KB Kookmin Card launches 'Overseas Remittance Service'... "Fees as low as 3,000 won"

UnionPay Card Number and Recipient Name Only Needed for Overseas Remittance
Currently Available Only in China, Planned Expansion to Southeast Asia, North America, and Europe

[Asia Economy Reporter Ki Ha-young] KB Kookmin Card has launched a service that enables overseas remittances with a remittance fee at one-tenth the level of bank transfers.

On the 19th, KB Kookmin Card announced the launch of an "overseas remittance service" utilizing the UnionPay card payment network. This service allows overseas remittance as long as the sender knows the recipient's UnionPay card number and name, regardless of whether the sender holds a UnionPay card.

Compared to foreign currency remittances using the existing bank SWIFT network, this service features no telegraphic transfer fees, intermediary fees, or receiving fees, resulting in lower remittance charges. The average remittance time is about 30 minutes, which is shorter than the usual bank transfer time of more than three days.

This service is available to KB Kookmin Card members who are residents and citizens of the Republic of Korea and hold a card payment account linked to a KB Kookmin Bank account. The eligible customers for the service will be expanded in the future to those using other bank payment accounts as their card payment accounts.

Currently, remittances are possible only to the China region, but there are plans to expand the target countries to Southeast Asia, North America, Europe, and others by utilizing various global networks such as Visa and MasterCard.

The service is available daily from 9 a.m. to 9 p.m. The remittance limits are ▲ up to USD 5,000 per transaction ▲ up to USD 50,000 per day and annually. The exchange rate applied is the KB Kookmin Bank telegraphic transfer selling rate, and the remittance fee is 3,000 KRW if the remittance amount converted to Korean won is 1 million KRW or less, and 5,000 KRW if it exceeds 1 million KRW.

The remittance method can be chosen between immediate remittance or delayed remittance. In the case of delayed remittance, the remittance is made two hours after the request, and cancellation is possible within the two-hour delay period.

Customers wishing to use the service can proceed by selecting the "Overseas Remittance" menu in the KB Kookmin Card mobile application → agreeing to the terms and withdrawal consent → selecting the remittance country → entering the remittance amount → entering recipient information (recipient name, UnionPay card number) → and completing identity verification.

A "remittance fee free coupon" is provided upon registering for the overseas remittance service and for the first overseas remittance. One stamp is given per remittance, and when five stamps are accumulated, an additional "remittance fee free coupon" is provided.

This content was produced with the assistance of AI translation services.