Shinhan Bank

Shinhan Bank is one of Korea's largest and most trusted banks. Its mobile app, Shinhan SOL, has one of the best English interfaces among Korean banking apps, making it a popular choice for foreign residents who prefer managing finances on their phone.

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

• Some visa types may require additional documents — check with your nearest branch

Documents Required

• Passport — mandatory

• Alien Registration Card (ARC)

• Korean phone number — for OTP verification

• Proof of address — lease contract or utility bill (some branches require this)

• Employment certificate or enrollment certificate — may be required depending on visa type

How to Open an Account

• Step 1: Visit your nearest Shinhan Bank branch — Hongdae, Itaewon, and Gangnam branches have English-speaking staff

• Step 2: Take a number and wait for a teller

• Step 3: Request to open a basic savings account (입출금통장)

• Step 4: Present your passport and ARC card

• Step 5: Provide your Korean phone number for OTP verification

• Step 6: Set a 4-digit account PIN

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

• Step 8: Download Shinhan SOL app and register

Shinhan SOL App

Shinhan SOL is widely regarded as having the best English interface among traditional Korean banking apps.

• Available on App Store and Google Play

• Full English language support for most features

• Transfer money, check balance, pay bills — all in English

• Biometric login (fingerprint/face ID) supported

• Real-time transaction notifications

• Shinhan SOL Pay — mobile payment integrated directly in the app

Key Features

• Wide branch and ATM network — one of the largest in Korea

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

• Foreign currency exchange — competitive rates at branches

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

• Global debit card — works at ATMs and stores worldwide

• Automatic salary deposit — commonly used by Korean companies for payroll

Sending Money Abroad

• International transfers available via Shinhan SOL app or at any branch

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

• Transfers to over 100 countries supported

• Processing time: 1–3 business days

• For cheaper transfers, link your Shinhan account to Wise

Pros & Cons for Foreigners

• ✅ Best English mobile app (Shinhan SOL) among traditional banks

• ✅ Largest ATM network in Korea

• ✅ Widely used for salary payments by Korean companies

• ✅ Foreigner loan options available

• ✅ Strong international banking capabilities

• ❌ Must visit a branch in person to open account

• ❌ Some branches have limited English support outside major cities

Best Branches for Foreigners

• Hongdae Branch — English-speaking staff. Near many foreigner communities.

• Itaewon Branch — Full English service. Popular with expats.

• Gangnam Branch — Large branch. English service available.

• Myeongdong Branch — Central location. Good for first-time visitors to Korea.

Tips

• Download Shinhan SOL before visiting the branch — speeds up the setup process

• Ask your Korean employer if they use Shinhan for payroll — same-bank transfers are instant and free

• Set up automatic bill payment (자동이체) for rent, utilities, and phone bills through the app

• Visit on weekday mornings to avoid long wait times

• The Shinhan SOL Pay feature works at most Korean convenience stores and restaurants

Contact & Support

• Website: www.shinhanbank.com

• English helpline: 1599-8000 (press for English)

• Global banking center: 02-6730-4000