As the number of foreign nationals residing in Korea has exceeded 1.2 million, exclusive financial services dedicated to them have also increased and diversified. In the last couple of years, services for overseas remittance have especially increased. Some banks now open on Sundays for foreign nationals who have no time to visit on weekdays, while some banks serve only foreign nationals.
Woori Bank has offered an exclusive savings account for foreign workers in Korea, “My Hometown Saving Bank” since July. The savings account allows users to deposit and withdraw Korean won and their own currency simultaneously for their convenience. When sending money to their home countries through this savings account, the money automatically goes to their registered bank account back home with a 30% discount on remittance charges. Another discount of up to 50% on the exchange rate is a bonus. The bank also launched a check card for foreigners over 19 years old. The card especially features various discounts on purchases at discount stores in Korea including E-mart, Lotte Mart, and Homeplus.
| In order to reinforce financial services for foreign customers, Kyongnam Bank recently hired immigrant wives (Photo: Yonhap News). |
The Korea Exchange Bank (KEB) has financial products for foreigners such as Rainbow Savings and the Rainbow Check Card. Purchasers with a certain amount of application history are exempted from paying fees for using electronic services such as internet banking with these two products. They also get an exemption for using ATMs. KEB has also signed a Memorandum of Understanding (MOU) with the Nepali bank Nabil Bank to improve its services for foreign nationals in Korea. Under the MOU, Nabil Bank will send its own employees to Korea to provide better and easier service for Nepalese people in Korea. Customers of Nabil Bank can also get door-to-door services including sending money directly home through remittance company Shramik Remit Company.
Citibank Korea offers World Link Overseas Remittance which allows customers to send money home directly in 57 foreign currencies. With the current serviced currency including euros, Japanese yen, and American dollars, 44 new currencies have been added to the service such as the Indonesian rupiah, Vietnamese dong, and Thai baht.
The Industrial Bank of Korea (IBK) sells LIG Magic Power Global Savings Insurance for foreign nationals residing in Korea. This accident insurance includes a call service in various languages including English, Chinese, and Vietnamese and offers a discount on regular health checkups.
| Korea Exchange Bank (KEB) and the Mongolian bank Nabil Bank signed an MOU to improve financial services for foreign nationals in Korea (Photo: Yonhap News). |
Banks that open on Sundays also have received a positive response from foreign nationals. Woori Bank has five branches in Hyehwa, Gwanghee, Doksan, Changsin, and Uijeongbu that open on Sundays from 10 a.m. to 4 p.m. for foreigners who can't afford the time to visit on weekdays. KEB added the Gwanghee branch to its Sunday open branches and will soon have Nepali employees at the branch.
Employees from the Bank of the Philippine Islands (BPI) and Mongolian bank Khan Bank have worked for Woori Bank in Korea on Sundays under the MOUs made by those banks long ago. Thanks to the MOUs and services that the MOUs include, Filipino and Mongolian customers who are not familiar with Korean finances and language can use the bank with ease.
KEB also signed an MOU with Khan Bank for its customers to use electronic accounts in Korea, while IBK runs an exclusive call center for foreigners. It also has some branches that open on Sundays in Ansan City and the Itaewon area.
Meanwhile, Hana Financial Group opened a financial consulting center for foreign workers in Korea in September. Applications for financial products are translated into various languages and consulting services are offered at the center.
By Jessica Seoyoung Choi
Korea.net Staff Writer
Trackback :
