Toss Bank, an internet-only bank, launches services for expats


People using Toss, Viva Republica’s mobile financial services app. (photo: Viva Republica)

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

Many expats have had difficulty confirming their identity to open bank accounts here, particularly because the names that appear on their cellphone registration and financial documents may differ from the names on their passports.

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

They will be offered the same contactless banking services used by South Korean nationals, except for those such as unsecured loans and overdrafts, the bank said.

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

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

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




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