KakaoBank Launches Mobile Account and Remittance Services for Foreign Residents
KakaoBank unveiled a foreigner bank account opened in about five minutes, a domestic check card and overseas remittance with Hanpass, according to digitaltoday.co.kr.
KakaoBank held a "Foreigner Service Press Talk" on the 12th and unveiled a suite of financial services for foreign residents in Korea, including a foreigner bank account, a check card, overseas remittance and multilingual consultation, according to digitaltoday.co.kr.
The "Foreigner Bank Account" is available to foreign residents aged 19 or older from about 200 nationalities, including China and Vietnam. Accounts can be opened on mobile in about five minutes when no additional screening is required, and documents such as employment certificates, pay stubs and residency certificates can be submitted in the app. Balance certificates and transaction statements for visa extensions can also be issued in the app.
Account balances can be viewed converted into nine currencies in addition to Korean won. Transfer and ATM deposit and withdrawal fees are waived without conditions, the same as for domestic customers, and foreign customers can use the "Moim Tongjang" group account and the "Safe Box" parking account. Up to two foreigner accounts can be opened per person.
KakaoBank issues the domestic-only "Friends Check Card" to foreign customers with the same cashback benefits as existing customers. A check card enabling overseas payments will be added by the end of the year.
Overseas remittance is offered in partnership with Hanpass, supporting about 200 countries and around 50 currencies. Remittance fees to major countries such as the US and China are free. AI translation on service screens supports English, Chinese and Vietnamese, and one-on-one English consultation is provided. KakaoBank plans to expand supported languages to seven by 2027.
Planned Expansion
KakaoBank said it plans to add savings and deposits, open banking and loan comparison services next year. It said it aims in the long term to extend its customer base to foreign visitors to Korea and overseas Korean nationals and to expand services into deposits, lending and payment settlement.
Quick answers
Who can open the KakaoBank foreigner bank account?
Foreign residents aged 19 or older from about 200 nationalities, including China and Vietnam.
How long does it take to open the account?
About five minutes on mobile when no additional screening is required.
Which remittance partners and countries are supported?
Overseas remittance is offered with Hanpass, supporting about 200 countries and around 50 currencies, with free fees to major countries such as the US and China.