Korean financial institutions expand services for foreign residents

Foreign tourists visiting the Korean Folk Village in Yongin, Gyeonggi Province, on November 1 hold up mini banners prepared by BC Card, Gwangju Bank, and Global Money Express for a commemorative photo. (BC Card)

South Korean financial institutions including banks and card companies are offering tailored products for foreign residents in a move to diversify the customer base.

BC Card Co announced on Monday that it partnered with the Korea Folk Village, Kwangju Bank, and GME Remittance to offer discounted tickets for foreign visitors.

The event, held at Korean Folk Village on Friday, a popular tourist destination in Yongin, Gyeonggi Province, drew an estimated 400 foreign participants.

Kwangju Bank has also recently offered coupons valued at 16,000 won ($11) to those who opened Together, a debit card designed for foreign residents.

The card, available to foreign residents aged 12 or older, offers a 0.2 percent cashback on domestic and international purchases without any restrictions.

Hana Bank opened a dedicated branch for foreign customers in Pyeongtaek, Gyeonggi Province, and operates 16 branches in foreign-dense areas on Sundays.

Woori Bank recently expanded access for foreign customers by opening three branches on Sundays, and KB Kookmin Bank has established eight foreign exchange remittance centers in areas with large foreign populations.

According to the Ministry of Justice, the number of foreign residents in South Korea has reached 2.6 million as of August.