An expat can open a bank account using the mobile resident registration card. (Ministry of Justice)

By Margareth Theresia

Expats from March 21 can use their mobile resident registration cards to open a bank account.

The Ministry of Justice, Ministry of the Interior and Safety, and Financial Services Commission on March 20 said this decision seeks to make the financial transactions of expats more convenient.

In January, the Ministry of Justice launched the card for expats age 14 or older.

Holders of the mobile ID can conduct financial transactions like opening an account at the following six banks: Shinhan, Hana, I.M., Busan, Jeonbuk and Jeju.

Jeonbuk offers contactless financial services for expats with the cards.

Gwangju, Woori, Kyongnam, Nonghyup and Kookmin banks and Industrial Bank of Korea will accept the digital ID starting from the middle of next month.

Financial authorities will expand support so that expats can use the mobile ID at other financial institutions.

margareth@korea.kr