Standardized Fee Regardless of Country or Amount
Previously, the fee structure varied by country and amount, ranging from a minimum of 5,000 KRW to a maximum of 10,000 KRW. With this fee reduction, which lowers the maximum fee by up to 50%, customers will now pay only 4,900 KRW no matter where or how much they send.
This fee reduction policy is an extension of the innovation KakaoBank introduced in 2017, when it launched with overseas remittance fees set at one-tenth the level of traditional banks. KakaoBank decided on this standardization policy after actively reflecting customer feedback, as more than 20% of survey respondents expressed a desire for lower fees.
KakaoBank's overseas account remittance service allows customers to easily send or receive foreign currency through a mobile application, offering two-way remittance functionality 24/7, 365 days a year (excluding certain maintenance periods). Notably, since October last year, KakaoBank has also fully waived the "Receive Overseas Remittance" fee, providing benefits totaling approximately 300 million KRW to about 64,000 customers.
To commemorate the fee reduction, KakaoBank will hold a promotion for student customers until August 31. During the event period, customers who newly register or extend their KakaoBank account as their designated foreign exchange bank will receive a 20,000 KRW cashback benefit. The benefit will be deposited into the primary checking account by September 12 after the event ends, and applications can be submitted on weekdays from 9:00 a.m. to 6:00 p.m.
KakaoBank stated, "We have restructured our previously complex fee system by country and amount into a single rate, making it easier and more affordable for more customers to use overseas remittance services. We will continue to strive to provide services that customers can use conveniently."
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