Foreign customers wait for services at Hana Bank’s Euljiro branch in Seoul, March 8. Korea Times photo by Lee Kyung-min
Korean banks are moving to better serve foreign residents as the migrant population grows, according to industry officials Monday.
The number of foreign customers at five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank — reached a combined 6.97 million as of March.
Foreign customers now account for about 5 percent of total clients, reaching 6.91 million in 2025, up from 6.64 million in 2024 and 6.36 million in 2023.
The trend mirrors the increase in the number of foreign residents in the country. According to the Ministry of Justice, the foreign population reached about 2.78 million at the end of 2025, a record high. Long-term residents surpassed 2 million.
According to industry officials, foreign customers tend to open accounts with multiple lenders to access a wider range of services.
Lenders are rolling out tailored services to capture this growing market.
Hana Bank operates 17 branches in areas with large foreign populations that provide dedicated services. It also runs a mobile app, Hana EZ, offering multilingual, non-face-to-face services designed to improve financial access for non-Korean residents.
"The rise in foreign residents has led to increased demand for tailored financial services. We are working to improve access and make banking more convenient for foreign customers," a Hana official said.
Some lenders have introduced dedicated loan services for long-term foreign residents. Shinhan Bank recently raised the limit on its non-face-to-face credit loans for foreign customers to 50 million won ($34,000), up from 20 million won.
Source: Korea Times News
