"Use Fast and Affordable Fintech Overseas Remittance Service at the Post Office"

Ujeong Business Headquarters to Implement from the End of Next Month

[Asia Economy Reporter Kim Bong-su] The Korea Post announced on the 25th that it will provide a fast, convenient, and economical "fintech-type overseas remittance" service starting at the end of next month.

The fintech-type overseas remittance service is rapidly growing recently because it is more convenient to use, faster in remittance speed, and more economical in fees compared to the traditional SWIFT-based bank remittance. The SWIFT method, which has been using the existing banks' network for over 40 years, has the advantage of stability, but since it passes through multiple banks, it is slower and more costly. For example, when sending 400,000 KRW from Korea to the Philippines using the SWIFT network, about 48,000 KRW is charged in various fees. However, fintech overseas remittance offers much lower fees?up to one-sixth of that amount?and allows remittance at the desired time, with funds being withdrawable overseas in as fast as 10 minutes. It is also possible to send money using only a contact number without an account number.

The service can be used through the Korea Post Smart Banking mobile app. Customers can receive the most favorable exchange rate in real-time or within about one day depending on the route. Various receiving methods such as account deposit, in-person pickup, delivery, and e-wallet charging are also provided.

The partner institution selected is WireBarley Co., Ltd. WireBarley is a fintech specialized company established in 2016, with a cumulative remittance amount of 1 trillion KRW and 320,000 registered customers to date. It provides overseas remittance services in six countries and allows remittance to over 40 countries from Korea.

Park Jong-seok, head of the Korea Post, said, "We will strive to provide the most convenient and beneficial service to our customers."

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