Launch of MoneyGram's digital channel in South KoreaSEOUL, South Korea, Feb. 22, 2017 /PRNewswire/ -- As part of merging the physical and digital worlds to make money transfers easier, MoneyGram in cooperation with Woori Bank launched a service enabling the customers in South Korea to send money abroad via the bank's mobile banking applications.
"This is another significant milestone representing our continuous commitment to innovation that enhances MoneyGram's growth within the remittance industry," said Yogesh Sangle, MoneyGram's head of Asia Pacific. "Woori Bank with close to 9.5 million mobile bank users is the perfect partner for us to innovate with in South Korea. Thanks to this collaboration, even more customers will be able to send money anywhere or anytime that is convenient to them."
Customers are required to open a Woori Bank account and complete a one time in-person registration at any of 900 branches across the country. Bank tellers will verify customer's data and assist with adding an unlimited number of recipients. There is no minimum send amount and funds are ready to collect in as little as 10 minutes, subject to agent operating hours and local regulatory requirements. The service is also open to customers interested in choosing the home delivery option in Vietnam or China Union Pay card direct deposit which is now available at 12 banks in China.
Woori Bank is one of the top banks in South Korea with nearly 21.5 million personal banking customers, of which foreigner-based customers are about 1 million.
According to the World Bank, in 2015 an estimated $5.8 billion in remittances were sent from South Korea, mainly to China ($4.1 billion), the Philippines ($213 million), and Thailand ($172 million).
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About MoneyGram
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
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