Korea to enhance English language services in banking

An international student sits outside at a university campus in Seoul, Wednesday. Yonhap

The Financial Supervisory Service (FSS) will make banking easier for foreign nationals living in Korea through expanded language support in mobile applications, translated versions of essential documents and strengthened information services at bank branches tailored to foreign customers, the financial watchdog said Wednesday.

The FSS said it reviewed ways to reduce the inconveniences experienced by foreign nationals when using financial services during its fair finance promotion committee meeting.

The initiatives come amid growing demand for inclusive financial services, with the number of foreign residents in Korea reaching a record 2.65 million in 2024.

The watchdog noted that many foreign nationals still face challenges due to insufficient language support and limited access to relevant information.

They often struggle to understand key terms and important details during banking transactions, as translated versions of essential documents are either unavailable or only offered for in-person services.

In addition, some banks do not provide multilingual support in their mobile apps or impose technical limitations that complicate the identity verification process.

In one case reported to the watchdog, a 20-character limit on name entry prevented a user from entering his full name as it appeared on his alien registration card, leading to difficulties in completing verification.

The FSS vowed to work closely with banks to improve banking accessibility for foreign customers.

By the end of this year, banks will be encouraged to prepare English translations of key documents — including account opening forms and forms verifying the purpose of financial transactions — and offer them through their mobile applications.

To enhance mobile app accessibility, English-language support will be expanded, and the character limit for name entries will be increased to facilitate smoother mobile identity verification for foreign customers.

The watchdog will also offer more detailed guidance on available languages and services at specialized bank branches for foreign residents through the Korea Federation of Banks' website and individual bank websites.