KB Kookmin Card Launches Overseas Remittance Service for Foreign Customers

If You Know the Recipient's Name and Card Number, You Can Transfer Money

[Asia Economy Reporter Ki Ha-young] KB Kookmin Card announced on the 13th that it has launched an overseas remittance service for foreign customers using the global payment networks of UnionPay and Visa cards.

This service expands the small-amount overseas remittance service for domestic residents introduced last year to foreign customers. In this regard, KB Kookmin Card received a special exemption from foreign exchange transaction regulations in September last year through the Financial Services Commission's designation of innovative financial services, allowing foreigners to remit up to USD 50,000 annually via credit card companies.

This service can be used by simply knowing the recipient's name and card number through the KB Kookmin Card mobile home application (app) or the KB Pay app. Currently, the countries where overseas remittance is possible through this service include China, which uses the UnionPay card payment network, and a total of 14 countries using the Visa card payment network: Singapore, Vietnam, Thailand, the Philippines, Malaysia, Indonesia, Cambodia, Germany, Spain, Russia, Kazakhstan, the United Arab Emirates, and Greece.

Overseas remittance via the UnionPay card payment network is available daily from 9 a.m. to 9 p.m., and remittance using the Visa card payment network is available daily from 1 a.m. to 10 p.m.

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, with no additional intermediary bank or recipient bank fees.

Remittance is possible up to USD 2,000 per transaction and per day, and the annual remittance limit is USD 50,000, integrated across domestic card companies providing overseas remittance services for foreigners.

A KB Kookmin Card official said, "Using this service, overseas remittance can be made faster and more conveniently with much lower fees than the existing SWIFT bank transfer method," adding, "We plan to continue expanding the countries available for remittance through ongoing collaboration with global brand card companies and to introduce various additional and convenience services."

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