Multi currency accounts in South Korea

Snapshot

A business in South Korea can hold foreign currency through a foreign currency deposit account at a Korean bank, kept alongside its won account. These accounts suit importers, exporters, and companies that receive payments from abroad. Foreign exchange activity follows the Foreign Exchange Transactions Act, with banks acting as authorised foreign exchange banks.

Local option: A foreign currency deposit account at a Korean bank
Common currencies: US dollars, euros, yen, and others by bank
Rules: Foreign Exchange Transactions Act, with reporting on some transactions
Held in: Korean won (KRW) plus foreign currency balances

Information as of 16 January 2026Last reviewed 16 January 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

A company in South Korea holds more than one currency through a foreign currency deposit account at a Korean bank, kept beside its won account. The large commercial banks such as KB Kookmin, Shinhan, Hana, and Woori offer these accounts together with trade finance, and the state owned IBK serves small and medium businesses. Foreign exchange activity follows the Foreign Exchange Transactions Act, and some cross border transactions need reporting or supporting documents. International providers such as Wise and Airwallex can hold several currencies for a company based abroad, but as of 16 January 2026 they do not open a local won business account inside Korea. Confirm current terms with the provider.

How multi currency banking works in South Korea

Korean banks offer foreign currency deposit accounts that let a company hold balances in currencies such as US dollars, euros, and yen alongside the won. These are widely used by businesses that import, export, or invoice customers abroad, because they reduce the need to convert every payment immediately. The bank acts as an authorised foreign exchange bank and applies the conversion rate and any spread at the time of exchange, as of 16 January 2026. Confirm the available currencies and the rate basis with the bank.

The foreign exchange rules

Foreign exchange transactions in South Korea are governed by the Foreign Exchange Transactions Act, overseen by the Ministry of Economy and Finance and the Bank of Korea. Banks act as authorised foreign exchange banks and carry out the related checks. Some cross border transactions require reporting or supporting documents, particularly larger transfers or capital transactions. The detail depends on the transaction type, so confirm the requirement with your bank before you move funds, as of 16 January 2026.

Korean banks compared with international providers

A foreign currency account at a Korean bank suits a resident company that needs trade finance, branch support, and local settlement. International providers such as Wise, Payoneer, and Airwallex can let a company based abroad hold and exchange several currencies and send won to Korea, but they do not open a local won business account inside Korea, and Revolut is not available to register with a South Korean address. Many companies that trade across borders use a Korean bank for local settlement and an international provider abroad for cross border payments. Compare current fees and currency support against your usage.

As of 16 January 2026, we do not list an international multi currency business account that is confirmed available to open as a local Korean won account inside South Korea. A resident company holds foreign currency through a foreign currency deposit account at a Korean bank such as KB Kookmin, Shinhan, Hana, Woori, or IBK. See the related guides below for markets where listed providers are available.

Questions about multi currency accounts in South Korea

Can a business hold foreign currency in South Korea?

Yes. Korean banks offer foreign currency deposit accounts that let a company hold balances in currencies such as US dollars, euros, and yen alongside a won account. These are common for importers and exporters. Foreign exchange activity is governed by the Foreign Exchange Transactions Act, and banks act as authorised foreign exchange banks. Confirm the currencies and terms with the bank, as of 16 January 2026.

Do Wise or Airwallex offer a multi currency business account inside South Korea?

As of 16 January 2026, international providers such as Wise, Payoneer, and Airwallex let a company abroad hold and exchange several currencies, but they do not open a local Korean won business account inside South Korea. A resident multi currency setup is held with a Korean bank. Revolut is not available to register with a South Korean address. Confirm with each provider.

What rules apply to foreign currency transactions in South Korea?

Foreign exchange transactions are governed by the Foreign Exchange Transactions Act, overseen by the Ministry of Economy and Finance and the Bank of Korea, with banks acting as authorised foreign exchange banks. Some cross border transactions require reporting or supporting documents. The detail depends on the transaction, so confirm with your bank, as of 16 January 2026.

Which Korean banks offer foreign currency business accounts?

The large commercial banks such as KB Kookmin, Shinhan, Hana, and Woori offer foreign currency deposit accounts and trade finance, and the state owned IBK serves small and medium businesses. Available currencies and fees vary by bank, so confirm the current terms with the provider, as of 16 January 2026.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 16 January 2026. Confirm current terms with the provider before applying.