Our Real Experience with Shinhan Bank and Hana Bank
One of the most common questions we receive from expatriates and global mobility clients is:
"Can I keep using my Korean bank account after I leave Korea?"
Many articles online suggest that converting the account to a non-resident account or changing customer information from a Residence Card to passport information is enough.
However, after accompanying one of our clients to both Shinhan Bank and Hana Bank in Gwanggyo, we discovered that the reality is much more complicated.
This article shares our actual experience and may help foreign residents preparing to leave Korea while wishing to maintain access to their Korean banking services.
Visiting Shinhan Bank: Possible, But Not Without Limitations
We first visited Shinhan Bank with our client to discuss how to maintain the account after permanently leaving Korea.
After an extensive discussion with the bank staff, we learned that customer information could indeed be changed from Residence Card-based information to passport-based information. Then the account was switched to non-resident account.
However, an unexpected issue arose.
Existing Debit and Credit Cards May No Longer Work
According to the bank representative, Shinhan Bank and Shinhan Card operate separately.
Debit cards and credit cards issued through Shinhan Card are linked to the customer's Residence Card information. Once the Residence Card information is removed and replaced with passport information, the existing cards may no longer be usable.
This means that:
- Existing debit cards may become invalid.
- Existing credit cards may stop functioning.
- Overseas card usage may no longer be possible.
After further discussion, our client was able to use the debit card and credit card until they are expired. However, withdrawing cash from ATM was not possible.
Visiting Hana Bank: Even More Restrictive
We then visited Hana Bank to discuss the same issue.
The response was even stricter.
According to the bank staff, changing customer information from Residence Card information to passport information is no longer permitted.
They also explained that:
- Opening a new account using only a passport is generally not possible.
- There is no straightforward process for maintaining an account without valid Residence Card information.
What About Non-Resident Account Conversion?
Many online sources mention the concept of converting the account to a non-resident account.
We specifically asked about this option.
However, the staff we consulted were unfamiliar with such a process and indicated that there was no separate "non-resident conversion" procedure available.
Of course, policies may vary depending on the branch or the individual representative, but based on our consultation, this option was not available.
Hana Bank's Practical Recommendation
Ultimately, the bank provided a surprisingly simple recommendation:
"Leave everything unchanged and continue using the existing account, internet banking services, and debit or credit cards after departing Korea."
However, there is one important risk.
According to the bank representative, customer verification (verifying indentification) procedure are performed peridodically.
For foreign customers, identity verification requests may occur randomly, typically around once a year.
If such verification is requested after the customer has already surrendered their Residence Card and permanently left Korea, completing the verification process may become impossible.
As a result, access to:
- Internet banking
- Mobile banking
- Certain banking services
may be restricted.
In other words, the account may continue functioning normally until a customer verification request is triggered.
In that case, the bank staff recommeded to contact Hana Bank's English speaking customer center.
What We Learned From This Experience
This experience taught us that the answer to the question,
"Can foreigners keep their Korean bank accounts after leaving Korea?"
is neither a simple "yes" nor a simple "no."
The answer depends on:
- The bank involved.
- Internal policies and procedures.
- The branch and even the representative assisting you.
- Card issuance rules.
- Customer identity verification requirements.
There is no universal solution.
Our Advice for Expats Leaving Korea
Many expatriates need to keep their Korean bank accounts for practical reasons, including:
- Security deposit refunds
- Severance payments
- Tax refunds
- Automatic bill payments
- Remaining assests in Korea
Before departing Korea, we strongly recommend visiting your bank and confirming:
- Whether the account can remain active after departure
- Whether debit and credit cards will continue to function
- Whether internet banking and mobile banking access can be maintained
- How future customer verification procedures will be handled
- Whether any changes should be made before surrendering your Residence Card
Final Thoughts
Our experience with Shinhan Bank and Hana Bank highlighted that maintaining a Korean bank account after leaving Korea is not as straightforward as many online articles suggest.
Bank policies evolve, and procedures may differ by branch and representative. Therefore, obtaining up-to-date information directly from your bnak before departure is essential.
At Team KF, we regularly assist expatriates and multinational companies with visa support, settling-in services, and departure assistance in Korea.
If you are preparing to relocate to or leave Korea and need professional guidance, feel free to contact us.