KakaoBank

KakaoBank is Korea's most popular mobile-only bank with over 20 million users. It offers a clean, intuitive app experience and is the easiest bank for foreigners to set up — no branch visits required if you have an ARC card.

Who Can Open a KakaoBank Account?

• Foreigners with a valid Alien Registration Card (ARC)

• Must have a Korean phone number for verification

• Must have a Korean identity verification app (PASS or KB Auth) installed

• Must be 19 years or older

How to Open an Account

• Step 1: Download KakaoBank from App Store or Google Play

• Step 2: Download a Korean identity verification app — PASS (by telecom carriers) or KB Auth

• Step 3: Open KakaoBank and tap "Open Account"

• Step 4: Verify your identity using your ARC card number and Korean phone number

• Step 5: Complete facial recognition or video verification

• Step 6: Set your account PIN and password

• Step 7: Your debit card will be mailed within 5–7 business days

Key Features

• Free transfers — No fees for transfers between Korean banks (24/7)

• Competitive exchange rates — Better rates than traditional banks for foreign currency

• Free debit card — Yellow Kakao debit card accepted everywhere Mastercard is accepted

• Savings accounts — High-interest savings products available in the app

• Loans — Personal loans available for eligible users

• KakaoBank mini — Sub-account feature for budgeting and saving goals

• Linked with KakaoPay — Seamless integration with Korea's most popular payment app

Sending Money Abroad

• KakaoBank offers international wire transfers to over 100 countries

• Fees: 5,000 KRW flat fee — cheaper than most traditional banks

• Exchange rates are competitive but not as cheap as Wise for large amounts

• Transfers processed within 1–3 business days

• Daily transfer limit: 5,000,000 KRW for foreigners (can be increased)

Pros & Cons for Foreigners

• ✅ No branch visit needed — entire setup done on your phone

• ✅ Clean English interface — most features available in English

• ✅ Free transfers to all Korean banks

• ✅ Linked with KakaoPay for easy daily payments

• ❌ Requires ARC card — cannot open without one

• ❌ No physical branches — all issues must be resolved through app or phone support

• ❌ Customer support is primarily in Korean only

Tips

• Set up KakaoPay linked to your KakaoBank account for easy payments at stores and online

• Use the KakaoBank mini feature to set aside money for rent or savings goals

• The yellow KakaoBank debit card works at overseas ATMs — useful when traveling

• Enable transaction notifications in the app — useful for tracking spending

• If you have issues with identity verification, visit a KEB Hana Bank or Woori Bank branch as an alternative

Contact & Support

• Website: www.kakaobank.com

• Customer service: 1599-3333 (Korean only)

• In-app chat support: Available 24/7 in the KakaoBank app