KakaoBank launches mobile accounts, cards and remittances for foreign residents
In short
KakaoBank announced mobile banking services for foreign residents of South Korea on October 12, combining account opening, debit cards and international remittances in its existing app. The bank says accounts can be opened in about five minutes when no additional review is needed, with English, Chinese and Vietnamese support.
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KakaoBank announced on October 12 that foreign residents of South Korea can use its existing mobile app to open accounts, obtain debit cards and send or receive international remittances. The service is available to residents aged 19 or older from about 200 nationalities who hold foreign identification and a mobile phone registered in their own name, according to ZDNet Korea and Electronic Times. [ 2 , 6 , 7 ]
The bank says chatbot-guided account opening takes about five minutes if no additional review is required. Customers can submit documents such as employment certificates and pay statements in the app. Identity checks use a dedicated selfie-verification system and public MyData. Maeil Business noted that opening times can vary with identification and review results, and customers can check progress in the app when additional checks are needed. [ 3 , 5 ]
Transfer and ATM deposit and withdrawal fees are waived without conditions. Customers can obtain balance certificates and transaction statements needed for matters such as visa extensions, and view their won balance converted into nine currencies. Debit cards initially support domestic payments and offer the same cashback benefits as those for domestic customers. The bank plans cards supporting overseas payments by year-end. [ 2 , 3 , 5 ]
International transfers support about 200 countries and more than 50 currencies. Sending fees are waived for major destinations including the United States and China, while incoming remittance fees are fully waived. The app supports English, Chinese and Vietnamese, with individual consultations available in English. KakaoBank plans to expand language support to seven languages in 2027 and add deposit and installment-savings products, open banking and loan-comparison services. [ 2 , 6 , 13 ]
Kyunghyang Shinmun reported that foreign residents can already open accounts at bank branches or through mobile apps, but face complaints about language barriers and limitations of dedicated foreign-customer apps. KakaoBank said its new offering aims to provide foreign customers with the same level of banking services as Korean customers. [ 13 ]
Why it matters
The service addresses language barriers and account-opening procedures that foreign residents have reported as difficult. It extends transfer and ATM fee waivers to foreign customers, while deposit products and other services are planned for next year.
Key facts
- The service covers foreign residents aged 19 or older from about 200 nationalities, with foreign identification and a mobile phone registered in their own name. [ 6 , 7 ]
- Account opening can take about five minutes when no additional review is required, the bank said. [ 2 , 3 , 5 , 12 ]
- Customers can submit required documents and obtain balance certificates and transaction statements through the app. [ 2 , 3 , 5 ]
- Transfer and ATM deposit and withdrawal fees are waived without conditions. [ 2 , 3 , 5 , 13 ]
- The service supports international transfers to about 200 countries in more than 50 currencies. [ 2 , 3 , 5 , 6 ]
- English, Chinese and Vietnamese are supported, with one-to-one consultations available in English. [ 2 , 6 , 7 , 13 ]
Confirmed by several sources
- KakaoBank announced accounts, debit cards and international remittance services for foreign residents. [ 2 , 3 , 5 , 6 , 7 ]
- The bank says accounts can be opened in about five minutes if no additional review is needed. [ 2 , 3 , 5 , 12 ]
- The service provides English, Chinese and Vietnamese support. [ 2 , 3 , 6 , 7 ]
- Transfer and ATM fees are waived without conditions. [ 2 , 3 , 5 , 13 ]
- The bank plans seven-language support and additional banking services next year. [ 2 , 6 , 13 ]
Still unclear
- The time required to open accounts needing additional review is not specified. Maeil Business says opening times depend on identity checks and review results, qualifying the bank's five-minute estimate.
What local media are saying
Timeline, local time
- Chosun Ilbo reported the launch of accounts, debit cards and international remittances for foreign residents. [ 2 ]
- Maeil Business reported that the five-minute account-opening estimate depends on identification and review results. [ 5 ]
- ZDNet Korea detailed eligibility, multilingual support and planned expansion in 2027. [ 6 ]