Banks expand language services, offer discounts in fees


As the number of expats living in Korea exceeds 1.4 million, local banks have entered into competition to attract more foreign customers.

Woori Bank recently added seven more languages ― Chinese, Vietnamese, Mongolian, Indonesian, Nepalese, Sinhala and Bengali ― to slips used in the banks for transactions. Formerly, it only provided services in Korean and English.

Shinhan Bank also said it will commence Mongolian and Russian language services at ATMs within this month. Before, it only provided services in six languages including English. Kookmin Bank has plans to run call centers for foreigners. 

Some banks offer discounts in charges. Nonghyup started last month to give a discount of 45 percent maximum on bank fees when foreign workers use ATMs, as well as benefits when exchanging currency.

Kookmin Bank also helps customers save exchange commissions by directly sending money in local currency when foreigners remit money to their home countries. The service is available for remittance to 11 countries including Vietnam and Philippines.

Hana Bank started to sell Hana 168 Installation Savings from June 1, a savings product for foreigners living in Korea. Even if the depositor decides to withdraw money from savings before the due date and send it abroad, a special interest, which could reach 3.6 percent at maximum, will be offered.

The bank is also holding a promotional event until the end of this year that offers gifts and discounts on exchange and remittance commissions for those who sign up for the product.

Some banks have taken a step further to non-financial services.

Korea Exchange Bank, where over 30 percent of all expats (about 420,000) in South Korea keep an account, recently began an “omega” service, an exclusive service for foreigners. It provides foreigners with help settling in Korea not just financially but also in terms of communication, culture and leisure.

The bank, for example, took a group of its VIP expat customers last month on a Demilitarized Zone Tour to Imjingak Pavilion in Paju, Gyeonggi Province. The bank also signed a memorandum of understanding with the Cultural Corps of Korean Buddhism to give its VIP customers opportunities to do temple stays.

Industrial Bank of Korea gives out prepaid phones to those who registered for check cards exclusively offered to foreign workers aged over 20.

As most expats living in Korea are workers who have difficulties visiting banks on weekdays, several banks are now open on weekends. Woori Bank opens up shop on weekends for foreigners in Hyehwa-dong and Gwangheui-dong, central Seoul, and Euijeongbu city in Gyeonggi Province. Shinhan Bank and Kookmin Bank also run weekend hours at banks in Wongok-dong in Ansan, Gyeonggi Province, another expat hot spot.

By Park Min-young  (claire@heraldcorp.com)