Bae Jung-ho, head of the foreign customer camp at KakaoBank introduces the internet-only bank’s newly launched financial services for foreign residents in Korea during a press conference held in central Seoul on Oct. 12.KAKAOBANK
KakaoBank added banking services for foreign residents in Korea to its existing app on Monday, allowing them to open checking accounts and send remittances to 200 countries in over 50 currencies.
The service gives foreign residents access to banking services available to Korean citizens, including debit card issuance, as well as features tailored to their needs, such as multilingual customer support and access to bank documents, including balance certificates and transaction histories, the internet-only bank said. Previously, services available to foreign customers were limited to mobile identification and shared accounts.
“Banks have typically developed separate apps for foreign customers, inevitably creating a service gap with apps for Korean customers over time,” said Bae Jung-ho, head of the foreign customer camp at KakaoBank, at a press conference held in central Seoul on Monday to introduce the new service.
“But we don’t separate our apps for foreign and Korean customers. Our goal is to provide foreign customers with the exact same convenient financial services and benefits that our domestic customers enjoy,” Bae added.
A promotion for KakaoBank's new banking service for foreign residents in Korea.KAKAOBANK
Just like Koreans, foreign users of KakaoBank’s banking app will be able to open an account without visiting a branch, enjoy fee waivers for transfers and ATM withdrawals and also benefit from debit card cash-back. KakaoBank said it plans to introduce savings accounts, open banking and loan comparison services in 2027.
The bank rolled out the offering as the number of foreign residents in Korea continues to grow, reaching 2.78 million at the end of last year, up 5 percent from a year earlier, according to the Ministry of Justice. Of those, 2.15 million had stayed in the country for more than 90 days.
Along with the growth, foreign residents have emerged as a key target for banks seeking new sources of revenue as their numbers grow. Shinhan Bank revamped its mobile banking app for foreign customers, SOL Global, last year, adding support for 16 languages and expanding remote banking services such as account opening and loan applications. Hana Bank has also revamped its Hana EZ app for foreign customers into an integrated financial and lifestyle platform, expanding its services this year to include overseas remittances, document issuance and utility bill payments. JB Financial Group also launched Bravo Korea, a financial service platform for foreign residents, in 2025.
"By integrating essential functions tailored for foreign customers, such as multilingual services, specialized authentication and robust security features, we are committed to making their financial lives in Korea easier and much safer,” Bae added.
