Mobile Foreigner Residence Card Accepted for Bank Accounts at Six Domestic Banks from March 21

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Mobile Foreigner Residence Card to be Accepted for Opening Bank Account at Six Domestic Banks from March 21 Mar 21, 2025

The Financial Services Commission, the Ministry of Justice, and the Ministry of the Interior and Safety announced that foreigners residing in Korea with registered IDs will be able to open bank accounts and conduct financial transactions using mobile foreigner residence cards from March 21.

From January 10 this year, the Ministry of Justice began to issue mobile foreigner residence cards to those who have registered their status of residence in Korea.

A mobile foreigner residence card can be obtained if the foreigner with registered status is 14 years of age or older and owns a smartphone under his or her own name.

After downloading mobile ID app on their smartphones, foreign residents can obtain mobile foreigner residence cards by tagging their plastic foreign resident ID cards (integrated circuit cards) on smartphones, or by scanning the QR code with the mobile ID app.

To make sure that personal ID verification is conducted safely and conveniently, the Ministry of the Interior and Safety established a blockchain-based and integrated mobile ID system and has introduced mobile IDs for driver’s license (Jan. 2022), veteran ID card (Aug. 2023), and foreign resident ID card (Jan. 2025) in coordination with related ministries.

The financial sector and the financial authorities have also been making relevant changes to boost the convenience and safety of consumers in their transactions with financial companies.

As such, from March 21, 2025, foreign residents will be able to open bank accounts and conduct financial transactions using their mobile foreigner residence cards from six domestic banks (Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju).

Under the revised Immigration Act, mobile foreigner residence card is recognized as an equally valid form of ID as the original plastic ID card. The financial authorities in close coordination with the Ministry of the Interior and Safety and the banking sector have since then made changes and upgraded relevant procedures and systems to ensure seamless introduction of mobile foreigner residence cards in retail banking services. The financial authorities have thus allowed financial companies to accept mobile foreigner residence cards as a valid form of ID when providing financial services to foreign residents.

The financial authorities have then decided to allow foreign residents to use mobile foreigner residence cards for transactions at financial companies.

With the number of long-term foreign residents residing in Korea on the rise, their demand for financial services has also been growing.

The use of mobile foreigner residence cards for banking services is expected to help boost the convenience of foreign residents in their financial transactions.

The financial authorities will continue to work to promote the use of mobile foreigner residence cards by foreign residents at other types of financial institutions in Korea.

• Please refer to the attached PDF for details.

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