Kakao Bank Lowers 'Fast Overseas Remittance' Fee to $5 Regardless of Amount
[Asia Economy Reporter Kim Hyo-jin] Korea Kakao Bank (KakaoBank) announced on the 20th that it has lowered the fee for its overseas remittance service 'WU Fast Overseas Remittance' to $5 regardless of the remittance amount.
The previous fee was $6 for remittances up to $3,000 and $12 for amounts exceeding that.
'WU Fast Overseas Remittance' is a service that allows remittance to over 200 countries worldwide within one minute. KakaoBank launched it last year in collaboration with Western Union, a global remittance payment network company.
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To commemorate this fee reduction, KakaoBank will run a promotion from the 27th of this month to the 24th of next month, offering all customers a cashback equivalent to the fee for one transaction per person.
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