KakaoBank Surpasses 3.5 Million Overseas Transfers "Fee Waiver Until August"

KakaoBank announced on the 11th that the number of transactions using its overseas remittance service has surpassed 3.5 million cumulatively.

KakaoBank's overseas remittance service, launched in July 2017, is characterized by enabling the entire remittance process?from designation of the foreign exchange bank to entering recipient information?to be completed easily without visiting a branch.

The cumulative number of KakaoBank overseas remittance transactions exceeded 3 million at the end of October last year and surpassed 3.5 million about nine months later. It was analyzed that more than 2,000 transactions were used daily on average in the first half of this year alone. The cumulative remittance amount reached 6 billion USD (as of the 1st of this month), an 11% increase compared to the end of last year. A total of 600 million USD increased in the first half of this year alone.

This growth was influenced by low remittance fees and non-face-to-face convenience. KakaoBank reduced overseas remittance fees to one-tenth of the existing overseas remittance market level and made it possible to send money overseas 24/7, 365 days a year (except for some maintenance times) through its mobile app.

Meanwhile, to mark the start of the fall semester, KakaoBank is running a fee waiver event for customers using overseas account remittances. Any customer holding a KakaoBank deposit and withdrawal account can receive the benefit. Until August 31, if an 'overseas account remittance' exceeding 5,000 USD per transaction is executed, a remittance fee of up to 10,000 KRW will be waived.

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