KakaoBank announced on October 12, 2026, at a dedicated “foreign customer service press talk,” the launch of a new account product for foreign residents in South Korea — called 외국인통장 (literally “foreigner account”) — opened entirely through the bank’s app, with no branch visit required.
Foreign nationals aged 19 or older from roughly 200 countries who are living in Korea can apply. The reports did not specify particular visa categories or confirm an Alien Registration Card requirement beyond describing the identity checks below, so residents should confirm their own eligibility with KakaoBank before applying. Account opening is guided by an in-app chatbot and takes about five minutes when no additional screening is needed. Documents such as an employment certificate, payslip, or residence certificate can be uploaded directly in the app, and KakaoBank verifies identity using foreigner-specific facial authentication together with public MyData records rather than manual paperwork. Each person can open up to two accounts, including a shared group account (모임통장) and the SafeBox savings pocket (세이프박스); the account also issues balance and transaction certificates that can support visa-extension applications, with balances displayed in Korean won plus nine foreign currencies.
On fees, KakaoBank waives fund-transfer fees and ATM deposit/withdrawal fees unconditionally for the new account. For outbound overseas remittances, the bank waives the sending fee on transfers to “major countries,” naming the United States and China as examples — the announcement did not state whether this waiver covers all roughly 200 countries the remittance service reaches, so it should not be read as a blanket waiver on every corridor. The fee for receiving an overseas remittance, by contrast, is waived in full with no conditions attached. Outbound transfers are handled through a partnership with remittance firm Hanpass, covering about 200 countries and more than 50 currencies.
A domestic-use debit card, the “Friends Check Card,” is available immediately with the same cashback terms KakaoBank offers Korean customers; a version usable for overseas payments is planned for release by the end of 2026. The bank is also offering a co-branded credit card with Shinhan Card. App screens are available in English, Chinese, and Vietnamese with AI-assisted translation, plus one-on-one customer consultation in English.
Bae Jung-ho (배정호), who leads KakaoBank’s Foreign Customer Camp, said the goal is to give foreign customers “the same convenient banking and benefits that domestic customers enjoy,” and that the bank aims to become the financial platform foreign residents in Korea use most. KakaoBank said it plans to expand the app to seven languages and add savings and time-deposit products, open banking, and loan-comparison tools next year. The bank cited Ministry of Justice figures putting Korea’s foreign resident population at about 2.2 million at the end of last year, growing more than 10% annually.
References
Etoday – KakaoBank Launches Financial Services for Foreigners, From Non-Face-to-Face Account Opening to Overseas Remittance / Financial News – KakaoBank Lowers the Financial Threshold for 2.2 Million Foreign Residents / Digital Times – Foreign Residents Can Now Use KakaoBank Too: Account Opening to Overseas Remittance, All in One App / Global Economic – KakaoBank Opens Non-Face-to-Face Accounts to Foreigners Too, With Fee Waivers and Remittance Support
