A list of the top banks in South Korea

Moving to South Korea? You might be visiting family, starting a business or studying abroad, or simply taking a few months for some sightseeing.

Whatever your plans, you could find it useful to open a local bank account in South Korea.

To make it easier to get started, we’ve put together a list of the top banks in South Korea, including some tips on their most popular current accounts. This should help you compare what’s out there and choose the right bank for you.

But first, let’s take a quick look at how banking works in the country.

Banking in South Korea (an overview)

The banking sector in South Korea is well developed, with a healthy number of banks operating. The market is made up of a mix of domestic and foreign-owned banks, and plenty offer retail banking services such as everyday accounts.

To open a bank account in South Korea, you’ll usually need the following:¹

• Your passport

• An Alien Registration Card (ARC) - a a South Korean residency card

• A certificate of employment, such as a contract signed by your employer.

You can expect some banking fees in South Korea, especially for using out-of-network ATMs and making international transfers.

So if you need to manage your money internationally and want to save money, check out Wise instead.

Learn more about Wise 🚀

Top 10 banks in South Korea

Now, let’s take a look at the biggest and most popular banks in South Korea, so that you can start to compare options:

Bank name	Operational HQ
KB Kookmin Bank	Seoul
Hana Bank	Seoul
Shinhan Bank	Seoul
Woori Bank	Seoul
Industrial Bank of Korea	Seoul
Nonghyup Bank	Seoul
Korea Development Bank	Seoul
Export-Import Bank of Korea	Seoul
Standard Chartered Bank Korea	Seoul
Busan Bank	Busan

KB Kookmin Bank

Part of the Seoul-based KB Financial Group, KB Kookmin Bank is one of the largest banks in the country. It was established in 1963, and today has a wide network of branches and ATMs.

The bank serves both retail and business customers, with products such as the KB Welcome Account for foreign nationals. If you meet the conditions, you won’t pay any online or ATM fees, and you’ll get preferential exchange rates and transfer fees.²

For businesses, KB Kookmin Bank has virtual accounts and cash management services.

Hana Bank

Formerly known as the Korea Exchange Bank, Hana Bank was established in 1967. It got its new name following a merger with Hana Financial Group. It is known as a foreign exchange specialist, but also offers a wide range of products for both personal and business customers.

This includes the EasyOne Pack Account. It’s a deposit account aimed at foreign customers, which offers online banking and ATM fee exemptions.

Hana Bank also has accounts and overseas remittance tools for businesses, along with capital management services and of course FX and trade services.

Shinhan Bank

Another of the largest banks in Korea, Shinhan Bank was founded in 1982 and has a presence in multiple countries worldwide.

In South Korea, it offers both retail and business banking. Among its most popular solutions for everyday banking is the Shinhan Basic Savings (Checking) Account. It offers essential banking services, plus interest on your money depending how much you keep in the account.

For businesses, the bank’s range of products includes accounts, cash management and foreign currency services.

Woori Bank

Woori Bank is one of the oldest in the country, with roots dating back to 1899. The multinational bank is one of the largest in South Korea.

The bank specialises in commercial banking, but also has a reputation for excellence in corporate finance. And it has personal banking products available, including a wide range of current accounts.

A popular choice is the Woori Fortune Salary Account, designed for foreign applicants and offering basic banking services.

If you run a business in South Korea, Woori can help with accounts, foreign currency services, cash management, loans and insurance.

Industrial Bank of Korea

The Industrial Bank of Korea (IBK) is a state-owned bank founded in 1961, which focuses on supporting SMEs.

It specialises in small business loans, but also offers some retail banking products. This includes the IBK W Account, aimed at workers wanting to build their savers.

The bank also offers cards, insurance and loans.

Nonghyup Bank

Part of the Nonghyup Financial Group, Nonghyup Bank is relatively new to the Korean banking scene - as it was only formed in 2012. It offers commercial banking services to personal and corporate customers.

For everyday money management, one option worth considering at Nonghyup Bank is the NH Paymore Account. It offers deposits and withdrawals, online banking and some savings interest.

Nonghyup Bank also has accounts, loans, electronic payment services and more available for businesses.

Korea Development Bank

Founded in 1954, the Korea Development Bank (KDB) is state-owned and based in Seoul. It was set up to boost industrial development in the country, but has since diversified to offer commercial and investment banking services too.

KDB has a range of accounts, but you’ll need to get in touch with the bank to find out what’s on offer.

It also has business services including accounts, loans, trade finance and cross-border remittance.

Export-Import Bank of Korea

Commonly known as Korea Eximbank or KEXIM, the Export-Import Bank of Korea is based in Seoul and was founded in 1976. Its main purpose is to support local export businesses with loans and financing. It’s the official export credit agency in South Korea.

It offers loans, financial guarantees, trade finance and investment services. But it doesn’t have any current accounts or other products for retail clients.

Standard Chartered Bank Korea

Owned by British banking group Standard Chartered, the South Korean arm of the business was established in 2005 when SC acquired Korea First Bank.

One of the most popular products for retail customers is the bank’s My Plus Account. It’s designed for deposits and withdrawals, and lets you earn interest on any spare savings.

For businesses, Standard Chartered Bank Korea offers solutions for business growth, money management, savings and asset management.

Busan Bank

Founded in 1967, Busan Bank is a regional bank based in the port city of Busan. It offers a full range of retail banking services, with products for both personal and business customers.

Popular accounts at Busan Bank include the BNK Savings account, which offers flexible savings and money management.

The bank also offers a range of services for businesses, including accounts, cards, loans and financing.

Best online bank accounts and money management alternatives in South Korea

A bank isn’t the only way to manage your money overseas. There’s also the option of using a money app or digital account.

Here are a couple of the most popular choices in South Korea:

• K Bank - a neobank based in South Korea offering mobile-first current accounts and debit cards.

• Kakao Bank - a Korean neobank very similar to K Bank, offering personal accounts including a debit card.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you’re probably looking for the most cost-effective way.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account online, and you can send money worldwide in 40+ currencies for low fees and great exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in over 150+ countries, including South Korea. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee*, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

Sign up with Wise today 💰

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And that’s it - your helpful rundown of the top banks in South Korea, including all of the country’s biggest retail banking providers. You should be all set to start researching banks and accounts, and apply for a solution that suits your needs. Good luck with your move!

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Sources used for this article:

1. 90 Day Korean - How to Open a Bank Account in South Korea

2. KB Kookmin Bank - KB Welcome Account

Sources last checked on 07-May-2024.