KEB Hana Bank debuts new remittance appFilipinos living in Korea will get an easier way to transfer money to loved ones or friends back home through an application on their smartphones.
KEB Hana Bank, the nation’s largest commercial bank by assets, said on Tuesday it has launched a smartphone application “1Q Transfer” that will handle remittances from bank accounts held by customers here to local banks and about 2,000 Cebuana Pawnshop locations in the Philippines.
Those who want to send money just need to have the mobile phone number of the recipient, making it the first service of its kind that doesn’t require the recipient to have an account at a Korean commercial bank, the bank said.
Recipients will get a text message when the money arrives. They can take out the money at either a bank branch or Cebuana Pawnshop that has partnered with KEB Hana Bank.
The remittance takes just five minutes, according to the bank. The maximum amount allowed per transaction is $10,000. Most other banks have a limit of $2,000.
Remittance through mobile devices has been around for some time, but the service was available only during banks’ working hours.
“The 1Q Transfer will enable customers to send money at any time anywhere, which improves convenience in an innovative manner,” the bank said in a press release.
The transfer fee per transaction is less than 10,000 won ($8.11), the bank said, which is about a third of existing offline or online services.
Starting with the Philippines, the bank plans to expand the service for Australians, Indonesians, Chinese and Canadians in the near term.
“The 1Q Transfer service is a combination of KEB Hana Bank’s strength in the foreign exchange business and its fintech capability,” said an associate in charge of global financial services at the bank.
KEB Hana Bank has 126 bank branches or offices in 24 countries.
BY SONG SU-HYUN [firstname.lastname@example.org]