Open a Korean Bank Account for Non-Resident: Expert Consultation
*Check card linked to a Korean bank account and credit card
For non-residents in South Korea, meeting certain requirements is essential for opening a bank account. The most crucial requirement is the presence of an Alien Registration Card (ARC). Typically, it takes minimum about a month for a non-resident to obtain an ARC, implying that account opening is not possible during their first month in Korea.
Some banks may allow account opening without an ARC, but this often comes with restrictions, such as having to visit the bank in person for withdrawals. Additional required documents include:
Passport
Korean Visa
Local contact information in Korea
Depending on the situation, a Certificate of Employment or university enrollment documents may also be required. The necessary documents can vary based on the foreigner's purpose in Korea (work or study). For opening a salary account, a Certificate of Employment is usually essential.
While account opening rejections are not common in Korea, they do occur occasionally. Some banks, considering past abuses of accounts, may not open accounts for foreigners without an ARC or equivalent identification. In such cases, an account with certain restrictions might be opened initially, and full service access is granted after some transaction history is established.
You may feel a frustration for the above sentence, but no worry, Jz can help you out.
You can open a bank account in Korea individually or by your company bank account remotely.
But for an individual bank account, there could be some restrictions, for example "internet banking", but for a corp. bank account, you can move your fund remotely whenever and wherever you are if you can connect Internet. Even if it's a branch office(without paid-in-capital).
For more details, please feel free to reach out at jz@taxjz.com or If you would like a consultation with an English-speaking Consultant/Accountant in Korea, please schedule a call at: Schedule a Call with Jz
Please see the below;
Non-Resident Foreign Currency Deposit
Eligibility:
Non-residents, foreign residents in Korea, employees of Korean government's overseas missions, and their cohabiting families.
Features of the Deposit:
At the Time of Deposit:
Foreign currency can be purchased with Korean Won and deposited. This is applicable only for funds in a non-resident free Won account or funds approved for international payments.
At the Time of Disposal:
Can be disposed of in either Korean Won or foreign currency.
The principal and interest are freely payable abroad.
If you wish to deposit foreign currency you hold into a foreign currency deposit, you must submit documents proving that the funds are approved for international payments (such as foreign exchange declaration certificates, contracts, etc.).
Transactions exceeding USD 20,000 in the same branch by the same person will be reported to the National Tax Service.
Non-Resident Won Deposits:
Types:
Non-Resident Won Account: Current, ordinary, savings, fixed, and corporate free deposits.
Non-Resident Free Won Account: Current, ordinary, and fixed deposits.
Characteristics:
For temporary deposits during stay in Korea.
For interest earnings and settlement of current transactions (for international transactions).
Deposit and Disposal:
Deposits can be made with Won acquired in Korea or foreign currency transferred from abroad or brought in physically.
Deposits can be withdrawn or transferred abroad in foreign currency. Foreigners can also transfer to a non-resident Won account for investment in Korean bonds and stocks.
There are no restrictions on the source of deposits, but there are restrictions on international transfers excluding interest.
