Revolut is an e-money institution platform that provides a wide range of banking and financial services through its mobile app and web platform. Launched in 2015, Revolut initially started as a service for managing multiple currencies but has since grown into a comprehensive financial platform used by millions of people globally.
Moreover, one of Revolut’s main features is its multi-currency accounts, which allow users to hold, exchange, and spend in various currencies at competitive exchange rates. This service is particularly popular among frequent travelers and those who need to manage money across different countries.
Beyond traditional banking services, Revolut also enables users to engage in cryptocurrency trading, stocks and comodities directly within the app.
In this article, we will uncover Revolut’ availability and expansion plans in South Korea, as well as provide alternative solutions.
Is Revolut available in South Korea?
Unfortunately, Revolut is not yet available in South Korea and it’s currently available in 35 countries. According to their website, Revolut “You can open a Revolut account if you live in a country or overseas territory listed below: Australia, Brazil, European Economic Area (EEA), Japan, New Zealand, Singapore, Switzerland, United Kingdom and United States”.
As the world of digital banking evolves, South Korea residents looking for sophisticated and user-friendly banking platforms have a variety of options. Revolut has gained popularity in over 35 countries for its innovative features, transparent operations, and a strong commitment to social and environmental responsibility. However, Revolut is not available in South Korea.
This article explores the best Revolut alternatives accessible to South Koreans who wish to benefit from innovative digital banking services. We will look at the best neobanks and fintech platforms that cater to the unique needs and preferences of South Korean users, offering features such as low fees, seamless transactions, and comprehensive mobile banking solutions.
Whether you are a seasoned user or just getting started, keep reading to learn about the best options for managing your finances efficiently.
If you would like to read our full review of Revolut just click here!
Revolut Alternatives in South Korea
In this section, we will be discussing 3 alternatives that share comparable features with Revolut in South Korea:
- Kakaobank
- Toss Bank
- Aspire
Kakaobank
Kakaobank is a South Korean neobank founded in 2016. It operates as a fully digital bank with no physical branches, offering a range of financial services, including savings accounts, personal loans, credit cards, and payment solutions, all accessible through its mobile app.
As a subsidiary of Kakao Corporation, the company behind the popular messaging app KakaoTalk, Kakaobank leverages this ecosystem to provide seamless financial services to users.
Overall, its user-friendly interface, low fees, and convenience make it an attractive option, especially for younger, tech-savvy consumers. Currently, Kakaobank focuses exclusively on the South Korean market, but its success has made it a leading name in the global neobanking space.
However, if you still have doubts about Kakaobank being the right fit for you, just click here and find out more!
Toss Bank
Toss Bank is a pioneering neobank based in South Korea, launched in 2017, the same company that operates the widely-used Toss app.
The bank offers a variety of financial products, including personal loans, debit and credit cards, and savings accounts, all accessible through a user-friendly mobile application. Toss Bank prioritizes a seamless and transparent banking experience, enabling users to manage their finances effortlessly.
Overall, Toss Bank aims to enhance financial inclusion by reaching out to younger users and those who may have been underserved by traditional banking institutions.
However, if you still have doubts about Toss Bank being the right fit for you, just click here and find out more!
Aspire
Aspire is a Singapore-based neobank that focuses on providing a seamless and efficient digital banking experience for small and medium-sized enterprises (SMEs) and startups.
Launched in 2018, Aspire offers a suite of financial tools that cater specifically to the needs of modern businesses, aiming to simplify their financial management processes.
Overall, Aspire’s approach is tailored for startups and SMEs that require agility in managing finances, offering competitive foreign exchange rates, transparent fees, and tools designed to help businesses scale efficiently.
However, if you still have doubts about Aspire being the right fit for you, just click here and find out more!
Final Thoughts
Although Revolut is not accessible in South Korea, there are still plenty of other options available to assist people in achieving their financial objectives. There are local and global solutions available, each catering to a different desire and set of financial goals.
Having said so, always remember that choosing the best digital bank depends on your personal goals and financial situation, so it’s essential to stay informed about the latest developments and explore the ever-expanding range of financial tools available.
We hope we helped you in your search for the Best Alternatives for Revolut in South Korea.
Why use a digital bank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.
