"Same Benefits as Domestic Customers"... KakaoBank Launches Comprehensive Financial Services for Foreigners (Comprehensive)

Foreign customers can open an account on mobile in just five minutes

Cards, overseas remittances, AI and lifestyle benefits also offered

Savings accounts, open banking and loan comparison service to launch next year

Loans for foreign customers remain a medium- to long-term goal

KakaoBank is stepping up its efforts to serve foreign customers by launching comprehensive financial services for foreign residents in Korea. Through AI translation and a simplified review process, foreign customers will be able to open an account in five minutes. The bank will also introduce card issuance, overseas remittances and lifestyle benefits, and plans to expand its services for foreign customers next year to include savings and installment deposit accounts and open banking. However, it plans to consider offering its own loan products for foreign customers over the medium to long term, as this would require a separate credit evaluation model and risk management system.

Bae Jeongho, head of KakaoBank's Foreign Customer Camp, announced plans to launch comprehensive financial services for foreign residents in Korea at the “Foreign Customer Service Press Talk” (press briefing) held at a hotel in Dongdaemun-gu, Seoul, on the 12th.

As of the end of 2025, about 2.2 million foreign nationals lived in Korea, and their number has been growing by more than 10% a year on average. However, opening an account required customers to submit documents or visit a branch for customer identification (KYC) and verification of overseas tax obligations. In particular, even when using non-face-to-face services, customers could not complete the process in the app, or support for foreign customers was inadequate.

KakaoBank said it designed the service with foreign customers' needs in mind, including the enrollment process, language and authentication environment, to reduce the difficulties they face. Customers can complete every step, from opening an account and using products to contacting customer service, on their mobile devices. The bank has also added features that allow customers to obtain documents needed to extend their visas and check their balances in a currency they are familiar with.

“By adding features foreign customers need, such as multilingual services, dedicated authentication and security functions, we will make managing finances in Korea easier and safer,” Bae said.

Foreign nationals aged 19 and over from more than 200 countries can open an account...in just five minutes

Bae Jeongho, head of KakaoBank's Foreign Customer Camp (pictured), announced plans to launch comprehensive financial services for foreign residents in Korea at the "Foreign Customer Service Press Talk (press briefing)" held at a hotel in Dongdaemun-gu, Seoul, on the 12th. Photo by Lee Gimin.

Foreign nationals aged 19 and over from more than 200 countries and territories around the world, including China and Vietnam, can open an account, the first step in using banking services. The entire process has been designed for mobile devices and uses a chatbot interface. If no additional review is needed, customers can open an account in about five minutes.

Customers can also submit documents, including certificates of employment, pay stubs and certificates of residence, through the app. KakaoBank has simplified the process of entering and verifying information such as a customer's name, nationality, address and occupation by introducing a selfie authentication system for foreign customers and public MyData. If verification of overseas tax obligations or an additional review takes time, customers can check the progress in the app.

KakaoBank has also prepared convenience features for foreign customers living in Korea. Balance certificates and transaction statements needed for visa extensions and other purposes are easy to find in a separate “Document Issuance” menu. The account screen displays the balance in won alongside its real-time equivalent in nine currencies, allowing customers to check their balance in a currency they are familiar with.

KakaoBank also plans to offer its “Friends Check Card” to foreign customers. It will initially issue cards for domestic use, with the same cashback benefits available to Korean customers, and plans to launch an additional Friends Check Card that can be used overseas at the end of the year. The bank will also roll out credit card services, including the KakaoBank Chakbut Shinhan Card, a private-label credit card (PLCC) launched in collaboration with Shinhan Card in August 2026, and a co-branded credit card for sole proprietors.

Transfer and ATM deposit and withdrawal fees will be waived unconditionally, just as they are for domestic customers. Foreign customers can also open a “Group Account” and sign up for “Safe Box,” a parking account. Each customer can open up to two foreigner accounts.

KakaoBank will also offer an overseas remittance service that customers can easily use through the app. For outbound remittances, it has partnered with Hanpass to support about 50 currencies in around 200 countries. Customers can send money after signing up for Hanpass through the KakaoBank app. KakaoBank provides inbound overseas remittances directly, and, as with domestic customers, waives all recipient fees unconditionally.

AI translation added to product enrollment and customer inquiry channels...security system designed with foreign customers in mind

Multilingual AI translation will be available across all screens, including product enrollment and customer inquiry channels, in English, Chinese and Vietnamese. The bank offers one-on-one consultations in English and plans to expand the number of supported languages to seven next year.

“We are preparing to patent a multilayered translation structure that includes Google Translate Toolkit and translations based on a dictionary created with a large language model (LLM), so I can't go into detail. But I believe KakaoBank's own specialized know-how has been applied,” Bae said.

He added: “We tested translations done by people and by AI. We structured the system to combine various AI tools and provide polished translations. Our review found that AI sometimes makes mistakes, but in some cases it demonstrated better financial knowledge than human translators.”

The bank has also developed a security system that takes into account foreign customers' residency patterns and authentication environments. It has incorporated security measures tailored to these factors, including a process for managing foreign customers' periods of stay, a facial authentication system dedicated to foreign customers and fraud detection functions. Like domestic customers, foreign customers can also use AI-powered smishing text message detection and identity theft prevention services.

Next year, KakaoBank plans to add savings and installment deposit accounts, open banking and a loan comparison service to expand the range of products and services available to foreign customers. In the long term, it plans to expand its customer base to include visitors to Korea and Korean nationals living abroad, as well as broaden its services in deposits, lending and payments.

“We hope KakaoBank will become the new standard for Korean finance for foreign residents who live here long term to study or work,” Bae said. “We will continue to expand our product portfolio and become the financial platform most sought after by foreign customers.”

Loans for foreign customers remain a medium- to long-term goal...“Separate infrastructure needed”

KakaoBank will launch a loan comparison service for foreign customers, but has ruled out directly providing loans for now. The bank said a separate credit evaluation model and risk management system are necessary because foreign customers differ in their length of stay, occupations and sources of income. “We are not yet at the stage of seriously considering providing our own lending services,” Bae said. “Foreign customers need a credit evaluation model different from that used for Korean customers, as well as separate infrastructure to support it.”

KakaoBank did not set a short-term revenue target for the launch of its comprehensive financial services for foreign customers. Its aim is to reduce the difficulties foreign customers face when using financial services in Korea and thereby naturally attract more customers. Bae also said: “We launched this service from an inclusive perspective, to reduce the difficulties and anxieties foreign customers face, rather than as a business venture focused on profitability. We expect deposits and other balances to grow as our customer base expands, but we have not set a specific target.”

KakaoBank said it has no specific plans at present for linking won-denominated stablecoins with overseas remittances by foreign customers, but is monitoring potential demand and developments in the legislative process.

This content was produced with the assistance of AI translation services.