[Edaily Reporter Kim Se-yeon ] The number of international money transfer transactions at KakaoBank Corp.(323410)has surpassed 5 million, approximately nine years after the service’s launch. KakaoBank Corp. has announced its intention to expand fee benefits for customers using its international money transfer service.

KakaoBank Corp. announced on the 6th that the cumulative number of transactions for its “Send and Receive International Money Transfers” service has surpassed 5 million.
KakaoBank Corp. launched its international money transfer service in July 2017, coinciding with the bank’s debut. The service allows users to send or receive money internationally 365 days a year via a mobile app and features lower transfer fees than those charged by traditional banks.
KakaoBank Corp. is also expanding its fee waiver benefits for transfers to overseas accounts. The standard fee of 4,900 won charged when sending money from a foreign currency account to an overseas account will be waived until December 31 of this year. This extends the fee waiver period, which began on August 12, through the end of the year.
The fee waiver period for receiving money from abroad will be extended by one year, through September 30 of next year. According to KakaoBank Corp., it has waived receiving fees for approximately 200,000 transactions over the past two years, saving customers about 880 million won.
The use of KakaoBank Corp.’s international money transfer service by creators active on overseas platforms is also on the rise. Over the past two years, approximately 16,000 creators have used KakaoBank Corp.’s service to receive transfers from overseas accounts.
A KakaoBank Corp. spokesperson stated, “We have expanded the fee waiver benefits to thank our customers for their support of our international money transfer service,” adding, “We will continue to reduce the burden of transfer fees on our customers and enhance the convenience of our foreign exchange services.”