What should I bring to open a bank account?

You can open one in person at a bank. The steps are consultation, filling out the form, setting a password, and receiving your bankbook and card.

Bring three documents.

• ARC (외국인등록증)
• Passport
• A document showing why you need the account

The third is called proof of the purpose of financial transactions (금융거래 목적 증명 서류). For a salary account, this means a certificate of employment (재직증명서), a pay statement (급여명세표), or an employment contract (고용계약서). It may differ by bank, so ask before you go.

If your documents are incomplete, the account may open as a limited account (한도제한계좌). You can use up to 1 million won a day through internet banking, 1 million won at ATMs, and 3 million won at the counter. Internet-only banks (인터넷전문은행) have different limits.

Never hand your bankbook or card to someone else. Lending them for money is also forbidden. You could face up to 5 years in prison or a fine of up to 30 million won.

Be sure to check your own situation with 1345 or an immigration office.

Stuck on opening an account? Leave your question below.