Guide · as of 2026-08-16
Korean Bank Account: ARC, Limit Accounts, Remittance
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, set since 2024-05-02 at ₩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).
Before the ARC arrives: passport-only opening (section added 2026-08-16)
The ARC takes weeks to issue, and some arrivals need an account for the first salary or deposit before it comes. What is and is not established:
- Legally possible. A passport is an accepted real-name ID (실명확인증표) for foreigners under the 금융실명법 framework. Whether a given bank actually opens a pre-ARC account is bank policy and AML posture, not law.
- What you get if a branch says yes: a 한도계좌 with the caps in the table below, typically treated as a non-resident account until the ARC is presented, and usually without internet/mobile banking, since online banking enrollment generally requires ARC-based verification and a Korean phone under your name (unverified: per-bank online-banking prerequisites).
- Which banks: Woori and (KEB) Hana branches with foreign-customer desks are the banks most consistently reported to open passport-only limited accounts, sometimes asking for a secondary document such as the employment contract or proof of local address (unverified: no bank publishes an official passport-only policy; acceptance is reported practice and varies by branch). KB국민 and 신한 are generally reported to require the ARC for new personal accounts (unverified: current policy of each bank).
- What to bring on the attempt: passport with the entry stamp/visa, employment contract or certificate of enrollment, and any proof of Korean address; expect refusal at branches that rarely see foreign customers (unverified: document sets are reported practice, not published requirements).
- Once the ARC is issued, the digital route also opens: since 2025-03-21 six banks (신한, 하나, iM뱅크, 부산, 전북, 제주) accept the mobile ARC for account opening and other counter business (FSC press release), and the passport-only account can be converted to a normal resident account by presenting the physical or mobile ARC plus purpose documentation.
If you cannot get a pre-ARC account, salary can usually wait: employers can pay the first month in arrears to an account opened right after ARC issuance, which is the ordinary path described above.
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.