Internet-only Toss Bank Begins Services for Expats

People using Viva Republica's mobile financial service app Toss. (image: Viva Republica)

People using Viva Republica’s mobile financial service app Toss. (image: Viva Republica)

SEOUL, May 2 (Korea Bizwire)Toss Bank, one of the three internet-only banks in South Korea, said Monday it launched the country’s first banking services for foreign expats here to provide them more access to diversified services.

Many expats have had difficulties in confirming their identities to open bank accounts here, particularly because the names that appear on their cell phone registration and financial documents may differ from their passport names.

Starting Monday, expat customers with local addresses and foreign registration cards can open banking accounts at Toss Bank.

They will be offered the same non-contact banking services used by South Korean nationals, except those such as non-collateral loans and overdraft, the bank said.

Toss Bank said it plans to offer global money transfer services for expats in the near future.

Toss Bank’s expat services are offered in Korean only. In the case of linguistic problems, expats are encouraged to report to the bank’s customer service center, the bank said.

Toss is one of the three internet-only banks operating in South Korea, along with Kakao Bank and K-Bank.

(Yonhap)


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