KakaoBank has announced that its overseas remittance service has surpassed 5 million transactions.
The bank revealed on October 6 that the cumulative usage of its 'send and receive overseas remittance' service has exceeded 5 million transactions since its launch nearly nine years ago.
KakaoBank introduced its overseas remittance service in July 2017, allowing users to send and receive money 365 days a year through its mobile application, with fees lower than those of traditional banks.
In response to the growing use of its overseas remittance service, KakaoBank has decided to extend its fee waiver benefits.
The basic fee of 4,900 won for remittances from KakaoBank's foreign currency accounts to overseas accounts will be waived until December 31 of this year, regardless of the amount or frequency of remittances.
Using foreign currency accounts, customers can remit nine currencies, including U.S. dollars (USD), euros (EUR), and Japanese yen (JPY), to accounts in 19 countries. It is also possible to purchase foreign currency in advance when exchange rates are favorable and remit it when needed.
The waiver period for receiving fees on overseas remittances has been extended for another year until September 30 of next year. Starting in October 2024, KakaoBank will fully waive the receiving fees for overseas remittances. Typically, receiving banks in South Korea charge up to 10,000 won in fees for overseas remittances. According to KakaoBank, it has waived approximately 200,000 receiving fees over the past two years, saving customers around 880 million won.
A KakaoBank representative stated, "We have expanded the waiver benefits to reduce the fee burden on customers using our overseas remittance service, and we will continue to enhance the convenience of our foreign exchange services."
* This article has been translated by AI.
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