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Kakao Bank to halve international wire fees

Nov. 22, 2023 - 14:55 By Song Jung-hyun
Kakao Bank promotions for overseas remittance service users run from Wednesday through Dec. 20. (Kakao Bank)

Kakao Bank, an internet-only bank, launched promotional events on Wednesday for overseas remittance service users, as it recently hit over a cumulative 3 million international wire transfers.

Both new and existing customers sending money internationally will automatically receive a 50 percent discount on transfer costs, with no limits on frequency, transfer amount and recipient countries. The event will run until Dec. 20.

The current fee, in the range of 5,000 ($3.86) to 10,000 won, will be halved to 2,500 to 5,000 won.

Additionally, the company is offering customers who send a minimum of a dollar via the service a chance to win a Shinsegae department store voucher worth 50,000 won. Up to 100 people will be selected through a draw.

Further, the company is also giving up to $100 in cash for its regular customers who have used the foreign remittance service between Jan. 1 and Nov. 15.

“Through the event, we seek to repay our loyal customers. Additionally, as universities enter the second semester, we hope to also deliver benefits to international students who need tuition and living expenses," stated a Kakao Bank official.

Kakao Bank's international transfer service, launched in 2017, is available 24/7 via mobile applications and directly connects to local financial institutions, eliminating intermediary fees.

Buoyed by its convenience and low transfer costs, the number of transactions soared beyond a cumulative 3 million as of this October, from 70,000 in 2017. A total of $5.2 billion has been transferred to 223 countries so far.