Toss Bank "Foreigners Can Also Open Accounts Remotely"

First Internet Bank Launches Non-Face-to-Face Service for Foreigners
Check Cards and Daily Interest Benefits Available
Unsecured and Uncollateralized Loans Restricted

[Asia Economy Reporter Minwoo Lee] Toss Bank is launching the first-ever non-face-to-face account opening service for foreign customers in Korea among internet-only banks.

Toss Bank announced on the 2nd that starting from the morning, foreign residents holding foreigner registration cards residing in Korea will be able to open accounts non-face-to-face. Foreigners who previously did not have a domestic bank account can now create an account through Toss Bank without visiting a bank branch.

Foreign customers who open accounts will be able to use non-face-to-face banking services without any distinction from domestic customers. They will enjoy the same benefits with the Toss Bank account offering a pre-tax annual interest rate of 2% (0.1% interest applied for amounts exceeding 100 million KRW), as well as the "daily compound interest" benefit where interest is accumulated again daily based on the balance including interest through the "Get Interest Now" feature.

There are no restrictions on using the Toss Bank Card (check card), which offers cashback benefits such as "up to 40,300 KRW per month" and "unlimited 3% cashback on overseas payments." The same free fee policies apply for domestic bank transfers, ATM deposits and withdrawals, and other services. However, loan services operated without collateral or guarantees, such as Toss Bank credit loans, overdraft accounts, and "Boss Loans," are not available.

The bank explained that it was able to start this foreigner-targeted service by introducing a strengthened identity verification process for foreign customers residing in Korea. Until now, it was difficult to verify whether the same person was involved because foreigners often registered different names for mobile phone subscriptions and financial accounts, but Toss Bank found a solution by utilizing the Ministry of the Interior and Safety’s public MyData service.

According to the Ministry of Justice, as of the end of last year, there are approximately 1.96 million foreigners residing in Korea for both long- and short-term stays. Among them, registered foreigners number about 1.57 million. A Toss Bank official stated, "Despite the fact that there are 1.96 million foreign residents in Korea, banking services available to them have remained limited, leaving them as a 'financially marginalized group.' Toss Bank intends to continue looking into financial blind spots and actively embrace customers."