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KB Kookmin Bank to launch fast overseas fund transfer service this week

All Headlines 11:03 June 10, 2018

SEOUL, June 10 (Yonhap) -- KB Kookmin Bank, one of South Korea's leading lenders, said Sunday that it will commence a fast overseas fund transfer service this week to better meet customer demand.

The premium global payment innovation (GPI) service to be launched Monday will allow for a swift transfer time of less than a day with users able to check the process of the funds movement via their personal computers and mobile devices, the lender said. It said the new GPI system allows for real time 24-hour monitoring by the customer.

KB Kookmin said the fast transfer is expected to minimize risk associated with unexpected foreign exchange fluctuations that may occur, while the money is being sent and has an added benefit of quick settlement of accounts. Such developments are appealing to corporate customers that are keen to not suffer foreign exchange losses.

"Reduction in any form of uncertainty is good for businesses and ordinary consumers alike," a market insider said.

The commercial bank said those that want to use the new service can do so by visiting the lender's homepage to fill out the necessary forms.

This photo by KB Kookmin Bank shows a ceremony to launch the swift transfer service by the lender (Yonhap)

yonngong@yna.co.kr
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