"Real-time Overseas Remittance to 68 Countries Without an Account"... K Bank Partners with MoneyGram

MoneyGram Overseas Remittance Service Launched
Fixed Fee of $4... Remittance Possible with Just the Name

[Asia Economy Reporter Minwoo Lee] K Bank is expanding its overseas remittance service by partnering with the world's largest remittance company, MoneyGram. It is expected that money can be sent in real-time to 68 countries worldwide using only the recipient's name, even without knowing their account number.

On the 27th, K Bank announced that it will launch the 'MoneyGram Overseas Remittance' service in cooperation with MoneyGram. As a result, users can send money in real-time 24/7, 365 days a year, to 68 countries including the United States, Europe, and Southeast Asia. However, the processing time may vary depending on the recipient country’s circumstances. The supported currencies for remittance include 45 types such as US Dollar (USD), Euro (EUR), and Japanese Yen (JPY). The fee is fixed at 4 dollars regardless of the remittance amount.

This is made possible by utilizing MoneyGram’s global dedicated remittance network, a US-based remittance specialist. Through MoneyGram, money can be sent by entering the recipient’s name even if they do not have a local bank account. After sending, the sender informs the recipient of the transaction number, and the recipient can visit a local MoneyGram partner location, provide the transaction number and their name to collect the money. At this point, the recipient can choose to receive the funds in cash or directly into their account. This service is convenient for overseas students and travelers staying abroad for a short period.

Thus, K Bank’s overseas remittance service now operates with two options: the existing 'Overseas Account Transfer' service and the new 'MoneyGram Overseas Remittance' service. The existing 'Overseas Account Transfer' service allows remittance to 18 countries including the US, Australia, and Europe in 11 currencies. It is available 24/7, 365 days a year, with a transfer period ranging from about 2 days up to 5 days. This service requires local account information, and K Bank provides a simple service where the recipient inputs their account information directly.

A K Bank official stated, "We have expanded our service so that customers can use overseas remittance more conveniently to various countries around the world," adding, "We also plan to organize events that offer more benefits to users in the future."

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