The Easiest and Cheapest Way to Use Stripe as a Korean Developer

LIFE•
The Easiest and Cheapest Way to Use Stripe as a Korean Developer

Since Stripe no longer supports direct sign-ups for South Korean companies, you'll need a workaround to use it for your web and app payments. The easiest and most cost-effective method is to use a Wise Multi-Currency Account to obtain foreign bank details (like a German IBAN) and register with Stripe. This guide provides actionable steps tailored for a Korean individual or business, keeping it simple and affordable.

Step-by-Step Guide to Using Stripe as a Korean Developer

Step 1: Sign Up for a Wise Multi-Currency Account

  • Go to Wise Multi-Currency Account and create an account.

  • How:

    1. Click "Get started" and enter your email.

    2. Verify your identity with your Korean ID and a phone number.

    3. Link your South Korean bank account (e.g., Kookmin, Shinhan) to Wise for funding and withdrawals.

  • Time: 5-10 minutes, plus 1-2 days for verification.

  • Why: Wise provides bank details in supported Stripe countries without forming a foreign business.

Step 2: Get European Bank Details (German IBAN)

  • Add a Euro (EUR) balance in Wise and request German bank details.

  • How:

    1. Log into Wise, go to "Balances," and select "Add EUR."

    2. Choose "Get bank details" for Europe (Germany provides an IBAN and SWIFT code).

  • Why: Germany is a Stripe-supported country, and an IBAN works seamlessly for Stripe payouts.

Step 3: Create a Stripe Account

  • Register for Stripe using your Wise German bank details.

  • How:

    1. Visit Stripe Dashboard.

    2. Fill in your details:

      • Business country: Select Germany (matches your IBAN).

      • Name: Use the same name as your Wise account.

      • Address: Use your Korean address or a German address.

    3. Add your Wise German IBAN under "Banking details."

Step 4: Integrate Stripe into Your Web and Apps

  • Get your API keys from "Developers" > "API Keys" in Stripe Dashboard.

  • For Web: Use Stripe Elements or Checkout. 

    <form id="payment-form">
  <div id="card-element"></div>
  <button id="submit">Pay</button>
</form>
<script src="https://js.stripe.com/v3/"></script>
<script>
  var stripe = Stripe('your_publishable_key');
  var elements = stripe.elements();
  var card = elements.create('card');
  card.mount('#card-element');
</script>

  • For Apps: Use Stripe’s SDKs (iOS, Android). 

    implementation 'com.stripe:stripe-android:20.34.0'

Step 5: Set Up Currency and Payouts

  • Set EUR as your primary currency in Stripe.

  • Confirm your Wise German IBAN is linked for payouts.

  • Convert EUR to KRW in Wise and transfer to your Korean bank account.

Step 6: Test and Launch

  • Use Stripe’s test mode (test card: 4242 4242 4242 4242).

  • Verify funds appear in Wise.

  • Switch to live mode in Stripe Dashboard and start accepting real payments.

Step 7: Monitor and Comply

  • Check Stripe Dashboard for payment history.

  • Declare income to South Korean tax authorities (consult a local accountant).

  • Enable local payment methods like Samsung Pay if needed.

Costs Breakdown

  • Sign-up: Free (Wise + Stripe).

  • Transaction Fees: Stripe: 2.9% + $0.30; Wise: ~0.5-1% conversion fee.

  • Total Overhead: ~4% of revenue, cheaper than forming a US LLC.

This workaround is the simplest and cheapest way for a Korean developer to use Stripe in 2025. Let me know if you need help with coding the integration or troubleshooting!