Switching business account in South Korea

Snapshot

Switching a business account in South Korea is usually a manual process. You open the new corporate account, move incoming payments, direct debits, payroll, supplier details, and tax and card settlement instructions across, keep both accounts open during the change, and close the old account once everything clears. The account move service that helps personal customers redirect automatic transfers is aimed mainly at individuals, so confirm whether it covers your account type.

Method: Usually manual for corporate accounts
What moves: Incoming payments, direct debits, payroll, tax and card settlement
Keep open: Both accounts during the change
Plan around: Payroll and tax dates

Information as of 21 May 2026Last reviewed 21 May 2026

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

Switching a business account in South Korea is usually a manual process rather than an automated transfer. You open the new corporate account with a Korean bank, then move incoming payments, direct debits, payroll, supplier and customer details, and tax and card settlement instructions across. Keep both accounts open during the change so nothing is missed, and close the old account once items have cleared. South Korea runs an account move service that helps personal customers redirect automatic transfers, but as of 21 May 2026 it is aimed mainly at individuals, so confirm whether it covers your account type with the bank.

How switching works in South Korea

For a company, switching banks means recreating each payment relationship on the new account rather than flipping a switch. South Korea operates an account move service that lets customers redirect automatic transfers between accounts, but as of 21 May 2026 it is built mainly around personal customers, so a corporate switch is generally handled by hand. Confirm with both banks whether any automated redirection applies to your account type before you rely on it.

The steps to switch

Open the new corporate account and complete the know your customer checks, including the in person visit by the representative director if required.
List every incoming and outgoing item on the old account, including customer payments, supplier direct debits, payroll, card settlement, and tax instructions.
Update each customer, supplier, payroll, and tax record with the new account details, and move automatic transfers across.
Keep both accounts open for a period so any items still routed to the old account are not missed.
Once incoming and outgoing items have moved and cleared, close the old account and confirm any notice or fees with the bank.

Timing the change

Plan the switch around payroll runs, tax filing dates, and card settlement cycles so a payment does not fall between the two accounts. Korean businesses must keep their bank details aligned with tax invoicing and reporting, so update the tax office and any payment processors promptly. Confirm the cut over plan with both banks, as of 21 May 2026.

As of 21 May 2026, we do not list an international business account that is confirmed available to open as a local Korean won account inside South Korea, so a switch between resident won accounts is between Korean banks such as KB Kookmin, Shinhan, Hana, Woori, or IBK. See the related guides below for markets where listed providers are available.

Questions about switching a business account in South Korea

Is there an automatic account switching service for businesses in South Korea?

South Korea runs an account move service that helps customers redirect automatic transfers between accounts. As of 21 May 2026 this service is aimed mainly at personal customers, so for a corporate account switching is usually a manual process of opening the new account and moving each payment relationship across. Confirm whether any automated service covers your account type with the bank.

How do you switch a business bank account in South Korea?

You open the new corporate account, then move incoming payments, direct debits, payroll, supplier details, and tax and card settlement instructions across, keep both accounts open during the change, and close the old account once everything clears. Plan the timing around payroll and tax dates. Confirm the steps with both banks, as of 21 May 2026.

Should you keep the old account open while switching?

Keeping the old account open for a period is common, so that any payments still routed to it are not missed while you update customers, suppliers, payroll, and tax records. Close it only once incoming and outgoing items have moved and cleared. Confirm any notice or fees for closing with the bank, as of 21 May 2026.

Do international providers help switch a won business account?

As of 21 May 2026, international providers such as Wise, Payoneer, and Airwallex do not open a local Korean won business account inside South Korea, and Revolut is not available to register with a South Korean address, so a switch between resident won accounts is between Korean banks. Confirm with each provider.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 21 May 2026. Confirm current terms with the provider before applying.