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Xoom enables bank deposits to major banks in South Korea

XoomXoom, PayPal’s international money transfer service, said on Thursday that customers in the US, UK, Canada and 31 markets across Europe can now send money directly to bank accounts in South Korea at competitive rates. Funds sent via the website or mobile app of Xoom to Kookmin Bank, Woori Bank, and Shinhan Bank can be accessed within minutes.

“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,” said Julian King, Xoom’s Vice President and General Manager.

This move is to remain competitive in a global remittance market, which was an estimated $689 billion in 2018 with South Koreans residing abroad remitting $6.2 bn last year, according to World Bank data, Xoom said, adding that the United States alone has 1.4 million people who have immigrated from the Republic of Korea, many of whom send money back home to provide critical financial support to their families.

“South Koreans who’ve moved abroad have wanted more convenient and affordable ways to support their families back home. We are excited to partner with PayPal to offer their innovative global remittance service Xoom to South Koreans living in Canada, Europe and the U.S.,” shared Mountie Lee, PayGate’s General Manager.

San Francisco-based Xoom is a digital money transfer provider that enables consumers to send money, pay international bills, or reload phones for family and friends in over 160 countries globally.

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