How to Open a Business Bank Account in Korea (2025 Guide)

If you’re a freelancer, founder, or visa-hopping remote worker in Korea, opening a bank account can feel like trying to beat a boss level — in Korean. It’s doable, but you’ll need the right documents, phrases, and expectations.

Here’s how to get it done — without wasting hours in a branch or getting ghosted by a teller.

Why Opening a Korean Bank Account Is Hard for Expats

• Banks interpret ARC (Alien Registration Card) rules differently.
• Your visa type matters. D-8 (business), D-10 (job seeker), and F-series visas all impact eligibility.
• Freelancers and self-employed expats often get vague refusals — not because it’s illegal, but because it’s “policy.”

💬 Tip: Avoid saying "freelancer" unless your visa and documents fully back it. Say you're a "consultant" or “small business operator.”

Need more context on why these financial systems are so rigid? See South Korea for Expats: A Quick Guide to History, Economy & Why It Matters — it explains the structure behind the system.

Best Banks for Expats in Korea (2025 Snapshot)

✅ Pro Move: Go to a larger, central branch in Seoul or Busan. Small branches = more rejections.

What Documents You’ll Need

• ARC (with valid address)
• Passport (some branches still ask)
• Visa copy (D-8, D-10, F-2, etc.)
• Business license or registration certificate (사업자등록증) if applicable
• Korean phone number + local address proof (utility bill or rental contract)

📄 Bonus: Some banks ask for a Korean tax ID if you're registering as a business operator.

What to Say at the Counter (Script)

Korean: 외국인 사업자 계좌 개설하려고 합니다. (wae-guk-in sa-eop-ja gye-jwa gae-seol ha-ryeo-go ham-ni-da)
Translation: “I’m opening a business account as a foreigner.”

Have your documents stacked in order and pre-filled if possible. Confidence + clarity = faster approvals.

What to Expect During the Process

• 30–60 minutes minimum for setup
• You may need to revisit if documents “need review” by a manager
• Optional: SMS verification, mobile app setup (requires Korean ID tie-in)

Banking Workarounds for Freelancers

If you can’t open a business account, here’s how expats survive:

• Wise (Multi-Currency Account): Get paid in USD/EUR → convert → transfer to Korea
• Payoneer: Often used for freelance platforms (Upwork, Fiverr, etc.)
• OFX: For larger transfers or invoicing in bulk
• Toss: For daily management once money’s in KRW — not great for business books

📌 Note: These tools don’t replace a Korean account, but they help bridge the gap.

What Happens After Opening

• You’ll receive a bankbook (yes, still used!)
• Debit card issued immediately or within 7 days
• Set up internet/mobile banking with Korean security protocols (yes, it’s still clunky)
• Link to tax office if you’re registered as a biz

TL;DR – Your Bank Setup Checklist ✅

• ARC + Passport + Visa copy
• Local address proof
• Business license (if D-8 or registered biz)
• Korean phone number
• Go to a major branch
• Avoid saying “freelancer”

📣 Need real-world help? Join the Every Expat in Korea Facebook Group — people share which branches worked for them this week.