Registered Foreigners Can Open Accounts with 'Mobile Foreign Registration Card'

Only Six Banks Including Shinhan and Hana Will Accept the Mobile Alien Registration Card

Starting tomorrow (the 21st), registered foreigners residing in Korea will be able to use the "Mobile Alien Registration Card" to conduct banking services such as opening accounts.

The Financial Services Commission, Ministry of Justice, and Ministry of the Interior and Safety announced on the 20th that registered foreigners can use the "Mobile Alien Registration Card" to handle financial services like account opening at banks.

Foreigners who intend to stay in the Republic of Korea for more than 90 days from their date of entry must register as foreigners with the head of the local immigration office having jurisdiction over their place of stay within 90 days of entry. The Ministry of Justice began issuing mobile alien registration cards to such registered foreigners starting January 10.

The mobile alien registration card can be issued to any registered foreigner aged 14 or older who possesses a smartphone in their own name. After installing the "Republic of Korea Mobile ID" app, the card can be issued by touching the smartphone to the alien registration card embedded with an electronic chip (IC) or by scanning a QR code.

In line with the issuance of the mobile alien registration card, the financial sector and financial authorities have also prepared related procedures and systems. Registered foreigners who have obtained the mobile alien registration card can conduct financial services such as account opening at six banks (Shinhan Bank, Hana Bank, IM Bank, Busan Bank, Jeonbuk Bank, and Jeju Bank).

With this measure by the financial sector and authorities, it is expected that face-to-face and non-face-to-face financial transactions for registered foreigners residing in Korea will become more convenient. The Financial Services Commission plans to continue supporting the use of the "Mobile Alien Registration Card" by registered foreigners using other financial companies in the future.