Expats Guide to Opening a Bank Account in Korea: Understanding Tax Identification Numbers Around the World

As an expat, opening a bank account in a foreign country can seem daunting, but it is a crucial step in managing your finances while living abroad. In Korea, one of the key requirements for opening a bank account is obtaining a Korean Tax Identification Number (TIN), also known as a Resident Registration Number (RRN).

To help expats navigate the process of opening a bank account in Korea, we’ve put together a guide that covers tax identification numbers around the world. This guide also provides tips on how to prepare for opening a bank account in Korea.

Firstly, it is important to understand the different tax identification number structures used in different countries, such as the Tax Identification Number (TIN) in South Africa, the IRD Number in New Zealand, and the Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) in the United States.

Country	Country Code	TIN Automatic	Taxpayer Number Name	Taxpayer Number Structure
South Africa	ZA	Yes	Tax Identification Number	10 digits, starting with 0, 1, 2, 3 or 9 (e.g. 0123456789). Can be found on all taxpayer-related correspondence.
New Zealand	NZ	Yes	IRD Number	8-9 digit numbers (e.g. 99999999/999999999). Printed on all tax returns and notices.
United Kingdom	GB	Yes	National Insurance Number (NINO) or Unique Taxpayer Reference (UTR)	NINO: 9 digits, consisting of 2 letters, 6 digits, and 1 letter (e.g. AA999999A). UTR: 10 digits, found on the first page of tax returns.
Ireland	IE	Yes	PPSN(Personal Public Service Number)	8-9 digit numbers and letters (e.g. 1234567T/1497955KA).
United States	US	Yes	Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)	SSN: 9 digits (xxx-xx-xxxx). EIN: 9 digits (xx-xxxxxxx). ITIN: 9 digits (9xx-xx-xxxx).
Canada	CA	Yes	Social Insurance Number (SIN)	9 digits (e.g. 999 999 999). Found on the top right of individual income tax returns.
Australia	AU	Yes	Tax File Number (TFN) or Australian Business Number (ABN)	TFN (for individuals): 8-9 digits (e.g. XXX XXX XXX). ABN (for businesses): 11 digits (e.g. XX XXX XXX XXX).

In Korea, you will need to obtain an Residence Card (RC, formerly ARC) in order to open a bank account. Once you have your RC, you can visit a local bank to open a bank account.

To prepare for opening a bank account in Korea, expats will need to gather their necessary documents, such as their RC, TIN, and passport or another form of identification. It’s also important to be aware of the different types of bank accounts available in Korea and to choose a bank that meets your needs and preferences.

Steps for Expats to Open a Bank Account in Korea:

Step 1: Obtain an Residence Card in Korea.

Step 2: Check your Taxpayer Number

Step 3: Visit a local bank in Korea to open a bank account.

Step 4: Prepare the necessary documents for opening a bank account, including your RC, Taxpayer Number, and passport or another form of identification.

Step 5: Choose a bank that meets your needs and preferences, such as its location, fees, and services.

Things to prepare:

1. Your Residence Card (RC).

2. Your Employment Verification Letter (재직증명서).

3. Your passport or another form of identification.

4. The necessary funds to open and maintain a bank account.

By following these steps and preparing the necessary documents, expats can easily open a bank account in Korea and start managing their finances there.

Additionally, expats should be aware of banking regulations and requirements in Korea, such as reporting foreign currency transactions over a certain amount.

Opening a bank account in a foreign country can be a complex process. However, by understanding tax identification numbers around the world and preparing the necessary documents, expats can successfully open a bank account in Korea and manage their finances with ease.

Featured image by Eduardo Soares