Can foreigners open online bank accounts in Korea now?

Yes, registered foreigners holding a residence card can now complete identity verification on their mobile phones, much like Korean citizens. The Ministry of Justice launched the residence card verification service on Sept. 18, working with the Financial Services Commission and the Korea Financial Telecommunications and Clearings Institute.

How does the verification work?

Users submit their residence card information to the bank through their phone. The ministry then confirms the card's authenticity with the bank in real time. According to The Korea Herald, Hana and Toss have adopted this scheme to allow more access for foreign users.

Why it matters

Many Korean banks are closing branches as they push toward digitization. According to the Korea Federation of Banks, only 24 branches with English- and other-language-speaking tellers were available to foreign residents as of June, down from 33 in February last year and 38 in May 2021. Without reliable online access, foreign residents may find fewer banking options.

Practical checklist

| Step | What to do | |---|---| | 1 | Confirm you are a registered foreigner with a valid residence card | | 2 | Choose a bank app that supports the residence card verification scheme | | 3 | Submit your card information through the app | | 4 | Check customs rules if you plan to bring cash or valuables into Korea, according to the Korea Customs Service website |

For the latest requirements, check the bank's official website.

For international fans

If you are relocating or moving savings, it helps to know that many foreign workers send money home because interest rates abroad can be higher. Keep your residence card details ready before you begin online sign-up.