toward the same annual undocumented total under the 2026 unification.