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.
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