According to the press release, the service is available for customers in the US, UK, Canada and in 31 other markets across Europe. Funds sent via Xoom or mobile app to Kookmin Bank, Woori bank, and Shinhan Bank can be accessed within minutes.
Xoom is a service that allows users to send money, pay bills, and reload phones for their family or friends in over 160 countries globally. These remittances are used to pay utility bills, healthcare, education costs, and emergencies.
According to World Bank data, the global remittance market is an estimated USD 689 billion in 2018, with South Koreans residing abroad remitting USD 6.2 billion in 2018. The US alone has 1.4 million people who have immigrated from the Republic of Korea.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.