South Korea Non-Resident Bank Account Opening, Remittance Limits & FX Rate Discounts (2025 Guide)
For non-residents and foreign nationals living (or staying) in Korea, understanding how to open a Korean bank account, remit money abroad, and benefit from preferential foreign exchange margins is essential. This 2025 guide presents the latest confirmed rules, practical tips, and a comparison of major banks’ offerings.
1. Opening a Bank Account as a Non-Resident / Foreigner in Korea
Foreigners or non-residents typically can open a WON (KRW) or foreign currency account in Korea, subject to each bank’s internal rules. Key requirements often include:
- Passport (and, if applicable, alien registration card or visa)
- Proof of overseas address or residential address (in home country)
- Sometimes, proof of purpose or source of funds
Some banks offer “non-resident free WON account” services, allowing local settlement and low-cost remittance from that account.
There is generally no strict legal prohibition on non-residents opening deposit accounts; restrictions mainly emerge when remitting or proving fund sources.
2. Remittance Limits & Rules for Non-Residents / Foreigners
Foreign exchange transactions in Korea are regulated under the Foreign Exchange Transactions Act.
2.1 Annual Remittance Limit without Evidence Documents
Many banks allow non-residents / foreigners to remit up to USD 50,000 (or equivalent) per year without requiring detailed proof of source documents.
Some banks, under recently announced reforms, are increasing that threshold to USD 100,000 in aggregate to reduce regulatory burden.
2.2 Remittance with Evidence / Beyond Limits
If you provide supporting documentation (e.g. income, contract, salary slips, invoices), you may remit amounts beyond USD 50,000 (or 100,000 under revised policy) after necessary documentation review.
2.3 Per-Transaction / Internet Transfer Limits
When sending from internet banking, many banks cap per-transaction amounts (for example, Internet remittance request must stay under USD 50,000).
Some banks (e.g. Citibank Korea) stipulate that the per-transaction remittance must be less than USD 50,000 under internet banking for non-residents, with proper bank designation.
3. Exchange Rate Discounts / Preferential Margins (환율 우대) Offered by Banks
When doing foreign exchange or remittance, banks apply a spread or margin. Some banks offer discounts / preferential margins to attract customers—especially for non-residents or special accounts.
For example, Citibank Korea provides a 50 % discount on the exchange spread (환율 우대) regardless of remittance amount—though the actual discount may vary by promotional campaigns.
IBK (Industrial Bank of Korea) offers 30 % reduction in remittance fees and preferential trading margin for registered customers.
4. Bank-by-Bank Comparison: Remittance & FX Discount Highlights
| Bank | Annual Remittance Limit (w/o proofs) | Per-Transaction Limit / Note | FX Discount / Remark |
|---|
| Citibank Korea | USD 50,000 (non-resident) | Each internet remittance < USD 50,000 | 50 % discount on FX spread |
| IBK | USD 50,000 annually | Depends on bank’s policy / required registration | 30 % remittance fee cut & preferential margin |
| Other Banks (e.g. Woori, Kookmin, Shinhan) | Similar policy: USD 50,000 annual default for non-residents | Per transaction caps under internet system, bank branch may allow larger upon review | Depends on promotional or customer status |
5. Practical Tips & Warnings
- Designate a foreign exchange bank (거래외국환은행 지정) early — many banks require you to designate a single bank for remittance of domestic income.
- Provide supporting documents (employment contract, payslips, invoices, source of funds) when remitting large amounts. Without proof, you may be restricted.
- Check internet banking / mobile remittance limits in advance — large amounts may require branch visit.
- Even though new policy aims to raise undocumented remittance threshold to USD 100,000, this may require formal government implementation and individual bank compliance.
- Be aware of reporting / tax authority notifications: remittances above certain thresholds may trigger automatic reporting to NTS (National Tax Service) or FSS (Financial Supervisory Service).
6. Sample Remittance Scenario
Suppose a non-resident has salary income in Korea and wants to remit USD 30,000 abroad in 2025. If he/she has designated a foreign exchange bank and provides payslips, this should be feasible under the USD 50,000 annual limit without additional scrutiny. If later the individual remits another USD 30,000 (total USD 60,000), the excess may require supporting documents or bank review under revised policy. Under future reforms, the threshold may go up to USD 100,000.
Conclusion
In 2025, non-residents and foreign nationals in Korea generally can open KRW or FX deposit accounts, and remit up to USD 50,000 per year without detailed documentation. Banks like Citibank and IBK offer attractive foreign exchange discounts (e.g. 50 %, 30 %). Proposed reforms may double the undocumented remittance threshold to USD 100,000. Always designate a foreign exchange bank, understand bank-specific caps, and maintain documents if you intend to remit larger sums.
References & Credible Sources
- Woori Bank — Nonresident / Foreigner Remittance Limits – 비거주자 송금 한도 안내
- Citibank Korea — Remittance & FX Discount for Foreigners
- IBK (Industrial Bank of Korea) — Foreign Exchange / Remittance Guide
- “S. Korea doubles undocumented overseas remittance limit to $100,000” (KED Global)
- Bank of Korea — Foreign Exchange Transactions Act / Principles
- Financial Transactions Guide for Foreigners in Korea (KB / banks)
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