Kakao Bank brings full-app banking to foreign residents

韩国先驱报正文已收录本站

Internet-only bank opens 50-plus services through same app used by Korean customers

Bae Jung-ho, head of the Kakao Bank's foreign customer camp, speaks at a press conference in Seoul, Monday. (Kakao Bank)
Bae Jung-ho, head of the Kakao Bank's foreign customer camp, speaks at a press conference in Seoul, Monday. (Kakao Bank)

Kakao Bank launched banking services for foreign residents Monday, opening more than 50 financial and lifestyle features through the same app used by Korean customers as it seeks to close a longstanding gap in digital banking access.

The initial rollout lets eligible foreign residents open accounts, receive debit cards and make overseas remittances entirely through the app. Kakao Bank plans to gradually expand the service to savings, lending and other products already available to Korean customers.

“A bank that makes life in Korea more comfortable — that is the essence and direction of Kakao Bank's services for foreign customers,” said Bae Jung-ho, head of the bank's foreign customer camp, at a press conference in Seoul.

The push targets Korea's growing population of long-term foreign residents, which reached about 2.2 million at the end of 2025, up 38 percent from 2021, according to the Ministry of Justice.

Foreign residents aged 19 or older with valid residence identification and a mobile phone registered in their own name are eligible.

Banking, daily life in one app

Foreign customers can open accounts on their phones in about five minutes and submit required documents through the app.

“This is even faster than the seven minutes we promised Korean customers in 2017,” Bae said.

The initial lineup includes checking accounts, group accounts and SafeBox, an interest-bearing account for temporarily storing funds. Transfers and ATM transactions are free.

Domestic debit cards offer the same cashback benefits available to Korean customers. Users can also compare and apply for credit cards through the app, including a product offered in partnership with Shinhan Card.

For overseas transfers, Kakao Bank has partnered with Korean remittance provider Hanpass, which covers 200 countries and more than 50 currencies. Customers can register and send money without leaving the Kakao Bank app, with remittance fees waived for some destinations, including the US and China.

Kakao Bank handles incoming overseas remittances directly and waives its receiving fees.

The app also offers features designed around the everyday needs of foreign residents. Customers can issue balance and transaction certificates needed for visa extensions and receive government notifications, including notices of fines.

Users can view their balances converted into nine currencies and access AI-powered search and transfer functions, as well as the bank's rewards services.

AI translation is available in English, Chinese and Vietnamese, while dedicated customer consultations are offered in English.

Kakao Bank has also introduced security measures tailored to foreign residents, including monitoring of customers' permitted periods of stay and facial authentication. Fraudulent text message detection and identity theft prevention services are also available.

International debit card payments are scheduled to launch in early December.

In 2027, Kakao Bank plans to add savings products, open banking and loan comparison services, while expanding language support from three languages to seven.

Closing the service gap

A key feature of Kakao Bank's service for foreigners is giving them access to the same app Korean customers already use.

"Foreign residents have much the same everyday financial needs as we do," Bae said. "Our ultimate goal is to provide them with the exact same convenient financial services and benefits that our domestic customers enjoy."

Using its existing platform allowed the bank to make more than 50 financial and lifestyle services available to foreign residents at launch, Bae said.

The approach also addresses concerns that separate apps often leave foreign customers behind as banks add services and improve digital banking.

"If channels are separated, services are more likely to become concentrated in the app Korean customers use, and the gap in financial services between Korean and foreign customers will only widen over time," Bae said.

Longer-term plans include foreign currency accounts linking salary deposits, currency conversion and overseas remittances, as well as broader deposit, lending and payment services. The bank also aims to eventually extend its services to short-term foreign visitors, Koreans living overseas and foreign minors.

"We will commit to continually expanding our product portfolio and strive to become the most trusted and sought-after financial platform by the international community," Bae said.


jwc@heraldcorp.com