KakaoBank’s cumulative number of transactions for sending and receiving overseas remittances has surpassed 5 million. KakaoBank will also expand fee waivers for overseas account transfers on the back of the milestone.

KakaoBank said on Monday it will waive the basic fee charged when transferring from a foreign-currency account to an overseas account through Dec. 31. It also said it will extend the waiver period for fees charged on receiving overseas account transfers through Sept. 30, 2027.

KakaoBank launched its overseas remittance service with its debut in July 2017 and surpassed 5 million cumulative transactions in a little more than 9 years.

When transferring from a foreign-currency account to an overseas account, the basic fee of 4,900 won will be waived through the end of this year regardless of the transfer amount or number of transfers. Users can remit 9 currencies, including the U.S. dollar (USD), the euro (EUR) and the Japanese yen (JPY), to 19 countries.

The full waiver of fees for receiving overseas account transfers will continue until Sept. 30 next year. KakaoBank has waived the fee since October 2024, and it tallied that the waiver was applied to about 200,000 transactions over the past 2 years, saving customers about 880 million won.

A KakaoBank official said, "We expanded the benefits to ease customers’ fee burden for using the overseas remittance service." The official added, "We will continue to improve the convenience of foreign exchange services."