Seoul to allow overseas money transfer via mobile

By KH디지털2

Published : March 15, 2016 - 11:42

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Koreans will be able to use overseas money transfer services through mobile phones as the country is ratcheting up its deregulation drive in the financial technology sector, the finance ministry said Tuesday.

The revised foreign exchange law, set to take effect next week, allows non-bank players, including mobile payment service providers, to engage in oversea money transfers, according to the ministry. So far, only banks have been allowed to be engaged in overseas money transfer services.

Mobile online banking (Yonhap)

Under the new regulation, people can send up to $20,000 a year to friends and family living outside of Korea through smartphones.

"Currently, users have to pay some 40,000 won ($34) in commission when they send 1 million won overseas," said the ministry. "The law revision will help ease the financial burden and reduce illegal foreign transactions."

As part of its deregulation efforts, the Korean government has mapped out restriction-lifting policies for the fintech industry, including removing troublesome Active-X software programs from online shopping malls and the establishment of Internet-only banking. (Yonhap)

Seoul to allow overseas money transfer via mobile

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