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May 3, 2022

Toss Bank launches banking services for foreign expats in South Korea

Toss Bank, an online-only bank in South Korea, has launched banking services for foreign expats to give them access to diversified services, reported Yonhap news agency via Koreabizwire.com.

This is claimed to be the country’s first banking services for the foreign expats.

Several expats face issues in confirming their identities in order to open new bank accounts in South Korea, primarily as their names are different on their mobile phone registration and financial documents from that of their passport.

Beginning 2 May, expats with local addresses and foreign registration cards will now be able to open banking accounts with Toss Bank.

The expats will be provided the same non-contact banking services availed  by South Korean nationals.

However, the expats will not be able to avail non-collateral loans and overdraft, the bank stated.

In the coming future, the online-only bank intends to provide global money transfer services for expats.

Currently, the bank’s expat services are provided in Korean language only.

If the expats face linguistic issues, the bank encourages them to report to the bank’s customer service centre.

Besides Toss, the other two internet-only bank operating in Asian country are Kakao Bank and K-Bank.

Meanwhile, the headquarters of Woori Bank, a South Korean commercial bank, was raided by the police as one of its employees has been suspected of embezzling over $47m (KRW60bn), reported The Korean Herald.

During the four-hour raid, police seized computers and documents of the employee.

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