[Photo provided by Hyundai Card Co.]
South Korea’s Hyundai Card Co. announced Monday that its mobile app platform has added foreign exchange wire service, which makes the first case among non-bankers.
Limited money transfer to overseas is possible through platforms of fintech companies, but the card company would be the first among established non-banking entity to launch the service.
The new service will allow cardholders to send money in dollars, pounds and euros to 21 countries through mobile app. The money will be withdrawn from the bank account connected to the card payment. No separate authentication procedure is necessary.
They can also check the transferring process, cancel the transaction or change the amount in midstream. Under the local law, nonbanking entities are allowed to arrange money transfers of up to $3,000 per each occasion or $20,000 per year.
It is expected to take one to three days to complete the transfer through the service. “Customers who have to repeatedly send money overseas will be able to use the service cheaper and more conveniently,” an official from the company said, adding that it will expand the service to enhance customer convenience.
By Oh Chan-jong and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]