Korean banks are stepping up their game to serve a growing number of foreigners living in the country. With foreign residents hitting record highs in 2025, major lenders like Shinhan and Woori are launching new loans, apps, and lounges to meet rising demand for easy banking.
Foreign Population Boom Sparks Banking Changes
South Korea’s foreign resident count has surged past 2.65 million this year, up sharply from previous levels. This growth, driven by workers, students, and long-term settlers, has pushed banks to adapt quickly.
Bank of Korea figures show foreign customers at local banks reached 8.13 million last year, with their card spending jumping 38.2 percent in the second quarter of 2025. Officials say this trend reflects stronger economic ties and more daily needs from expatriates.
Banks see big opportunities here. They are moving beyond basic accounts to offer loans, multilingual support, and community events. This shift helps foreigners integrate while boosting bank profits in a crowded market.
Experts note that foreign workers often face hurdles like language barriers and strict rules. New services aim to fix that, making banking more inclusive.
Shinhan Bank’s Push for Foreign-Friendly Options
Shinhan Bank leads the pack with targeted products for expatriates. In January 2025, it opened its first branch just for foreigners in Gimhae, South Gyeongsang Province.
The bank now runs 78 digital lounges across Korea. These spots feature smart kiosks and video chats in 10 languages, including Vietnamese and English. Users can open accounts or get certificates without much hassle.
Shinhan also hosts cultural events and financial classes in these lounges. This builds community ties and educates users on money matters.
On September 30, 2025, Shinhan launched the SOL Global Loan. It offers up to 20 million won with flexible terms.
Key details of the SOL Global Loan include:
- Loan amount: Up to 20 million won
- Repayment period: 6 to 36 months
- Interest rates: 9.71 to 11.72 percent
- Eligibility: Workers with E-9, E-7, F-2, or F-5 visas, at least three months in Korea, and six months left on stay
Applications go through the Shinhan SOL app or branches. This product has drawn over 1,000 inquiries in its first week, bank sources report.
Woori Bank’s Global Focus and App Upgrades
Woori Bank is not far behind. It plans to open its first foreign-specialized digital lounge in Incheon on October 24, 2025.
The lounge will mix financial services with relaxation areas. It even operates on Sundays for convenience. Visitors can book slots online and pick services.
Woori runs 12 Global Desks at branches, up from eight last year. These counters provide tailored help for non-Koreans.
The Woori WON Global app stands out too. Available in 17 languages, it lets users transfer money and more. A recent update added job listings and student life tips through a partnership with a campus platform.
This app has seen downloads spike 25 percent in 2025. It solves real problems like finding work or understanding local news.
Other Lenders Join the Trend
Hana Bank is expanding too. It offers translation devices at counters and opened a branch in Poland this year to support Koreans abroad, but the focus is on locals here.
KB Kookmin and others are rolling out loans for foreign workers. Savings banks and capital firms are jumping in, offering more options.
A recent report on cards and payments highlights digital-only banks competing hard. They provide easy access for foreigners, fueling ecommerce growth.
| Bank | Key Service | Target Group | Launch Date |
|---|---|---|---|
| Shinhan | SOL Global Loan | Foreign workers with specific visas | September 30, 2025 |
| Woori | Global Lounge | All expatriates | October 24, 2025 |
| Hana | Translation devices | Foreign customers | Ongoing in 2025 |
| KB Kookmin | Expanded loans | Workers and students | Q3 2025 |
This table shows how banks are timing their moves to capture the market.
Government Role in Boosting Inclusion
The Financial Services Commission plays a key part. In 2025, it approved easier account openings for foreigners, cutting red tape.
Policies now encourage banks to share know-how on virtual assets and trading systems. This ties into broader goals for financial growth.
Vietnam’s ties with Korean banks grew this year, with new branches there. Back home, rules ensure fair treatment for all.
Analysts say these steps prevent issues like loan rejections that plagued foreigners before. The government aims for a balanced system by 2026.
What Lies Ahead for Foreign Banking in Korea
Looking forward, experts predict more innovations. With foreign numbers expected to top 3 million by 2027, banks might add crypto services or AI chatbots.
Challenges remain, like high interest rates and visa limits. But the trend points to better access.
This evolution not only helps foreigners thrive but also strengthens Korea’s economy. As one banker put it, inclusive finance is key to global appeal.
What do you think about these changes? Share your thoughts in the comments and pass this article along to friends who might find it useful.
