Kwangju Bank Launches 'TOGETHER Foreigner Account'

Customized for Foreign Customers

Gwangju Bank recently launched a customized deposit and withdrawal account for foreign customers called the "TOGETHER Foreign Account." Photo by Gwangju Bank

Gwangju Bank (President Ko Byungil) announced on the 27th that it has recently launched a customized deposit and withdrawal account for foreign customers called the 'TOGETHER Foreigner Account'.

The 'TOGETHER Foreigner Account' is available to foreign residents who are making their first deposit and withdrawal account transaction with Gwangju Bank (within the last three months), limited to one account per person. It offers a variety of preferential services, including exemption from various fees with no conditions, interest rate benefits, and favorable exchange rates.

The main preferential services include: ▲ exemption from electronic financial transfer fees to other banks ▲ exemption from ATM cash withdrawal fees ▲ exemption from automatic transaction notification (SMS notification) fees ▲ exemption from foreign currency remittance fees ▲ 50% preferential spread on remittance and foreign currency exchange rates (limited to USD, EUR, JPY), among others.

The 'TOGETHER Foreigner Account' applies a parking interest rate based on balance tiers with no additional requirements. An annual interest rate of 2.00% is applied to balances below 5 million KRW, and 0.01% for balances of 5 million KRW or more, with interest paid every Saturday.

For more details on eligibility and other conditions, customers can visit a nearby branch, check the Gwangju Bank website, or contact the customer center.

Park Moonsu, Head of Data Product Strategy at Gwangju Bank, stated, "In response to the recent expansion of the foreign financial market and increasing demand for customized products, we have launched a new product to meet the needs of foreign customers. We expect that the essential preferential services provided will enable convenient financial transactions for foreign customers starting their financial lives in Korea, and we will continue to prioritize customer-oriented product development in the future."