What you need to know about banking without an ARC
You can open a bank account in Korea without an ARC (Alien Registration Card), but your options are narrower and the process depends on what kind of visa you hold. Most banks will open an account if you have a valid passport and a D-series visa — the long-term residence categories that include work visas, student visas, and marriage visas. Some banks also accept people on short-term tourist visas, though these accounts come with limits on how much money you can move and how you can use them.
The real barrier is not the ARC itself — it is that banks want proof you have a legal reason to be in Korea. An ARC proves that, but so does a valid long-term visa in your passport. If you are on a tourist visa or have no visa at all, you will find very few banks willing to open an account, and those that do will restrict what you can do with it.
Key Takeaways
- Banks will open accounts for people with D-series long-term visas (work, student, marriage, investment) without requiring an ARC yet.
- Tourist visa holders can open accounts at some banks, but the accounts are usually limited to basic deposits and cannot send money abroad easily.
- You will need your passport, proof of address in Korea, and sometimes a letter from your employer or school — the exact documents vary by bank.
- The process takes one to three business days once you submit documents, and you can usually start using the account when ready while waiting for the physical card.
- If you cannot open an account at a regular bank, some online-only banks and fintech companies have looser requirements, though they also have lower transaction limits.
Opening an account with a D-series visa before your ARC arrives
If you have a work visa, student visa, marriage visa, or other D-series long-term visa, most major banks will open an account without waiting for your ARC. The visa itself is your proof of legal residence. Bring your passport (showing the valid visa), your proof of address in Korea, and any supporting letter your employer or school can provide.
The major banks — Shinhan, KB Kookmin, Woori, Hana, and NH Nonghyup — all do this routinely. Smaller regional banks may be stricter, so if one turns you away, try a larger branch or a different bank. The whole process usually takes one to three business days. You can use the account for transfers and deposits when ready, even if the physical card has not arrived yet.
What banks accept from tourist visa holders
Some banks will open accounts for people on tourist visas, but the accounts come with real restrictions. You typically cannot send money out of Korea, cannot receive international transfers, and may have daily withdrawal limits. The account is designed for basic spending while you are visiting, not for managing money long-term.
If you are on a tourist visa and need a full account, your better option is to wait until you have a long-term visa. If you need to receive money from abroad while on a tourist visa, ask the person sending it to use a service like Wise or Remitly instead — those services can deposit money into a Korean account even if the account holder is on a tourist visa, because the money comes from outside Korea.
Documents you will need to bring
Every bank requires your passport with a valid visa. Beyond that, requirements vary slightly, but most banks want proof you live in Korea. This can be a lease agreement, a utility bill, a letter from your employer or school, or a statement from your accommodation (like a guesthouse or dormitory). If you live with a Korean friend or family member, they can sometimes provide a letter confirming your address, though not all banks accept this.
Some banks ask for a phone number in Korea, which you can get from any convenience store for a few thousand won. A few banks ask for a letter from your employer or school confirming your position and salary or enrollment status — this is more common if you are on a work visa. Call the bank branch before you go, or ask the person who referred you, because requirements can differ between branches of the same bank.
Online and fintech banks with fewer requirements
If you cannot open an account at a traditional bank, some online-only banks and fintech companies have looser visa requirements. Kakao Bank and Toss are the largest, and both will open accounts for people on tourist visas or with minimal documentation. The trade-off is that these accounts have lower daily and monthly transaction limits — usually around 5 to 10 million won per month for transfers, depending on the company.
These accounts are useful for basic spending and receiving money from other people in Korea, but they are not a substitute for a full bank account if you need to send money abroad or handle large sums. They also cannot be used for things like renting an apartment or setting up automatic bill payments, because landlords and utilities companies prefer accounts from traditional banks.
What happens when your ARC arrives
Once you receive your ARC, you do not have to do anything with your existing bank account. The account stays open and works exactly as it did before. Some banks will ask you to update your information on file with your ARC number, but this is optional and does not change how the account functions. If you opened an account on a tourist visa with restrictions, you can contact the bank and ask them to lift the limits now that you have a long-term visa and ARC.
If you want to open a second account at a different bank after you have your ARC, the process is the same as it was before — bring your passport, ARC, and proof of address. Having an ARC makes it slightly faster because banks do not need to verify your visa status, but it does not open any new options you did not already have.
Why some banks turn people away
A bank might refuse to open an account if you cannot show a valid long-term visa or if you have no proof of address in Korea. Some banks are also stricter about which visas they accept — a few will not open accounts for people on tourist visas at all, or will only do so if you have a Korean phone number and a local address. Regional banks sometimes have stricter policies than major chains.
If a bank turns you away, ask why. If it is because of your visa type, try a different bank — the major banks are more flexible. If it is because you have no proof of address, get a letter from your employer, school, or accommodation. If you are on a tourist visa and multiple banks refuse, move to an online bank like Kakao or Toss, which have fewer barriers.
Frequently Asked Questions
Can I open a bank account in Korea with just a passport and no visa?
Most banks will not open an account without proof of legal residence, which usually means a valid visa. A few online banks like Kakao Bank may accept a passport alone, but the account will have very low limits. If you are planning to stay in Korea, getting a visa first makes the process much simpler.
Do I need a Korean phone number to open a bank account?
Not always, but many banks ask for one. You can get a prepaid phone number from any convenience store for a few thousand won — you do not need a contract or a Korean ID. Some banks will accept a foreign phone number if you also provide a local address and employer or school letter.
Can I send money out of Korea from an account I opened on a tourist visa?
Usually not. Tourist visa accounts are restricted to deposits and withdrawals within Korea. Once you have a long-term visa and ARC, you can contact the bank and ask them to remove the restrictions, or you can open a new account at the same bank with your long-term visa.
How long does it take to open a bank account in Korea?
The process usually takes one to three business days from the time you submit your documents. You can use the account for transfers and deposits when ready, even if your physical card has not arrived yet. Some banks will give you a temporary card number on the spot so you can use the account right away.
What if my employer or school will not give me a letter?
Try bringing a copy of your employment contract, enrollment letter, or visa approval letter instead — these show the same information. If you have none of these, a lease agreement and utility bill in your name may be enough. If the bank still refuses, try a different bank or an online bank like Kakao, which has fewer documentation requirements.