expat finance - Health in Korea 365

Best Mobile Banking Apps for Foreigners in Korea (2025)

1. Why Mobile Banking is Crucial for Foreigners in Korea

Many foreigners in Korea find in-person banking difficult due to:

Language barriers
Limited foreigner services
Inconvenient business hours

Mobile banking apps offer 24/7 access to your account,
but not all are designed with foreigners in mind.

2. Key Features to Look For

Before downloading a banking app, check for:

English or multilingual support
Sign-up with ARC or passport
Real-time transfers & balance checks
Low or no fees for domestic transfers
International remittance support

3. Top 3 Mobile Banking Apps for Foreigners (2025)

1) Shinhan SOL (신한 쏠)

English interface
Sign-up with ARC + Korean number
Reliable, supports international transfers
Live English chat support on weekdays

2) KB Star Banking (국민은행)

Basic English interface
Good for existing KB customers
Limited functions in English
Best for users who opened their account in person

3) Toss Bank (토스뱅크)

Fully digital, intuitive UI
Minimal English support (but growing)
Great for budgeting, free ATM withdrawals
Recommended for tech-savvy users with basic Korean

4. Common Problems Foreigners Face

Apps and messages in Korean only
Phone number not matching ARC name
Authentication failures
App crashes or verification issues

5. Goldnuri’s Tips

Register phone number under your own ARC
Turn on biometric login (face/fingerprint)
Use Papago to translate error messages
Visit a branch to get help with app setup if needed

Summary

In 2025, Shinhan SOL remains the most balanced app for foreigners,
while Toss Bank is ideal for digital-native users.
Start with a bank that supports foreigner registration—then build your mobile banking experience with confidence.

Korean Bank Fees Explained: Hidden Charges Foreigners Should Watch For

Introduction

Banking in Korea can seem smooth at first—easy apps, widespread ATMs, and helpful staff. But what many foreigners don’t realize is that behind this convenience lies a maze of hidden fees. This guide breaks down the most common (and overlooked) bank fees foreigners face in Korea and how to avoid them.

1. Most Common Bank Fees in Korea

ATM Usage Fees
₩500–₩1,500 for after-hours withdrawals or using another bank’s ATM.

Account Maintenance Fees
Charged if balance falls below ₩100,000. Often deducted silently.

Interbank Transfer Fees
₩500–₩1,000 per transfer between Korean banks.

Dormant Account Penalties
Inactivity over 1 year = dormancy. Reactivation may involve extra fees.

Reissuance Fees
Lost card/passbook: ₩2,000–₩5,000. Even PIN change may cost money.

2. Hidden Costs Specific to Foreigners

Foreign Currency Handling Fees
Up to 1.5% for currency conversion (USD, EUR). Also applied to international wire transfers.

International Transfer Fees
Includes:

Outgoing fee (₩10,000–₩30,000)
SWIFT message fee
Exchange rate margin

Account Closure Fees
Rare, but possible if closed within 6 months.

3. Real-life Scenarios That Cost You Money

“I withdrew ₩50,000 at night and lost ₩1,200 in fees.”
“My balance dropped under ₩100,000 — got charged monthly.”
“I left Korea and forgot about my account. It went dormant.”

4. How to Avoid Unnecessary Charges

Use your bank’s ATMs during business hours
Maintain a healthy minimum balance
Use mobile apps for alerts
Bundle transfers into larger amounts
Close unused accounts
Compare banks: K-Bank and KakaoBank often have better policies

Conclusion

Korea’s banking system is advanced, but not always transparent.
A little awareness = a lot of savings. Stay informed and keep your money safe.

Next in Series:
👉 [Part 3: How to Exchange Money in Korea – Safely and Cheaply] (Coming Soon)

Smart Money & Cost-saving Series – Part 2