KakaoBank is launching financial services for foreigners. It will support non-face-to-face bank account openings, card issuance, and overseas remittances for foreigners living in South Korea. Foreign customers can use KakaoBank's app in multiple languages to access non-face-to-face financial services.
On the 12th, KakaoBank announced the launch of comprehensive financial services for foreigners, including foreigner-only bank accounts, Friends Check Cards, and overseas remittances. The service is available to foreigners aged 19 or older residing in South Korea who hold a foreigner identification card and a mobile phone registered under their name. It is accessible to foreigners from over 200 countries worldwide, including China and Vietnam.
The biggest difference from other foreigner financial services is that foreigners can use the same app as local customers. There is no need for a separate dedicated app; foreigners can use KakaoBank's app to access the same financial and lifestyle convenience services as locals.
Foreigner-only bank accounts can be opened by following chatbot instructions. The process has been simplified using foreigner-specific selfie authentication and public MyData to verify identity and input customer information. The account opening process can be completed in approximately 5 minutes. Required documents, such as employment certificates and pay stubs, can also be submitted via the app.
Account balances are displayed in both KRW and the currency selected by the customer. Foreigners will receive the same benefits as locals, including fee exemptions for transfers and ATM usage. They can also use group accounts and safe boxes, and deposit products such as savings and installment savings will be expanded sequentially starting next year.
Foreign customers will also receive the Friends check card and the same cashback benefits as locals. Initially, the card will be released as a domestic-only card, with plans to expand it to a check card that supports overseas payments in early December.
For international remittances, KakaoBank has partnered with Hanpass to support approximately 200 countries and 50 currencies. Remittance fees to major countries like the U.S. and China are free.
To lower language barriers, an AI translation feature has been implemented, supporting English, Chinese, and Vietnamese. The app interface, key notifications, chatbot, and one-on-one consultations (in English) are available in multiple languages. Next year, the number of supported languages will expand to seven.
Bae Jeong-ho, head of KakaoBank's Foreign Customer Camp, said, “We did not separate channels for foreigners and Koreans but provided the same app used by Koreans to foreigners as well,” adding, “We were able to launch over 50 services simultaneously at the time of release.”
Foreign customers can also use KakaoBank AI's search and transfer functions, as well as benefit services like 'Walk Daily and Receive Cash' and 'Participate in Surveys and Receive Cash.' They can check various notices, such as fines and penalties, through the National Secretary service.
In the mid-to-long term, the bank plans to link foreign currency accounts, allowing users to receive salaries in KRW, exchange them at their desired time, and send money overseas. The service will also expand to include foreign minors, visiting foreigners, and overseas Koreans.
Long-term plans include expanding into credit-related services such as loan comparisons. Bae explained, “To provide in-house loans to foreigners, a different credit evaluation model and infrastructure than those for Koreans are needed,” adding, “We will start with essential financial services and approach in-house loans in the long term.”
