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KakaoBank review

Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026

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Our verdict

KakaoBank suits Korean residents, businesses and teens who want a fee-free everyday account run from an app, with a currency conversion fee of 0% and a variable rate of 0.1%. The 2016 bank is licensed by the Financial Services Commission (Korea), so money sits with a regulated bank rather than an e-money firm.

Key facts

Best for
A fee-free everyday account for domestic residents who bank in an app.
Monthly fee
₩0↗
Currency conversion fee
0%↗
Currencies
9↗
Free ATM withdrawals
₩0↗
Transfer fee
0 KRW - interbank transfer and automatic transfer fees waived, plus all-bank and convenience-store ATM deposit, transfer and withdrawal fees↗
Legal entity
KakaoBank Corp. (주)카카오뱅크↗
Headquarters
South Korea↗
Founded
2016↗
Support channels
Phone, Help-centre, Chat↗
Audience
Business, Teens
Pricing model
No monthly fee
Features
Free ATM withdrawals, Digital-only
Official website
kakaobank.com

Savings

Headline rate
0.1%↗
Rate type
Variable↗
Access terms
No contract period and no deposit limit; domestic residents aged 14+; interest settled monthly and paid the following day↗
Account kind
Easy access↗

Money transfer

Delivery time
1-3 days↗
Payout methods
Bank, Cash-pickup↗
Fee to send 1,000
₩4,900↗

Facts checked September 26, 2026, 6 sources

Apps and profiles

Elsewhere
WikidataWikipedia

Pros and cons

Pros

  • No monthly charge, with interbank, automatic transfer and all-bank ATM fees waived on transfers
  • Currency conversion fee of 0%, which ranks joint top of 312 brands on cost
  • Free ATM access and a digital-only service, with interest settled monthly and paid the next day
  • Support by phone, help centre and chat

Cons

  • Interest is modest, at a variable 0.1% against a 3% median
  • Currencies are limited to 9, behind the 9 median for everyday accounts
  • Remittances cost KRW 4,900 and take 1-3 days
KakaoBank

Ready to try KakaoBank?

Scored 8.9 / 10 by VaultCue.

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Who it suits

  • Domestic residents who want everyday banking with no monthly charge
  • Small businesses that need business and teen banking and frequent transfers
  • Teens opening a first account at a minimum age

Who should look elsewhere

  • Anyone holding a single currency, since 9 is short of the 350 seen site wide
  • Savings seekers, because a variable 0.1% sits well under the 3% median
  • People wanting cash abroad fast, since remittances take 1-3 days and cost KRW 4,900

How it compares on our data

KakaoBank is joint top of 500 brands on monthly fee and of 312 on currency conversion fee, so nothing is taken for holding the account or for converting money. On breadth it ranks 116 of 379 brands, with 9 currencies against a 9 median for everyday accounts. The account is easy access with a variable rate, so the balance is meant for spending rather than saving.

The company behind it

KakaoBank is KakaoBank Corp. (주)카카오뱅크, headquartered in South Korea and founded in 2016. It holds a bank licence under the Financial Services Commission (Korea), which is why a domestic bank rather than an e-money issuer holds the balance. Support runs through phone, help centre and chat, so help is available by phone, in the help centre and by chat. The service is free atm and digital only.

How KakaoBank compares

Where KakaoBank is available

Available
South Korea
Licence in South Korea
Financial Services Commission (Korea), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

Is there a monthly fee for a KakaoBank account?+

There is no monthly charge on the account, which ranks joint top of 500 brands on that measure. Transfers are also free: interbank and automatic transfer fees are waived, together with deposit, transfer and withdrawal fees at all-bank and convenience-store ATMs. The balance earns a variable 0.1%, settled monthly and paid the following day.

What interest does the account pay and is it fixed?+

The rate is variable at 0.1%, and it moves rather than being locked in. That is well under the 3% median across the site, and there is no notice period to serve and no cap on the balance, so money can be taken out whenever. It is a spending and payment account rather than a home for savings.

How is my money protected and who regulates the bank?+

KakaoBank is a bank licensed by the Financial Services Commission (Korea), which is different from the e-money and payment institution licences common on this site. The legal entity is KakaoBank Corp. (주)카카오뱅크, based in South Korea and founded in 2016. Deposits sit with the licensed bank rather than an e-money firm.

How many currencies can I hold and what is the conversion fee?+

The account covers 9 currencies, which ranks 116 of 379 brands and sits below the 9 median for everyday accounts. The conversion fee is 0%, which puts it joint top of 312 brands on that measure.

Can I send money abroad and what does it cost?+

Remittances are sent from the foreign exchange withdrawal and sending pages, and the fee is KRW 4,900 per transfer. Delivery takes 1-3 days, with payouts available to a bank account or collected as cash. Anyone needing money to land the same day should allow extra time.

Who is this account built for?+

It is listed for business and teen users, so small businesses paying suppliers and young people opening a first account are both in range. Joining is open to residents in the country who meet a minimum age, and there is no notice period to serve and no cap on what you can hold. Support comes by phone, help centre and chat.

Is there a branch or is it app only?+

The service is listed as digital only alongside free ATM access, so everyday banking runs through the app and cash comes from ATMs. The free ATM allowance is KRW 0 on charges of this kind, and deposits, transfers and withdrawals are free at all-bank and convenience-store ATMs.

Sources

Compiled from 7 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Licence type, Deposit protection.

KakaoBank

KakaoBank

A fee-free everyday account for domestic residents who bank in an app.

8.9/10See alternatives