![]() ![]() ![]() Take a picture of your ID and enter personal information.Use KakaoTalk or a mobile number to open an account.This is almost 2 times faster than K-Bank and way more convenient that the traditional banks that require you to go a branch for account opening.Īlso the process is optimized for KakaoTalk users (i.e. The whole process takes between 5 to 7 minutes to create an account. It seems that they were able to achieve this by using Citigroup’s WorldLink payment services instead of going through SWIFT.Īccount opening is fully digital and is completed without visiting a bank branch. ![]() There was some speculation before the launch about some fancy technology (Ripple.) behind this offering but apparently Kakao Bank's secret sauce for cheap transfers is more traditional. Cheap offshore transfers: Kakao Bank claims to take commissions 10 times lower than what other Korean banks are charging. ![]()
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