Open a Bank Account - Guide for Living in Korea - SNUgle-i (2024)

FAQs

Can I open a bank account in Korea as a foreigner? ›

You should be at a branch of the bank chosen by you and ask to open an account. You should present your resident foreigner registration certificate and passport. The branch will give you your bankbook and cash card on the spot.

International banks such as Citibank, HSBC, Standard Chartered Bank and Bank of America also operate in the country. Banking hours in South Korea are generally from 9am to 4pm during the week.

Fortunately, opening a bank account in a foreign country is totally possible — and totally legal, as long as you're not doing so for tax evasion purposes. However, it may take a few more steps than opening a domestic account would. Read on to learn the details.

Foreign residents here will be able to use the internet-only Kakao Bank and K bank starting next year, as the nation's financial authorities will allow customers to use their alien registration cards when opening accounts online.

Bank of America NA offers services throughout South Korea.

Below you can find the local branches for JPMORGAN CHASE BANK, N.A., SEOUL BRANCH in South Korea.

Wells Fargo does not have offices outside of the U.S. that provide services to consumer or small business customers. For assistance with your accounts when traveling internationally, refer to our international access codes for phone numbers, or visit our travel resource center.

Can I use my American debit card in Korea? ›

Visa and Mastercard are the most widely accepted networks in South Korea. Again, make sure to inform your bank and credit card company of your travel. Not all ATMs accept cards that are not issued in Korea. May need to use a “Global ATM” (2nd floor of Honestar building behind Hyundai Premium outlet.

Yes, cards issued by U.S. Bank can be used in most foreign countries. If you're planning to travel and want to use your card, let us know. This will help reduce declined transactions on your trip.

Yes, non-resident aliens are able to open US bank accounts. They still need to provide the required documentation to prove their identity, address, and employment as well as a US Taxpayer document.

It highly depends on the tax treaty between the US and your new country of residence. If you expect to return to the US, it is often best to just keep the accounts, but inform yourself how they are taxed, while you are away.

A non-resident bank account can make managing your money overseas easier. A non-resident bank account is an account you can open in a central location based in a country or territory you don't currently live in. These accounts are also referred to as Offshore Bank Accounts or Offshore Accounts.

Yes, non-U.S. citizens can open a bank account in the U.S. When you open a bank account at Bank of America, you'll need to provide two forms of identification, a tax identification number and documents that show proof of both a foreign and U.S. address.

Non-U.S. citizens can open bank accounts in the U.S., but they may need to go through extra steps, especially if they're nonresidents. Some banks and credit unions accept alternative forms of identification, such as an Individual Taxpayer Identification Number (ITIN), for non-U.S. citizens to open accounts.

Use your Visa or Mastercard debit card to send to a bank account, or for cash pickup in South Korea to thousands of places where you see the MoneyGram sign. With low fees and great exchange rates that are affordable, MoneyGram is fast, reliable, and convenient, so start sending today.