Updated September 28, 2026 · VaultCue Editorial Team
KakaoBank vs Up
KakaoBank
Up
Higher score in this comparison
What sets them apart
| Compare | KakaoBankReviewSee alternativesSee alternatives | UpReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | ₩0 | A$0 |
| Free ATM withdrawals | ₩0 | A$0 |
| Transfer fee | 0 KRW - interbank transfer and automatic transfer fees waived, plus all-bank and convenience-store ATM deposit, transfer and withdrawal fees | Free for domestic Pay Anyone transfers, BPAY and direct debits; international transfers sent via Wise |
| Currencies | 9 | Not confirmed |
Same on both: Currency conversion fee (0%).
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Key differences
- Up scores higher overall: 9.4 vs 8.9.
- Support channels: only Up offers Email.
- Audience: only KakaoBank offers Business, Teen.
- Audience: only Up offers Travelers.
- Pricing model: only Up offers Low FX.
- Features: only KakaoBank offers Digital only.
- Features: only Up offers Joint account.
Our verdict on each
KakaoBank
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.
Up
Up suits anyone who wants an everyday Australian account that charges no monthly fee and no currency conversion fee. The monthly fee is AUD 0, the currency conversion fee is 0%, and the account is provided by Bendigo and Adelaide Bank Limited, with a variable rate on balances.
Score breakdown
| Area | KakaoBank | Up |
|---|---|---|
| Cost | 9.4Monthly fee of KRW 0, currency conversion fee of 0% and interbank and ATM fees waived. | 9.4Cash withdrawals are free within the allowance of AUD 0 and the minimum deposit is AUD 0, so running costs stay low. |
| Offer | 9.1Variable interest at 0.1% on easy access terms, 9 currencies, 1-3 days remittance. | 9.2HigherBuilt for travelers, with help on chat, phone and email and an Australian Credit Licence, 237879. |
| Trust | 8.4 | Not confirmed |
How they place
| Ranking | KakaoBank | Up |
|---|---|---|
| Savings accounts | 408 of 1420 | 110 of 1420 |
Every fact side by side
| Fact | KakaoBank | Up |
|---|---|---|
| Audience | Business, Teen | Travelers |
| Pricing model | No monthly fee | No monthly fee, Low FXCovers more |
| Features | Free ATM, Digital only | Free ATM, Joint account |
| Legal entity | KakaoBank Corp. (주)카카오뱅크 | Bendigo and Adelaide Bank Limited |
| Headquarters | South Korea | Australia |
| Founded | 2016 | Not confirmed |
| Support channels | Phone, Help centre, Chat | Chat, Phone, Email, Help centreCovers more |
Savings
| Fact | KakaoBank | Up |
|---|---|---|
| Headline rate | 0.1% | Not confirmed |
| Rate type | Variable | Variable |
| Minimum deposit | Not confirmed | A$0 |
| Access terms | No contract period and no deposit limit; domestic residents aged 14+; interest settled monthly and paid the following day | On-demand easy access via the Up app; interest activates after 5 eligible card purchases in a month, no deposit required |
| Account kind | Easy access | Easy access |
Money transfer
| Fact | KakaoBank | Up |
|---|---|---|
| Delivery time | 1-3 days | Not confirmed |
| Payout methods | Bank, Cash pickup | Not confirmed |
| Fee to send 1,000 | ₩4,900 | Not confirmed |
Where each stands against the rest
| Fact | KakaoBank | Up | Median |
|---|---|---|---|
| Currency conversion fee | 0%below the median | 0%below the median | 0.5% |
| Currencies | 9above the median | Not confirmed | 5 |
Median across 536 listed accounts.
Pros and cons
KakaoBank
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
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
Up
Pros
- No monthly charge on the everyday account: AUD 0.
- No currency conversion fee: 0%.
- Joint accounts and free cash machine withdrawals are both on the free atm and joint account list.
Cons
- Interest activates only after a set number of eligible card purchases in a month, so a balance must see card spending first.
- The account kind is easy access with a variable rate, so a fixed-rate term is not part of the deal.
Who each suits
KakaoBank
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
Up
Who it suits
- People in Australia who want a current account with AUD 0 a month and 0% on currency conversion.
- The travellers Up is aimed at, since its listed audience is travelers.
- Pairs who want to share one account, as a joint account appears under free atm and joint account.
Who should look elsewhere
- Readers who want a euro account rather than an Australian one, since €0 a month at XTB and €0 at AXI Card Tarjeta y Credito sit outside Up's Australian base.
- Anyone focused mainly on moving money rather than holding a bank balance, where Skrill charges €0 a month.
Current offers
Up
Current offer
Bonus
Sign up & SCORE $10 with code UPYEAH10: $10 AUD
Code must be used at sign-up via the Up app; offer only applies to individuals opening a new Up Everyday Account
Source, checked September 26, 2026
Country by country
| Country | KakaoBank | Up |
|---|---|---|
| Australia | No | Yes |
| South Korea | Yes | No |
Questions about each
KakaoBank
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.
Up
What does it cost to hold an Up account?+
Up charges a monthly fee of AUD 0 on the everyday account, and the currency conversion fee is 0%. The minimum deposit is AUD 0. Domestic Pay Anyone transfers, BPAY and direct debits are free, while international transfers are sent through Wise.
Who provides the account and what licence is behind it?+
The account comes from Bendigo and Adelaide Bank Limited, Bendigo and Adelaide Bank Limited, which is based in Australia, AU. Up also holds an Australian Credit Licence, 237879, and an Australian Financial Services Licence in Australia.
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KakaoBank