After arriving in Korea, you'll need two things in your first week: a place to live and a bank card. We already covered housing in an earlier article, so this time let's talk about banking, and this topic is more complicated than it looks, because Korea's banking system has a number of obstacles for foreigners, especially newcomers. The most common question in Telegram groups is exactly this: "Can I open Kakaobank?", "What about Tossbank?", "Which bank won't reject me?" And these questions aren't unfounded, because many people only find the right path after trying several banks and getting rejected. First, the main truth needs to be said: most digital banks in Korea (Kakaobank, Tossbank, K-bank) work through a system tied only to a Korean ID number, meaning that until you get your Alien Registration Card (외국인등록증, waegugin deungnokjeung), opening an account through these apps is practically impossible or very difficult. This card can be obtained within 90 days of your entry date, and getting it requires booking an appointment at the immigration office, which sometimes takes several weeks of waiting. So what should you do in the meantime? The answer: traditional banks, meaning Woori Bank (우리은행), IBK (기업은행), Shinhan Bank (신한은행), and Hana Bank (하나은행), let you go to a branch in person and open an account with your passport and other documents, and many branches have English-speaking staff, with some even having employees who speak Uzbek or Russian. IBK (Industrial Bank of Korea) is especially known as a bank adapted to working with foreign workers, and many of its branches across different cities have experience with foreigners on E-9 or E-7 visas. Woori Bank falls into this category too, with some branches even having a separate window for foreigners. To open an account you'll usually need a passport, your Alien Registration Card or visa, and sometimes proof of your residential address (a rental contract or a utility bill). With these documents, you can go to a branch and get a basic debit card within an hour, and after that you can use this card for any payment within Korea: supermarkets, transportation, online shopping, and so on.
Now let's move on to the practical details, because knowing the theory isn't enough. Even I didn't know what to expect the first time I went to a branch, and I ended up having to leave and come back twice. First tip: before going to a branch, check that branch's website or call ahead to see whether there's staff there who work with foreigners, this saves you time. Second important thing: once you get your Alien Registration Card and want to open Kakaobank or Tossbank, download these apps to your phone, but when registering, your phone number also needs to be a Korean number, meaning you need to have already gotten a SIM card from KT, SKT, or LG U+ (there's a separate article about this). Third thing that most people don't know: banks in Korea can each have different rules, and even two branches of the same bank can treat you differently, so if you get rejected at one branch, try another, especially branches in areas with a lot of newly arrived foreigners (for example, Ansan, Suwon, Gimhae, Ulsan), where staff tend to have more experience. For internet banking and transfers within Korea, a basic debit card is enough, but for international transfers, such as sending money to Uzbekistan, you need to get approval for a separate currency transfer service, and this sometimes requires additional documents. Services like Wise or Western Union can also be used with a Korean card, and many Uzbeks prefer this route, because bank fees can sometimes be high. Lastly, don't rush when choosing a bank: once you find the right bank and the right branch, the whole process is done in 30 to 60 minutes, and you'll be fully plugged into financial life in Korea.
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