How do you open a North Korean bank account? Well after now doing this for about the 5th time in 17 years I can confirm that not only is it very easy, but that in Rason and the Golden Triangle Bank at least it comes with a swell souvenir.
Said outing was done as part of me being one of the 5 first foreigners to cross into North Korea since the pandemic. This was done at the Rason SEZ as we try to open the zone back up to tourism.
What the Rason?
The Rason Special Economic Zone (SEZ) is North Korea’s experimental foray into quasi-capitalism, nestled in the country’s northeast where it borders both China and Russia. Established in the 1990s, Rason has long been touted as Pyongyang’s answer to China’s Shenzhen, though its progress has been somewhat different.
By 2025, Rason remains a unique anomaly in the DPRK, hosting limited foreign investment, primarily from Chinese and Russian firms. The zone boasts a relatively relaxed regulatory environment, allowing joint ventures, a multi-currency system, and some degree of market freedom unseen elsewhere in the DPRK!
And now it is also a high volume place of tourism!
Banking in North Korea
I have previously written about banking in North Korea, buy can give a quick recap!
Banking in North Korea operates within a state-controlled system, where the Central Bank of the DPRK oversees all financial activities. Unlike Western banks, personal accounts and private financial transactions are rare, with most citizens relying on a mix of cash, workplace-issued payment cards, and informal money exchanges.
Foreigners and businesses use special bank accounts in designated institutions, often requiring transactions in Chinese yuan, euros, or US dollars rather than North Korean won. Rason SEZ even allows limited foreign banking.
And nowadays plastic cards, QR payments and even forms of online banking are even taking hold, although within their online system.
What the Golden Triangle Bank?
The Golden Triangle Bank was established in the 1990s to support the Rason SEZ’s attempt at limited market reforms. Designed to facilitate trade between North Korean, Chinese, and Russian businesses, it operates outside the country’s traditional banking system, handling foreign currency transactions essential for cross-border commerce.
Aside from that it also for all intents and purposes works as the “central bank” of Rason, particularly for business and the like. This is shown by the big shiny bank in the centre of town, as well as the many branches throughout the country.
Opening a bank account in North Korea
OK, so in reality you do not actually open a bank account in North. Korea – although this is very possible, but rather you purchase a nameless charge card that you can prepay cash on and in theory at least use anywhere in Rason that takes the card. Note this cannot be used in Pyongyang before you go filling it up with too much cashola.
You then have a “North Korean Credit Card”, or rather a charge card that you can use in the Rason SEZ, so where can you use you GTB card? Sadly in bugger all places. In 2019 at least they were in many restaurants and our guides at the Rason International Travel Agency (RITA)) would use them to settle food bills and the like. Nowadays though this seems to have been replaced by a WeChat like QR code system, but hey North Korean bank account or not, to me at least having this card in your wallet is baller. Sadly Rason Street Food vendors do not take the GTB bank card.
So, yeah opening a North Korean bank account is more about being cool than practicality, but overall I am ok with that…