Banks in Korea are stepping up their game to cater to the growing foreign population, recognizing the importance of offering tailored services to this demographic. With the number of foreign nationals in Korea on the rise, local financial institutions are enhancing their offerings to ensure a smoother banking experience for expatriates from arrival to departure.
Korea’s major financial groups, KB, Shinhan, Hana, and Woori, are leading the charge by providing specialized services for foreign residents. This includes dedicated counters, branches, and call centers, making it easier for expats to access financial services in their own language and with cultural sensitivity.
For example, Woori and Hana have established branches specifically for foreigners, some of which operate even on Sundays to accommodate the needs of foreign workers. KB has set up centers specializing in overseas transactions, while Shinhan has dedicated call centers for foreign customers.
But it’s not just about providing designated communication channels; banks are also focusing on delivering more personalized services tailored to the needs of foreign customers. KB Kookmin Bank, for instance, introduced a departure guarantee payment service at Incheon Airport, allowing foreign workers leaving Korea to collect their severance pay without having to visit a bank beforehand.
Hana Bank has been enhancing its digital banking services for foreigners, recognizing the challenges many face with the identification process. The bank recently updated its Hana EZ banking app for foreign exchange transactions, offering digital certificates in 16 different languages.
The number of foreign nationals residing in Korea has been steadily increasing, reaching 1.43 million as of May, the highest figure since 2012. This includes a growing number of foreign workers, which has risen from 855,000 in 2021 to 923,000 last year.
Recognizing the trend, regional lenders like BNK Kyongnam Bank are also expanding services for foreign customers, with separate counters dedicated to foreign workers in cities like Changwon and Ulsan.
Hana Bank sees potential in the growth of the foreign student population and has signed a business agreement with Hire Diversity, a platform for foreign students, to provide integrated financial services for them.
While the demand for foreign capital may not be very strong at the moment, the increasing number of foreigners residing in Korea is prompting the local financial sector to respond proactively.
With Korea’s foreign population on the rise, banks are stepping up their efforts to ensure that expatriates have access to the financial services they need, making banking in Korea a more inclusive and convenient experience for everyone.
(Source: Korea Herald)
