IBK Industrial Bank of Korea

IBK Industrial Bank of Korea (기업은행) is a government-owned bank specializing in small and medium-sized enterprises (SMEs). It is one of the most commonly used banks for foreign workers in Korea, as many Korean companies — especially smaller businesses and manufacturers — use IBK for payroll.

Who Can Open an Account?

• Foreigners with a valid Alien Registration Card (ARC)

• Must have a Korean phone number

• Must be 19 years or older

• Particularly recommended for foreigners on E-7, E-2, D-2, or D-10 visas whose employers use IBK for payroll

Documents Required

• Passport — mandatory

• Alien Registration Card (ARC)

• Korean phone number — for OTP verification

• Employment certificate — recommended for work visa holders

• Proof of address — may be required at some branches

How to Open an Account

• Step 1: Visit your nearest IBK branch — bring all documents

• Step 2: Request a basic savings account (입출금통장)

• Step 3: Present your passport and ARC card

• Step 4: Provide your Korean phone number for OTP verification

• Step 5: Set a 4-digit PIN

• Step 6: Receive your bankbook — debit card mailed within 7–10 business days

• Step 7: Download i-ONE Bank app and register

i-ONE Bank App

• IBK's mobile banking app is called i-ONE Bank

• Available on App Store and Google Play

• English interface available for most basic functions

• Transfer money, check balance, pay bills

• Biometric login supported

Key Features

• Salary account — most commonly used by Korean SMEs for foreign worker payroll

• Wide branch network — branches throughout Korea including smaller cities and industrial areas

• Foreign worker support — dedicated foreigner services at major branches

• International wire transfers — available in-app and at branches

• Foreigner loan options — personal loans available for eligible foreign workers

• Multi-language ATMs — English, Chinese, Vietnamese, and more

Sending Money Abroad

• International transfers available via i-ONE Bank app or at branches

• Fees: around 5,000–10,000 KRW per transfer plus exchange rate margin

• Supports transfers to Southeast Asian countries commonly used by foreign workers (Philippines, Vietnam, Indonesia, etc.)

• For cheaper transfers, link your IBK account to Wise

Pros & Cons for Foreigners

• ✅ Most common payroll bank for foreign workers at Korean SMEs

• ✅ Government-owned — stable and trustworthy

• ✅ Branches in industrial areas — convenient for manufacturing workers

• ✅ Multi-language ATMs

• ✅ Foreigner-friendly loan options

• ❌ Mobile app has limited English compared to Shinhan SOL or KakaoBank

• ❌ Must visit a branch in person to open account

• ❌ Less popular in Seoul city center — fewer branches in expat neighborhoods

Tips

• If your Korean employer uses IBK for payroll, open an IBK account first — same-bank salary transfers are instant

• Ask your employer's HR department which bank they use before choosing your bank

• IBK branches in industrial zones and smaller cities often have staff experienced with foreign worker banking

• Use Wise linked to your IBK account for cheap international transfers home

• IBK ATMs support multiple languages — useful if you're not comfortable with Korean

Contact & Support

• Website: www.ibk.co.kr

• English helpline: 1588-2588 (press for English)

• Foreigner banking center: Available at major branches