Korea's banks roll out more financial services for foreigners as population grows

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Korea's banks roll out more financial services for foreigners as population grows

Published: 06 Oct. 2025, 11:00

YOON SEUNG-JIN
[email protected]

Audio report: written by reporters, read by AI

A foreign customer talks with bank tellers using a translation device. [HANA BANK]

As more foreign residents settle in Korea, their growing economic presence is reshaping how banks do business, prompting them to roll out more banking services targeting expatriates.

Bank of Korea data show that the number of foreign customers at domestic banks was 8.13 million as of last year, a 13.87 percent jump from the 2021 figure of 7.14 million, while their card spending reached a record high in the second quarter of 2025, surging 38.2 percent from the previous quarter.

In response to the growing demand from foreign customers, domestic banks are actively expanding beyond traditional financial services to offer loan products, foreign customer-friendly lounges and everyday support, ranging from job hunting to education.

A Shinhan Bank Foreign Branch opened in Gimhae, South Gyeongsang. [SHINHAN BANK]

Shinhan Bank’s SOL Global Loan and Lounge

Shinhan Bank operates 78 digital lounges designed exclusively for foreigners.

The lounges are equipped with digital desks and smart kiosks, enabling visitors to open accounts, issue bank cards and obtain English deposit balance certificates through video consultations with staff in 10 languages, including Vietnamese, Indonesian, Chinese and English.

The most recent foreigner-only digital lounge opened on Sept. 22 at the Jeonnam Immigration and Foreign Residents Support Center in Yeongam, South Jeolla.

According to Shinhan Bank’s press release, the bank also plans to use these lounges in foreign worker communities to host cultural exchange events, provide tailored financial consultations and run financial education programs to strengthen ties with local communities.

Shinhan Bank also rolled out the SOL Global Loan on Sept. 30, a lending product designed exclusively for expatriates. The loan provides up to 20 million won ($14,269), with repayment terms ranging from six to 36 months. Interest rates range from 9.71 to 11.72 percent.

Applicants must have worked in Korea for at least three months, hold E-9, E-7, F-2 or F-5 visas and have more than six months remaining on their legal stay. Applications can be completed via the Shinhan SOL Bank mobile app or in person at a Shinhan branch.

A promotional image showing the Woori WON Global application available in English [WOORI BANK]

Woori Bank’s Global Lounge and Woori WON Global

Woori Bank is also preparing to open its inaugural foreign-specialized digital lounge in October at the bank’s Chuanso Financial Center in Incheon.

The center will feature a premium lounge for foreign customers as well as a digital finance experience zone. The facility will provide not only financial services but also a nonfinancial resting space for foreign residents. The lounge is scheduled to open on Oct. 24 and will operate until April 19, 2026.

The project, budgeted at 750 million won, is part of Woori Bank’s broader strategy to provide services tailored to foreign customers with an emphasis on lifestyle and community support, according to a Woori Bank spokesperson.

To support foreign customers by providing convenient banking services on weekends, the bank will open the lounge on Sundays as well. Through the bank’s mobile website, customers can reserve a visit, select a date and indicate their financial needs.

In addition, Woori Bank also runs Global Desks, dedicated counters for foreign customers that provide customized financial services. In April this year, four new Global Desks were added at branches in Cheonan, Incheon Port, Yeonsu-dong and Dongpyeongtaek, bringing the total number of branches offering the service to 12.

Woori Bank has enhanced its Woori WON Global app through a partnership with Korea JoongAng Daily’s K-campus, a platform that provides information about campus life and careers in Korea. The collaboration allows international students access to job postings, campus news and firsthand accounts of student life in Korea within the app’s International Student Community section.

Woori WON Global, available in 17 languages, already enables users to transfer money and open bank accounts. It also offers services such as Topik lectures and insurance registration, broadening its role beyond conventional banking.

Hana Bank's promotional image of its EZ initiative [HANA BANK]

Hana Bank’s NH GlobalWITH initiative

In September, Hana Bank introduced NH GlobalWITH, a long-term program aimed at making banking easier for foreign residents in Korea.

The initiative includes a deposit account that offers up to 2 percent annual interest on deposits of up to 1 million won, along with a 50 percent discount on exchange rates and remittance fees.

For those who prefer regular saving, the program’s savings account allows monthly deposits of 500,000 won for six to 24 months, earning up to 3.8 percent interest per year.

Foreign residents holding E-7 or E-9 visas can also take advantage of the EZ Loan, which provides between 1 million and 30 million won with repayment periods ranging from six to 30 months. Eligible borrowers may receive a preferential interest rate discount of up to 1 percentage point.

Beyond financial products, Hana Bank has launched Hana EZ, a multilingual chat service supporting nine languages, and partnered with universities such as Yonsei University, Korea University and Dongguk University to offer financial education covering topics from fraud prevention to proper card use, helping foreign residents navigate the Korean banking system.

JB Financial Group headquarters in Yeouido, western Seoul [JB FINANCIAL GROUP]

Regional banks’ loan services

Regional banks are also actively expanding loan programs for foreign residents in Korea.

Jeonbuk Bank offers the JB Bravo Korea Loan to foreigners holding E-9, F-5, F-6, E-7, or F-2 visas. Depending on visa type, work history and income, loan amounts range from 1 million won up to 50 million won. Interest rates start at 9.7 percent per annum and go up to 17.9 percent, according to the bank’s latest data released in May this year.

Gwangju Bank operates the Together Loan for international students enrolled in degree programs at Korean universities.

Eligible applicants include students from 12 countries, including China, Vietnam, Uzbekistan, Mongolia and Nepal. Loan amounts range from 1 million to 3 million won, with repayment options such as installment, lump sum or revolving repayments. Interest rates range between 9.94 percent and 16.95 percent annually, though final rates are subject to change.

In addition, BNK Busan Bank provides the BNK Welcome Global Loan, while BNK Kyongnam Bank offers the K-Dream Foreign Worker Credit Loan for foreign residents employed in Korea. The K-Dream Loan, targeting holders of E-7 or E-9 visas, carries interest rates of between 5.93 percent and 15 percent per annum, with loan amounts available up to 30 million won.

According to the banks’ customer services, final terms and rates vary depending on the applicant’s creditworthiness and the bank’s internal review standards.

The KB Kookmin Bank logo at the bank's head office in western Seoul [YONHAP]

KB Kookmin Bank’s insurance service and KB Quick Send

KB Kookmin Bank, in partnership with Samsung Fire & Marine Insurance, has been providing inquiry and claims services for foreign workers since July through its mobile app, KB Star Banking.

Supporting 11 languages, including English, Chinese, Japanese, Cambodian, Vietnamese and Thai, the app enables users to access departure guarantee insurance, repatriation cost insurance and accident insurance, as well as review their contracts without visiting insurance centers.

The bank also launched KB Quick Send, an overseas remittance platform, in April.

The service allows money transfers abroad with a flat fee of 5,000 won and a maximum processing time of one day, while relay and telecommunication fees are waived. KB Kookmin Bank also plans to expand the service from five countries to 48 by the end of the year.

BY YOON SEUNG-JIN [[email protected]]