For international students opening a bank account in Korea, there are several essential documents you'll need to prepare. Additionally, if this is your first account, it may be classified as a limited account, so make sure to familiarize yourself with the restrictions that apply.

1. Documents Required to Open a Bank Account

  When opening a bank account in Korea as a foreign student, you'll typically need the following documents:

• Passport : A valid passport for identity verification.

• Alien Registration Card (ARC) : Required for those staying in Korea for more than 90 days.

• Proof of Address : A rental contract or utility bill to confirm your current address.

• Visa or Proof of Residence Status : Documents to prove that you are legally residing in Korea.

• Phone Number : A phone number registered in your name in Korea.

• Proof of Income : Some banks may request income-related documents such as a certificate of employment or salary slips.

🎈 If proving income in Korea is difficult, it is possible to open a limited account , which has transaction restrictions.

2. What is a Limited Account?

  When foreign nationals first open a bank account in Korea, it may be categorized as a limited account . This type of account places restrictions on withdrawals, transfers, and remittances. It is typically applied to foreign residents or accounts with low usage after being opened.

  Limited accounts are primarily used for the following reasons:

1. To prevent money laundering and fraudulent transactions.
2. To lift the restrictions, you must submit additional documents or follow the bank’s procedures. This usually includes providing proof of income, fixed residence documents, or other verification materials.

  It is recommended to inquire about the process for removing account limits and prepare the necessary documents after opening the account.

3. Typical Limitations at Major Banks

  While limits vary by bank, the following are common restrictions for limited accounts:

• Withdrawal Limit : Up to KRW 300,000 ~ 1,000,000  per day.
• Overseas Transfer Limit : Up to USD 5,000 per day and up to USD 15,000 per month.

  After account creation, you can provide additional documents or follow specific procedures to lift these restrictions.

  This information will help international students understand the necessary steps and documents required when opening a bank account in Korea, as well as the limitations that may apply.