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日本語Foreigners can open a bank account in their own name in Korea. A person who has completed alien registration is identified by the name and registration number in the registered foreigner record, and a person whose alien registration card has not been issued yet is identified by the name and number on a passport or ID (Article 3, item 4 of the Enforcement Decree of the Real Name Financial Transactions Act). Banks must still verify a new customer’s identity when opening an account and must refuse if they cannot, so be ready to answer the bank’s verification questions when you visit.
Can you open an account without an alien registration card?
| Situation | Can you open an account? | Condition | Legal basis |
|---|---|---|---|
| You have been issued an alien registration card | Yes | Your real name is checked with the name and registration number in the alien registration record | Enforcement Decree of the Real Name Financial Transactions Act, Article 3, item 4 |
| Your alien registration card has not been issued yet | Yes | Your real name is checked with the name and number on your passport or ID | Enforcement Decree of the Real Name Financial Transactions Act, Article 3, item 4, proviso |
| You have a mobile alien registration card | It has the same effect as the card | It is issued to foreigners who have received an alien registration card and legally has the same effect as the card | Immigration Act Article 33(6) |
| You do not provide identity information | No | A bank must refuse new transactions, including opening an account, when it cannot complete customer verification | Act on Reporting and Using Specified Financial Transaction Information, Article 5-2(4)1 |
| You use an account in someone else’s name for an unlawful purpose | Not allowed | Financial transactions in another person’s real name for unlawful purposes, such as hiding illegal property, money laundering or evading compulsory execution, are prohibited | Real Name Financial Transactions Act Article 3(3) |
A foreigner who intends to stay in Korea for more than 90 days from the date of entry must register with the immigration office for their place of stay within 90 days from entry (Immigration Act Article 31(1)). Registration gives you an alien registration number and an alien registration card (Articles 31(5) and 33(1) of the same Act). If you start work right after entry, your first payday may come before the card arrives, and in that case you can use your passport for the real name check.
What if you have no account before your first payday?
Picture a foreign employee who entered Korea with a status that allows work and has been working at a factory for three weeks. They have applied for alien registration but have not received the card, and the first payday is next week. Even if a coworker offers to receive the salary in their own account and pass it on, that is not the right way to do it.
Article 43(1) of the Labor Standards Act requires wages to be paid in currency directly to the worker in full. To receive your salary by bank transfer in line with this direct payment rule, you need an account in your own name. Under Article 43(2), wages are paid at least once a month on a fixed date, so check your payday when you join and open an account with your passport before that date.
What is the penalty for lending your bankbook or debit card?
The Electronic Financial Transactions Act treats electronic cards such as debit cards, certificates, user numbers registered with a financial company, biometric information and the PINs or passwords needed to use a card or certificate as access media (Article 2, item 10). No one may transfer or receive access media, lend or borrow them while giving, demanding or promising something in return, lend them knowing they will be used for a crime, or arrange or advertise any of these acts (Article 6(3)).
Violations are punishable by imprisonment of up to 5 years or a fine of up to KRW 30,000,000 (Article 49(4)). A request to hand over your bankbook and debit card before you go home, or an offer of money for lending your account for a while, can both fall under this provision, so do not accept them.
Why does a bank refuse an account or ask more questions?
When a customer opens a new account, a bank must check the customer’s identity and beneficial owner, and if there is a risk of money laundering it also checks the purpose of the transaction and the source of the funds (Article 5-2(1) of the Act on Reporting and Using Specified Financial Transaction Information). If customer verification cannot be completed, for example because the customer refuses to provide identity information, the bank must refuse to open the account (Article 5-2(4)1).
Each bank writes and runs its own internal guidelines for these checks (Article 5-2(1)), so the documents a bank asks for in addition to your passport may differ from bank to bank. Checking with the bank before you visit can save you a second trip.
Steps
- If you will stay more than 90 days, apply for alien registration at the immigration office for your place of stay within 90 days from the date of entry.
- Ask your company about your payday (a fixed date at least once a month) and how the salary will be paid.
- If your payday comes before your alien registration card, take your passport to a bank, apply to open an account and answer the bank’s verification questions.
- Give your company the number of the account in your own name, and do not hand your debit card, certificate or PIN to anyone else.
This article was checked against the laws in force on the National Law Information Center as of November 9, 2026.
Frequently asked questions
Can you open an account with a passport after applying for alien registration but before receiving the card?
Yes, your real name can be checked with your passport. The Enforcement Decree of the Real Name Financial Transactions Act provides that a person whose alien registration card has not been issued is identified by the name and number on a passport or ID, and the bank’s customer verification still applies.
Does a mobile alien registration card have the same effect as the physical card?
Yes. Article 33(6) of the Immigration Act allows a mobile alien registration card with the same effect as the alien registration card to be issued to foreigners who have received the card.
Can you be punished for handing over a debit card without receiving anything?
Yes, you can. Transferring access media is prohibited even without payment and is punishable by imprisonment of up to 5 years or a fine of up to KRW 30,000,000. Lending is punishable when something is given or promised in return, or when you know the media will be used for a crime.
Can a company pay the salary in cash?
Yes. The Labor Standards Act requires wages to be paid in currency directly to the worker in full, and cash payment meets this standard.
By when must you complete alien registration?
If you intend to stay for more than 90 days from the date of entry, you must register within 90 days from entry. A person granted a status of stay inside Korea who will stay more than 90 days from that date registers when the status is granted, and a person granted a change of status who will stay more than 90 days from entry registers when the change is granted.
This has been reconstructed to aid understanding and is not related to any specific person or event.
How NewWorldJob checks
NewWorldJob (Hwang Yunsang Job Placement Agency) checks a job seeker’s status of stay and eligibility to work before introducing them to a hiring company, and charges job seekers no placement fee.
Hwang Yunsang Administrative Office prepares and submits immigration applications, such as alien registration, on your behalf under a separate contract. Whether you use this service has no effect on job placement.