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Essential First Steps for Foreigners: How to Open a Bank Account and Get a Phone in Korea

Hariza Rizkya

· 25. 12. 19

Have you ever felt lost about what to do when you first came to Korea?

If so, don't worry and check out this guide!



Open a mobile phone account

If you're new to Korea, the first thing you'll need to prepare is a prepaid SIM card.
If possible, we recommend purchasing it in advance before departure or activating it immediately at the airport upon arrival.

At this time, it is important to secure a SIM card with a ‘Korean phone number’ rather than just using an eSIM.
This is because most of the initial administrative procedures in Korea require a passport + a Korean mobile phone number.


Typical situations where a Korean phone number is needed

  • Immigration Office Visit Reservation
    Make an appointment at the Immigration Office to obtain an Alien Registration Card (formerly known as ARC)
    (Refer to HiKorea reservation system)
  • banking business
    When opening your first Korean bank account, you need to provide your own mobile phone number.



How to activate a short-term prepaid SIM card

Telecommunication booths in the airport

  • Major telecommunications companies such as KT, SKT, and LG U+ are operating booths at Incheon Airport.
  • Can be opened on site

Airport pickup after pre-order

  • Book online before departure and pick up at the airport
  • Recommended to reduce waiting time

Convenience store purchases

  • Some convenience stores sell low-cost prepaid SIM cards.
  • It is more reliable to visit a telecommunications company branch as it is not handled at all branches.

Preparation

  • passport
  • unlocked phone
    ※ Be sure to check that your country's telecommunications company has not locked your area.




Open a bank account

Once you have a prepaid number, the next step is to open a Korean bank account .

Many universities have partnerships with specific banks that issue cards that combine student ID and check card functionality.
However, at the beginning of the semester, there may be a large number of applicants, so it may take a long time to issue the certificate.

So, while waiting for a student check card, many people open a personal bank account first.


Why is it a good idea to open a bank account quickly?

In my personal experience, a bank account is also essential for switching from prepaid to postpaid.
Additionally, not all banks allow foreigners to open accounts with just a passport and prepaid number, so you may need to visit multiple banks.


Documents required to open a bank account (based on experience)

  • passport
  • Home country identification card
  • Prepaid mobile phone number in your name
  • Proof of residence
    (Dormitory confirmation or lease agreement)
  • Cash for initial deposit
    (Additional amount recommended to activate transportation card function)

Until you receive your Alien Registration Card (Residence Card), your use of mobile or internet banking may be restricted, and you may need to use a teller's office or ATM for the time being.




Prepaid → Postpaid SIM card conversion

In Korea, there are three major telecommunications companies: KT, SKT, and LG U+ , and there are also budget phone (MVNO) rate plans.

While the budget phone uses the network of the major telecommunication companies,
✔ Rates are about 50% cheaper
✔ Short-term or no-contract plans available
It is especially recommended for international students and foreigners because of its advantages.


Requirements for Postpaid SIM Card Activation

  • passport
  • Home country identification card
  • Alien registration card (if already issued)
  • Korean bank account (for automatic transfer)

Opening location

  • Directly operated telecommunications agency: Be sure to check if they offer a budget phone plan.
  • Cell phone stores near universities: Experienced in serving foreigners and fluent in English
  • Bank-linked MVNOs: Kookmin Bank, Woori Bank, etc.



If you are planning a long-term stay, we strongly recommend switching from a prepaid SIM card to a postpaid plan .
Postpaid plans are not only cost-effective, but are also crucial for identity verification.

in korea

  • banking services
  • KakaoTalk
  • NAVER
  • Various online administrative services

All require a verified mobile phone number.



🔔 Please remember

After receiving your alien registration card

  • bank
  • news agency

You must update your personal information with your Alien Registration Card information on both sides.

Once your mobile phone number and bank account are properly linked to your alien registration card, administrative procedures and daily life in Korea will become much more convenient.

foreigner Opening a foreign cell phone account Opening a foreign bank account

Hariza Rizkya

Indonesian national currently residing in Korea. Master's degree gradute at Korea National University of Education, bringing practical experience from my previous translation and interpreter roles in Indonesia. I now work as an Intern at jobploy.kr, dedicated to supporting students and job hunters by providing essential tips and guidance for successfully navigating life and career opportunities in Korea.

https://www.linkedin.com/in/hariza-rizkya-b2aa23150/