Having a bank account is essential for daily life in Korea. Almost every financial transaction — paying utility bills, mobile phone charges, receiving your salary, and sending money to others — goes through a bank account. Refugee applicants can open an account too, so do not worry. However, the required documents and procedures may differ slightly from those for other foreign nationals, so please read the information below carefully. After opening an account, it is also a good idea to apply for refugee applicant livelihood support at the same time.

Quick Overview of the Process

  1. 1. Prepare your documents

    Get your passport, refugee application confirmation letter (or alien registration card), and a Korean phone number ready.

  2. 2. Visit a bank branch in person

    Go directly to the counter of a nearby commercial bank, post office, or Saemaul Geumgo (community credit cooperative) on a weekday between 09:00 and 16:00.

  3. 3. Apply to open an account

    Submit your documents to the counter staff and request to open an account. If you do not have enough supporting documents, you can start with a limited-transaction account.

  4. 4. Receive your bankbook and cash card

    You will receive your bankbook and cash card (ATM card) right there at the counter and set your PIN number on the spot.

  5. 5. Apply for livelihood support

    Bring a copy of the account in your name and apply for livelihood support at your local Korea Immigration Service (출입국·외국인청) office.

Why You Need a Bank Account

  • Receiving livelihood support: Livelihood support payments provided by the Ministry of Justice to refugee applicants can only be received via bank account.
  • Receiving your salary: Most employers transfer wages directly to a bank account.
  • Automatic payment of bills: Electricity, gas, water, and mobile phone charges can all be paid automatically from your account.
  • Using a cash card (ATM card): When you open an account, you will also receive a cash card that lets you withdraw or deposit money at ATMs.

Where Can You Open an Account?

You must visit a branch (counter) in person at one of the financial institutions listed below. Accounts cannot be opened online, so you must go yourself.

  • Commercial banks: KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and others
  • Post offices: Accounts can be opened at post offices nationwide.
  • Saemaul Geumgo: Accounts can also be opened at local Saemaul Geumgo branches.

If you need service in English, visiting a Hana Bank branch dedicated to foreign customers (such as the World Center branch) is recommended. Before you visit, you can call 1345 (Immigration Contact Center) to find the nearest branch offering foreign-language support.

Opening Hours

ServiceHours
Counter (in-person) serviceWeekdays 09:00 — 16:00
ATM use24 hours (some ATMs have restrictions late at night)

Even after counter hours, you can still make deposits, withdrawals, and transfers at ATMs.

Documents to Prepare

Please bring the following documents when you visit the bank.

Basic Documents

  1. Passport (for identity verification)
  2. Alien Registration Card (for confirming residency status, if you have one)
    • If you do not have an Alien Registration Card, you can use your refugee application confirmation letter instead.
  3. A reachable phone number in Korea

Documents Proving the Purpose of Opening an Account (may be requested depending on the bank)

  • Employment contract: If you are opening the account for work purposes
  • Certificate of employment: If you are already employed
  • Certificate of enrollment: If you are a student
  • You can still open an account without these documents, but you will start with a limited-transaction account (see explanation below).

Document requirements may vary by bank and branch, so please check the latest information with the 1345 (Immigration Contact Center) or your local Korea Immigration Service office before you visit.

What Is a Limited-Transaction Account?

If you end up opening a limited-transaction account because you do not have the supporting documents, simply tell the counter staff: “Please open a limited-transaction account for me.” Once you have built up a transaction history or gathered the required documents, you can apply to convert it to a regular account. For more details on financial transactions for foreign nationals in Korea, you can also visit Easy Law (이지로) — Financial Transactions for Foreigners.

What You Receive After Opening an Account

  • Bankbook: A small booklet that records your transaction history.
  • Cash card (ATM card): Issued to you right there at the counter. You will also set your PIN number on the spot.
  • Debit card / check card: Not issued automatically — ask the counter staff separately if you want one.
  • Internet and mobile banking: If you want to set this up, a staff member can help you do so at the counter on the same visit.

Important: Never Lend Your Account to Anyone Else

Giving your bankbook, card, or identification to another person to use is illegal. Always refuse such requests, no matter who asks.

  • Transferring or lending your bankbook to someone else: Up to 3 years in prison or a fine of up to 20 million won
  • If registered as a person who has disrupted financial order: New account openings, insurance applications, and more may be refused for up to 12 years

For a broader overview of Korean laws and penalties that foreign nationals and refugees should know, please refer to Korean Laws and Penalties That Foreigners and Refugees Need to Know.

Refugee Applicant Livelihood Support Program

The Korean government (Ministry of Justice) provides monthly livelihood support to refugee applicants who are experiencing financial hardship while their refugee status determination is in progress. You can also find more information at the UNHCR Korea Livelihood Support page.

Eligibility

Any refugee applicant may apply. However, both of the following conditions must be met in order to be selected for support:

  1. You must apply for livelihood support within 6 months of the date you filed your refugee application.
  2. You must be experiencing financial hardship due to illness, pregnancy, childcare, or other circumstances.

Application Period

You must apply within 6 months of the date you filed your refugee application. Applications submitted after 6 months will not be accepted. If at all possible, apply for livelihood support at the same time as you submit your refugee application.

Support Duration and Amount

Support is provided for a maximum of 6 months from the date your refugee application was filed (note that this is counted from the date of your refugee application, not the date of your livelihood support application).

The support amount may change from year to year, and varies depending on whether you are living at an Immigration and Foreign Nationals Support Center and on the size of your family. Please make sure to confirm the current amount with 1345 (Immigration Contact Center) or your local Korea Immigration Service office before applying.

Where to Apply

Visit your nearest immigration office or Immigration and Foreign Nationals Support Center to apply in person. You can find the locations of offices nationwide on the Korea Immigration Service website.

Required Documents

  1. Application form for livelihood support and other assistance (filled out on-site)
  2. Confirmation document (such as your refugee application confirmation letter)
  3. Passport or Alien Registration Card (if you have neither, your refugee application receipt)
  4. A copy of a Korean bank account in your own name (for minors, a copy of the legal guardian’s account)
  5. Supporting documents related to dependents or illness, if applicable

How Payments Are Made

Each month, recipients are selected from among applicants and the support amount is transferred to the bank account provided at the time of application.

Taxes and Interest

  • Residents (staying in Korea for 6 months or more): Korean tax law and interest rates apply.
  • Non-residents (staying in Korea for less than 6 months): Korean interest rates apply, but the tax rate may differ depending on the tax treaty between Korea and your home country.