Banking and paying in South Korea: an account with your residence card, cash, and transferring money
You open a Korean bank account with your passport, your residence card and proof of why you are in Korea, such as your employment contract. Without that proof you get an account with a limit of 1 million won a day at the cash machine and online. You declare more than US$ 10,000 in cash on arrival. What you transfer to Korea can be taxed there.
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Written and checked by Auke on , against the sources at the bottom. Is something no longer right? Report it below and I'll fix it.
You open a Korean bank account with your passport, your residence card (the ARC) and proof of why you are in Korea, such as your employment contract. If you do not have that proof, you get an account with a limit: at most 1 million won a day (about € 675) at the cash machine and the same online. You declare cash above US$ 10,000 to customs on arrival. And note: what you transfer to Korea can be taxed there.
We convert amounts in won at the European Central Bank rate of 23 October 2026: 1 euro is about 1,482 won.
What applies to money and accounts?
| What | Rule |
|---|---|
| Account with full access | passport, residence card and proof of your purpose of stay |
| Account without that proof | per day at most 3 million won at the counter, 1 million at the cash machine and 1 million online |
| Cash on arrival in Korea | declare more than US$ 10,000, all currencies and cheques together |
| Cash when leaving the EU | declare € 10,000 or more |
| Transferring money abroad | according to a Korean bank up to US$ 50,000 a year without proof of income |
What do you need for an account?
According to KOTRA, the Korean government agency for trade and investment, a bank asks for:
- your passport;
- your residence card;
- proof of why you are in Korea, such as an employment contract, a statement from your employer or proof of your Korean health insurance.
Without that last proof you get an account with restrictions. You can then withdraw or transfer at most 3 million won (about € 2,000) a day at the counter, and 1 million won at the cash machine or online. The limit is lifted as soon as you show the proof after all. Other sources mention lower limits. So ask your own bank.
Do you not have your residence card yet? Then according to KOTRA you can open an account with your passport and proof of your Korean address. You collect that card within 90 days of arrival: see registration and numbers.
A bank sometimes also wants to know whether you are tax resident in Korea. For that it asks for proof that you are in Korea for at least 183 days.
What cash do you take with you?
On arrival in Korea you declare more than US$ 10,000 on the customs declaration. That counts all foreign currency, won notes and cheques together. Do it before you pass customs: after that customs can no longer issue a declaration. Anyone who does not declare risks a fine or even a prison sentence.
When leaving the EU you declare € 10,000 or more to Dutch customs. That also applies to other currencies, cheques and paper shares.
Preferably take little cash and transfer large amounts. That is safer, and you have proof of where the money comes from.
What does transferring mean for your tax?
A foreign national who lived in Korea for no more than five years in total in the previous ten years pays tax in Korea on foreign income only if it is paid in Korea or transferred to Korea. That is in article 3 of the Korean Income Tax Act. So if you have your pension paid into a Korean account, or transfer it yourself, Korea may tax it. Have that calculated before you arrange anything: see AOW, pension and tax.
Can you send money back to the Netherlands?
Yes. According to Hana Bank's frequently asked questions, a foreign national living in Korea can transfer up to US$ 50,000 a year abroad through one designated bank without proof of income. For more, you show at the counter where the money comes from, such as your payslips. We could not check the rule itself, and in 2026 Korea raised the limit for Koreans. Ask your bank.
How does your money come in?
Your AOW goes with you to Korea in full. You can have it paid into a Dutch account and transfer what you need yourself. If you keep a Dutch account, read keeping your bank account and DigiD.
Many Korean apps and web shops verify who you are through your phone number. For that you often need a Korean subscription in your own name, and that usually requires your residence card. We did not find an official source for this; ask the bank or your provider what they need. Count on paying with your Dutch card for the first few weeks.
In Vertrekklaar this is phase 5 of 5 of the journey, step 5.5: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to South Korea or go straight to step 5.5 in the open plan.
What this rests on
The facts in this article come from these official pages. Rules change. When in doubt, go by the source, not this article.
- KOTRA (Korean government agency) — how foreign nationals open a bank account, with the limits (August 2024) — ombudsman.kotra.or.kr
- Korea Customs Service — declaring cash above US$ 10,000 — customs.go.kr
- European Commission — declaring cash when leaving the EU, from € 10,000 — taxation-customs.ec.europa.eu
- Income Tax Act (KLRI translation), article 3 — foreign income transferred to Korea — elaw.klri.re.kr
- European Central Bank — the daily rate of the won — ecb.europa.eu
- Immigration Act (출입국관리법), article 88-2 — the residence card in place of Korean registration — law.go.kr
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