KakaoBank vs Toss vs Traditional Banks for Foreigners
Toss, KakaoBank, Shinhan SOL, Hana, Woori — which Korean banking app actually works for foreigners? Compared on English support, ARC eligibility, and fees.
Every Korean uses a banking app for daily life, and as a foreigner you'll want one too. The catch: the apps Koreans rave about aren't all open to you. The famous "easy" digital banks are built around a Korean national ID, while the app that actually accepts your ARC gets less hype. Here's the honest comparison.
The quick verdict
If you want a simple digital account you can open from your couch, go with Toss Bank — it accepts ARC holders online. If you want full features with English support and a human to help when things break, use a traditional bank (Shinhan, Hana, or Woori) and its app. Treat KakaoBank as probably-not-available: its standard signup has required a Korean national ID and rejected the ARC.
Whichever you pick, you'll need an ARC and a Korean phone number first — no app gets around that.
At a glance
| App / Bank | Opens with just an ARC? | English support | How you open it | Best for |
|---|---|---|---|---|
| Toss Bank | Yes, online | Mostly Korean UI | In-app, no branch needed | An easy all-in-one digital account |
| KakaoBank | Usually no (needs Korean national ID) | English site is info-only | In-app (if eligible) | Most foreigners should skip |
| Shinhan SOL | Account via branch or app | Good English UI + global desk | App or branch | English users wanting a full bank |
| Hana (1Q) | Account via branch or app | Strong English + global branches | App or branch | The most foreigner-friendly big bank |
| Woori WON | Account via branch | English and Chinese supported | Mostly branch | Standard full-service banking |
Option by option
Toss Bank
The standout for foreigners who want a digital account. ARC holders can open Toss online — it accepts the Alien Registration Card, permanent residency card, or domestic residence card as valid ID. Account, debit card, transfers, and payments all live in one clean app. The interface is primarily Korean, so keep a translation tool handy during setup, and make sure your name matches exactly across your ARC and SIM registration or verification will fail. For most independent arrivals, this is the fastest path to "I have a working Korean account."
KakaoBank
Wildly popular with locals, but its normal signup has required a Korean national ID (주민등록번호 — jumin deungnok beonho) and turned down the 외국인등록증 (oegugin deungnokjeung — ARC). The English homepage is informational and doesn't change eligibility. Policies can evolve, so it's worth a look in-app — but don't build your plan around it.
Shinhan SOL
Shinhan's app has a genuine English interface and the bank runs foreigner-focused services and global desks. App-based opening can carry conditions (certain visa types and a minimum time worked in Korea), so many foreigners open at a branch and then use SOL for everything after. A great all-rounder if English usability matters.
Hana (Hana 1Q)
KEB Hana is repeatedly ranked the most foreigner-friendly bank, with English app support and a dense network of global branches staffed by multilingual tellers. If you value being able to walk into a branch and get help in English, Hana is the safe pick. See our full walkthrough on opening an account.
Woori WON
Woori's app supports English and Simplified Chinese and covers all the standard banking you'd expect. English support is a notch below Shinhan and Hana, but branches are generally cooperative with the standard documents. A solid, no-drama choice.
Costs compared
| App / Bank | Account/card cost | Everyday transfers | Notes |
|---|---|---|---|
| Toss Bank | Free to open, free debit card | Free within-app; low domestic fees | Fewer physical branches for in-person help |
| KakaoBank | Free (if eligible) | Low fees | Eligibility is the real barrier, not price |
| Shinhan SOL | Free/low; free debit card | Free at own ATMs; small out-of-network fees | English support + global desk included |
| Hana / Woori | Free/low; free debit card | Free at own ATMs; small out-of-network fees | Best for branch help and remittances |
Across the board, opening and basic use are cheap or free — the meaningful difference is access and support, not monthly cost. Deposits at all of them are protected up to ₩100,000,000 per person, per bank.
Which should you choose?
- You want the easiest digital account and have an ARC: start with Toss Bank.
- You want English support and human backup: open at Hana or Shinhan and use their app.
- You're tempted by KakaoBank because friends love it: check eligibility, but expect to be turned away without a Korean national ID — have a backup ready.
- You haven't got your ARC yet: sort that first with our ARC guide; no app will fully onboard you without it.
Many foreigners end up running two apps: a traditional bank for salary, rent, and remittances, plus Toss for quick everyday payments. Once you're set, round out your phone with our essential apps for Korea, and remember that for markets and street food you'll still want a little cash on hand.
Frequently asked questions
›Can foreigners open a KakaoBank account?
Historically, no for most. KakaoBank's standard signup has required a Korean national ID number and declined the ARC, so many foreign residents can't open it even though its English site exists. Rules can shift, so check current eligibility in-app — but plan around Toss or a traditional bank instead.
›Is Toss Bank good for foreigners?
Yes, it's the most accessible fintech option. ARC holders can open a Toss Bank account online without a branch visit, and everything — account, card, payments — lives in one app. The interface is mostly Korean, so a translation tool helps, but the signup itself works if your name matches your SIM and ARC.
›Which Korean bank app has the best English support?
Among the big banks, Shinhan SOL and Hana's app offer solid English interfaces, and both have global desks for in-person help. Woori WON supports English too. For pure English usability plus human backup, a traditional bank beats the pure-fintech apps.