PayPal’s money transfer provider Xoom has expanded its bank deposits service to South Korea.
The new initiative will allow customers in the US, UK, Canada and 31 European markets to transfer money directly to bank accounts in South Korea.
Xoom noted that the money sent to Kookmin Bank, Woori Bank and Shinhan Bank using its website or mobile app will be available within minutes.
World Bank statistics show that out of the estimated $689bn global remittance market last year, South Koreans residing in other countries remitted $6.2bn.
Xoom vice-president and general manager Julian King said: “At Xoom, we are constantly innovating to provide the best possible money transfer service to families spread across the globe.
“We are delighted to offer South Korean foreign residents all the benefits of our service – speed, convenience and competitive rates. When they use Xoom, they no longer have to wait in line, fill out forms or pay higher fees to send money back home.”
US-based payments firm PayPal acquired Xoom in July 2015 for a total consideration of around $890m.
Xoom enables digital remittances, where customers can send money to, and pay bills for people in more than 160 international markets using mobile phones, tablets or computers.