TransferWise, a UK-based peer-to-peer money-transfer firm, has teamed up with local firm PayGate to expands its money transfer services to South Korea.
Using this service, banks and brokers can send customers’ money in British pounds or US dollars and the receiving bank will make the conversion.
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Transferwise will transfer the money in Korean won, meaning senders can avoid conversion rate fees. It will charge a fee of 1.5% for transfers with a delivery time of the same or next day.
TransferWise CEO and co-founder Taavet Hinrikus said: "Until recently, there was no alternative to banks and brokers when people wanted to send money to South Korea. It’s going to make a huge difference to the seven million Koreans living, working and studying overseas."
PayGate CEO and co-founder So Yeong Park said: "For the last few years PayGate has been working hard to grow the Korean Fintech Industry and our recent partnership with TransferWise is the result of these efforts. Customers in Korea will see how this alternative finance can positively affect their daily lives."
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