Online accounts and neobanks in South Korea

Snapshot

South Korea has three licensed internet only banks, Kakao Bank, K Bank, and Toss Bank, which have grown quickly in retail banking. As of 18 May 2026 their focus is mainly personal customers, and business account availability through them is limited, so most companies open a corporate account with a traditional Korean bank and then use that bank's online and mobile corporate banking.

Internet only banks: Kakao Bank, K Bank, Toss Bank
Business accounts: Limited through internet only banks, verify directly
Usual route: A traditional bank with corporate internet and mobile banking
Charged in: Korean won (KRW)

Information as of 18 May 2026Last reviewed 18 May 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

South Korea has three licensed internet only banks, Kakao Bank, K Bank, and Toss Bank, which have grown quickly with personal customers. As of 18 May 2026 their business offering is limited, and corporate account availability through them varies, so most companies open a corporate account with a traditional Korean bank such as KB Kookmin, Shinhan, Hana, Woori, or IBK, and use that bank's corporate internet and mobile banking afterwards. Opening the account usually still involves an in person visit by the representative director. International neobanks do not open a local won business account inside Korea. Confirm the current position with each provider.

Internet only banks in South Korea

The three licensed internet only banks are Kakao Bank, K Bank, and Toss Bank. They have built large personal customer bases with app first accounts, simple onboarding, and competitive savings and lending products. As of 18 May 2026, their products are aimed mainly at individuals, and business account availability through them is limited. If a company wants to bank with one of these providers, the practical step is to confirm directly whether a corporate account is currently offered and what the eligibility is, because the position can change.

Online banking with traditional banks

The large commercial banks such as KB Kookmin, Shinhan, Hana, and Woori, and the state owned IBK, offer full corporate internet and mobile banking once an account is open. A company can make domestic and foreign transfers, manage payroll, view statements, and handle approvals online. The account opening itself usually still involves an in person visit by the representative director for identity verification, even though day to day banking is digital. Confirm the available digital features with the bank, as of 18 May 2026.

International providers

International providers such as Wise, Payoneer, and Airwallex run app based multi currency accounts, but as of 18 May 2026 they do not open a local Korean won business account inside South Korea, and Revolut is not available to register with a South Korean address. They can help a company based abroad send or receive won. For a resident company that wants an online experience with a local won account, the route is a Korean bank's corporate digital banking. Compare current terms against your usage.

As of 18 May 2026, we do not list an international online business account that is confirmed available to open as a local Korean won account inside South Korea. A resident corporate account, with online and mobile banking, is opened with a Korean bank such as KB Kookmin, Shinhan, Hana, Woori, or IBK. See the related guides below for markets where listed providers are available.

Questions about online accounts and neobanks in South Korea

Which neobanks operate in South Korea?

South Korea has three licensed internet only banks: Kakao Bank, K Bank, and Toss Bank. They have grown quickly in retail banking. As of 18 May 2026, their focus is mainly personal customers, and business account availability through them is limited, so confirm the current position directly with each bank.

Can a business open an account with Kakao Bank, K Bank, or Toss Bank?

As of 18 May 2026, the internet only banks are built mainly around personal customers, and corporate account availability through them is limited. Most companies still open a corporate account with a traditional Korean bank. Confirm whether a business account is currently offered, and the eligibility, directly with each bank.

Can a business bank online with a traditional Korean bank?

Yes. The large commercial banks such as KB Kookmin, Shinhan, Hana, and Woori, and the state owned IBK, offer corporate internet and mobile banking once the account is opened. Opening the account itself usually still involves an in person visit by the representative director. Confirm the digital features with the bank, as of 18 May 2026.

Do international neobanks offer a won business account in South Korea?

As of 18 May 2026, international providers such as Wise, Payoneer, and Airwallex do not open a local Korean won business account inside South Korea, and Revolut is not available to register with a South Korean address. A resident corporate account is opened with a Korean bank. Confirm with each provider.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 18 May 2026. Confirm current terms with the provider before applying.