Why your Korean bank account has a daily limit

The bank opened your account, but you can only move 1 million won a day. That is a limited account (한도제한계좌). Here is what the Financial Services Commission (FSC) says.

The limits
Since 2 May 2024: internet banking 1 million won a day, ATM 1 million won a day, and 3 million won a day at the counter. Before that it was 300,000, 300,000 and 1 million. Internet-only banks keep their own limits of 1 to 2 million won. The change applied to existing limited accounts automatically. We found no later change on the FSC site as of October 2026.

Why banks do it
Since 2012 banks must confirm the purpose of a new account, to stop accounts being sold for fraud. If you cannot hand in objective proof of that purpose, the bank opens a limited account instead of refusing you.

How to lift the limit
Show proof of the purpose. Each bank publishes its own list, and the FSC says the lists differ by bank and a bank may ask for more. The FSC's own examples: to receive a salary, a health insurance eligibility certificate (건강보험자격득실확인서) or a withholding tax receipt; to receive a pension, a pension certificate. Work contracts and student certificates are common requests, but which document counts is the bank's decision.

One more rule
An account that was used for fraud keeps lower limits after it is released: 300,000 won online and at ATMs, 1 million at the counter.

It depends on your bank and the proof you can show.

Next step: ask your branch which document on its list fits your situation, then bring it in.

Source: Financial Services Commission, 2 May 2024. Checked 11 October 2026.