The South Korea Financial Services Commission, together with the Ministry of Justice and the Ministry of the Interior and Safety, announced that foreign residents with registered IDs can use mobile foreigner residence cards to open bank accounts and conduct financial transactions from March 21, 2025. The change applies initially at six domestic banks. From March 21, mobile foreigner residence cards will be accepted at Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju. Under the revised Immigration Act, the mobile card is recognised as an equally valid form of identification as the plastic foreign resident ID card, and the financial authorities and banking sector have upgraded procedures and systems to allow financial companies to accept it for retail banking services. The Ministry of Justice began issuing mobile foreigner residence cards on January 10, 2025 to foreigners who have registered their status of residence; issuance requires the person to be aged 14 or older and to own a smartphone under their own name, and the card can be obtained via the mobile ID app using either the integrated circuit plastic card or a QR code. The financial authorities plan to continue work to expand acceptance of mobile foreigner residence cards to other types of financial institutions in Korea.
South Korea Financial Services Commission 2025-03-21
South Korea Financial Services Commission enables mobile foreigner residence cards for account opening and financial transactions at six domestic banks from March 21
Starting March 21, 2025, foreign residents in South Korea with registered IDs can use mobile foreigner residence cards to open bank accounts at six domestic banks. Recognized under the revised Immigration Act, the mobile card is valid for retail banking services. Authorities plan to expand its acceptance to other financial institutions.