Bank Account and SIM Card in South Korea
How to get a phone line and open a bank account as a student in South Korea. Money in this guide is in Korean won (KRW, symbol ₩).
Example bank
Recent Transactions
Example: convenience store
Example: dormitory fee
Example card. Your own bank shows your real account details.
Banks for Students
Any Korean bank can serve you. One online option is shown here.
- Open online with your residence card.
- Savings, debit card, transfers and ATM use.
- Raise your transfer limit in the app. Approval takes up to 2 to 3 working days.
Transfer limits for foreigners
New accounts start with a daily transfer limit of KRW 300,000. At Toss Bank, once your request is approved, you can send up to KRW 50,000,000 a day.
How to Open a Bank Account
Many students open an account after they get their residence card.
Choose a bank
Pick a bank office near your campus, or open an account online with Toss Bank.
Collect your papers
Residence card or passport, and a paper that shows you study at the university, or your admission letter.
Open the account
At the bank office, or in the Toss app. If you have no Korean phone number, Toss Bank accepts a passport with a chip in it (e-passport). Your phone must be able to read the chip (NFC).
Raise your limit
New accounts for foreigners have a KRW 300,000 daily transfer limit. At most banks you raise it in person.
Essential Documents:
- Residence card or passport - At Busan University of Foreign Studies, the campus bank accepts either one.
- Proof of study or admission letter - A paper from your university that shows you study there.
Additional Documents (If Available):
- Tax number (Taxpayer Identification Number) - Some banks ask for it.
Tips
Ask your international office which bank it works with.
Bring your residence card or passport and a paper that shows you study at the university.
SIM Cards and Phone Plans
You can have a Korean phone line from the day you land.
Choose USIM or eSIM
Korean phone companies sell USIM cards and eSIMs.
Buy it
USIM: at airport roaming centres (phone company shops) or CU, GS25, 7-Eleven and Emart24 shops. You can also buy online and collect at the airport.
Set it up
Put in the USIM, or scan the eSIM QR code.
Move to a monthly plan
After you get your residence card, ask a phone company for a plan you pay for each month.
- A USIM is a small SIM card you put in your phone. An eSIM is set up on your phone with a QR code. Check which one your phone can use.
- Shops may run out of USIM cards, so ask.
Tips for Money and Phone
Simple steps that save trouble in your first weeks.
Raise your transfer limit early
New accounts for foreigners start with a daily transfer limit of KRW 300,000. Ask your bank to raise this limit before you pay your course fees or rent.
Get your residence card first
To get a Korean debit card, you need your residence card number. So get the residence card first.
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