How to Close a Korean Bank Account and Get Your Balance Back (For Foreigners)
Introduction
Closing your Korean bank account is a crucial step when leaving the country — yet many foreigners either forget or don’t know how to do it properly. This guide walks you through every essential step to ensure your account is safely closed and your money is returned without issues.
Step-by-step: How to Close a Korean Bank Account
Documents You’ll Need
- Passport
- Alien Registration Card (ARC)
- Bankbook (if issued)
- Debit card / Mobile banking app
Where to Go
- Preferably the original branch
- Full-service branches like KB, Shinhan, Woori, Hana are usually fine
How to Request Account Closure
Say or show:
“계좌 해지하고 싶어요 (Gyejwa haeji hago sipeoyo)”
= I’d like to close my bank account.
Refund Options
- Cash withdrawal
- Transfer to another Korean bank
- Wire transfer overseas (with fees)
Hidden Traps to Avoid
1. Automatic Withdrawals
Cancel rent, phone, insurance, utility bill links before closing.
2. Dormant Account Issues
Unused accounts don’t close automatically. Reactivation later is time-consuming.
3. Foreign Currency or Fee Deductions
Check for USD/EUR balances. Some banks deduct fees from inactive accounts.
FAQ
Can I close it after leaving Korea?
Usually no. In-person visit required unless using legal representative with POA.
Return card or bankbook?
Often requested. Bring everything related to the account.
How long does it take?
About 10–20 minutes if no pending payments.
Pro Tips
- Visit 5–7 days before departure
- Request a final balance statement
- Cancel all linked services
- Use remaining cash at airport
- Update platforms like Wise, PayPal if account was linked
Final Thoughts
Closing your account isn’t just a formality — it’s a financial safeguard.
Wrap up properly, and leave Korea knowing your money is secure.