Shinhan Bank Foreign Account Guide: Cards, Apps, and English Service
Last updated: June 2, 2026
Opening a bank account that actually works across borders is the first move most expats make in Korea. Shinhan Bank’s SOL Foreign Currency Savings account can be opened in five minutes online with just a passport and Alien Registration Card, and it accepts incoming USD wires for a flat USD 10 fee. Below is the complete 2026 playbook for cards, apps, and English-speaking support.
Last updated: June 2, 2026
Who can open a Shinhan foreign-currency account
Non-Korean nationals need one of two documents:
- Alien Registration Card (ARC) – most common for long-term residents
- Certificate of Foreign National Registration – issued to short-stay business visitors
Tourists on a B-2 visa cannot open any deposit account under current Financial Intelligence Unit (KoFIU) rules. If you are still waiting for your ARC, you must wait until the card is in hand.
Age: 18 or older.
Residency: Any legal status except B-2.
Credit record: Not required for foreign-currency savings or time deposits.
Required documents and upfront costs
Bring the originals plus one photocopy. Shinhan branches have copy machines, but lines are longer after 3 p.m.
Document | Notes | Provided by |
|---|---|---|
Passport | Must be valid at least 6 months | you |
Alien Registration Card | Front and back | Korean immigration |
Korean phone number | SMS verification is mandatory | any carrier |
Email address | Used only for statements | you |
Initial deposit | USD 10 or equivalent in cash or card | you |
Optional but useful:
- Address proof (lease contract or utility bill within 3 months) – required if address on ARC is outdated.
- Employment contract – speeds up credit-card approval later.
No appointment is necessary for branch openings; online opening is available 07:00–23:00 KST every day.
Step-by-step account opening
Online (fastest)
- Download the SOL app (blue icon, publisher Shinhan Bank).
- Choose English on the splash screen.
- Tap “Open new account” → Foreign Currency → SOL Foreign Currency Savings.
- Scan passport photo page and ARC front/back.
- Film a 3-second liveness check (nod when prompted).
- Enter Korean phone number; receive 6-digit SMS code.
- Choose base currency (USD, EUR, JPY, GBP, CNY, AUD, CAD, CHF, HKD, SGD).
- Transfer initial USD 10 via Korean bank transfer or foreign card.
- Digital passbook is issued instantly; physical card arrives by mail in 3–5 business days.
Branch walk-in
- Take a queue ticket from the kiosk and select “Foreign Currency Account”.
- Present passport, ARC, and initial deposit.
- Officer opens both KRW and foreign-currency ledgers under one customer ID.
- Select ATM PIN (4 digits) and online banking OTP method (SMS or digital token).
- Receive temporary passbook; printed debit card issued 10 minutes later.
Total time: 10–15 minutes if documents are in order.
Cards, limits, and daily usage
Debit card
- Visa-branded Foreign Currency Check Card.
- Annual fee KRW 10,000, waived if annual spend ≥ KRW 3 million.
- Overseas ATM withdrawal: USD 3.00 flat + 1.0 % FX margin.
- Daily overseas limit: USD 1,000 equivalent, resets at 00:00 KST.
Credit card (optional)
Expats with six months of Korean credit history can apply for the Global credit card. Same English app interface, but approval is stricter.
ATM networks
Domestic free use: Shinhan, NH, Jeju Bank, and all “Global ATMs” displaying the Visa logo.
Domestic fee when using foreign-issued Visa/MasterCard: KRW 2,000 inquiry, KRW 4,000 withdrawal.
Mobile app and English support
The SOL app is completely bilingual. After login, tap the globe icon to toggle languages without re-authentication.
Menu | English location |
|---|---|
Wire transfers | Transfer → Overseas remittance |
Deposit rates | Products → Savings/Deposit → Foreign Currency |
Card settings | Cards → Manage → Limit/Overseas use |
Customer service | More → 1:1 Chat (English agents 09:00–18:00 KST) |
Real-time chat responses average 90 seconds during business hours; after-hours chat is Korean only. English phone line: 1599-8002 (press 9 for English).
Fees and interest rates (current June 2026)
Incoming transfers
- USD: USD 10 flat
- KRW: KRW 8,000 flat
Outgoing transfers
- USD: USD 20 flat
- EUR: EUR 20 flat
- Intermediary bank charges may apply; Shinhan shows an estimate before you confirm.
Deposit interest
SOL Foreign Currency Savings (variable)
- ≤ USD 50,000: 0.10 % p.a.
USD 50,000: 0.15 % p.a.
Interest credited monthly; 15.4 % Korean withholding tax deducted unless your country has a treaty with Korea.
SOL Foreign Currency Time Deposit (fixed)
- 12-month USD: 2.30 % p.a. for deposits ≥ USD 10,000, paid at maturity.
Insurance
Deposits are insured by KDIC up to USD 50,000 equivalent per depositor per bank.
Common pitfalls and how to avoid them
- Address mismatch
- If the address on your ARC differs from where you actually live, bring a lease contract. Otherwise, mail (including debit card) may be returned and the account frozen.
- Middle-name confusion
- Korean forms have fields for Given and Family name only. Write your full name exactly as it appears on your passport in the Family name field, then put “.” in Given name if necessary.
- Large cash deposit reports
- Any single foreign-currency cash deposit ≥ USD 10,000 triggers a KoFIU report. This is routine, but the teller will ask for source-of-funds proof if the sum is > USD 30,000.
- Tax residence checkbox
- The online form asks whether you are a “Korean tax resident.” Select Yes only if you have stayed > 183 days in Korea during the current calendar year; otherwise, interest is still withheld but you can claim a refund under a tax treaty.
- Intermediary bank surprises
- Wire transfers to third countries often pass through a U.S. correspondent bank that deducts an extra USD 15–25. Shinhan displays the likely intermediary on the confirmation screen; reject and use Wise or Revolut if the cost is too high.
FAQs from expats
Can I open an account on a tourist visa?
No. B-2 visa holders are blocked at the ID verification step. Wait for your ARC.
Is there a minimum balance?
USD 0 after initial deposit. If balance stays at zero for 12 months the account becomes dormant; reactivate at any branch.
Which currencies can I hold in one account?
Up to ten currencies under one account number. Currency conversion is instant inside the SOL app at the bank’s board rate (1.0 % margin over interbank).
Can I link PayPal or Wise?
Yes. Add the USD account number and SWIFT code SHBKKRSE. Wise treats it as a DDA (demand deposit account) so transfers arrive in minutes.
How long does an incoming wire take?
USD from the United States: 1 business day if sent before 15:00 EST. EUR from Europe: same-day if sent via SEPA before 14:00 CET, otherwise next day.
Can I overdraft?
Foreign-currency accounts do not allow overdrafts. Transactions that exceed the balance will be rejected with no fee.
What if I leave Korea?
Keep the account open; maintain access with a foreign phone number via SOL app. If the ARC expires, convert the account to “non-resident” status at any branch; interest rate remains the same but withholding tax increases to 22 %.
Is the app safe on rooted Android?
SOL blocks rooted devices. Use a stock OS or iOS device.
Can I receive salary in USD?
Yes. Provide the USD account details to payroll. Korean labor law requires employers to pay at least the minimum wage portion in KRW, but bonus or overseas allowance can be sent directly to the foreign-currency account.
What happens if I lose my card in another country?
Freeze the card instantly in SOL app → Cards → Lost/Stolen. Replacement card can be shipped internationally by DHL (fee USD 50) or held at a branch for pickup.
If you are moving to Korea for work or study, having a Shinhan foreign-currency account removes the friction of getting paid in one currency and spending in another. Managing day-to-day finances in English and Korean is easier once you understand the language; Migaku helps you learn Korean through real native content right from your phone.