KakaoBank is introducing online account opening, debit card issuance, and overseas remittance services for foreign residents in South Korea. This move aims to attract foreign customers as their numbers continue to rise in the country.
On October 12, KakaoBank held a press conference in Yongsan, Seoul, to announce the launch of its foreigner banking services, including foreign accounts and Friends debit cards.
The foreign account service is available to foreigners aged 19 and older from over 200 countries, including China and Vietnam. Notably, customers can open accounts and receive consultations through the mobile app without visiting a physical branch.
Previously, foreigners had to submit additional documents or visit a branch for customer verification (KYC) and tax obligations. Even when using online services, some procedures could not be completed through the app, causing inconvenience.
To address these issues, KakaoBank has optimized the entire account opening process for mobile use. Required documents, such as employment verification, pay stubs, and proof of residency, can be submitted via the app, allowing account opening in about five minutes if no additional review is needed.
The debit card offers the same cashback benefits as those available to domestic customers. Initially, a domestic-only Friends debit card will be issued, with plans to introduce an international version by the end of the year.
KakaoBank has also enhanced its overseas remittance service. In partnership with Hanpass, customers can send money to approximately 200 countries in over 50 currencies. Remittance fees to major countries like the U.S. and China are waived, and there are no conditions for waiving the receipt fees for overseas remittances, matching the terms for domestic customers.
To facilitate ease of use for foreign customers, KakaoBank has implemented multilingual services. The app interface is available in English, Chinese, and Vietnamese, and English consultations are also supported. Additionally, the app features a function to convert Korean won balances into nine different currencies and provides balance certification services necessary for visa extensions.
KakaoBank plans to expand its offerings for foreign customers by introducing savings and deposit accounts, open banking, and loan comparison services by 2027. In the long term, the bank aims to broaden its customer base to include foreign visitors and expatriates, expanding its business into lending and payment services as well.
Baek Jeong-ho, head of KakaoBank's foreign customer division, stated, "Our goal is to provide foreign customers with the same convenient financial services and benefits that domestic customers enjoy. We will enhance features that cater to foreign customers to make their financial lives in Korea easier and safer."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.