Korea's Toss Bank expands services to include foreigners

Toss Bank's foreign service promotion poster. [TOSS BANK]

Toss Bank, the country’s third online exclusive bank, announced Monday that it is expanding its services to include foreigners.

The online bank said foreign clients will be able to open an online account virtually.

Foreign customers do not have to have an existing bank account at another local bank.

“There are 1.96 million foreigners living in Korea,” said a Toss Bank official. “Yet the banking services that foreigners can use is still limited.

“We plan to be more actively inclusive in finding customers in the blind spots.”

Foreign customers will be offered the same banking services as their Korean counterparts, except for loans without collaterals or guarantees including unsecured loans borrowed by credit.

The service includes a bank account with an annual interest rate of 2 percent, a debit card with cashback benefits and no commission charge when wiring money to local banks or withdrawing cash from an ATM.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]