KB Kookmin Bank said on Monday it will expand the overseas remittance service of KB Star Banking’s “KB Quick Send” from foreign users to Korean nationals.

The expansion is in line with the government’s overhaul of the no-document overseas remittance limit system on Jan. 1. Korean residents will be able to use the service to remit up to $5,000 per transaction.

The service uses an API method and charges only a 5,000 won remittance fee, with no intermediary fees or cable charges. Processing time has also been shortened to within a maximum of 1 business day, enabling transfers to major overseas bank accounts in up to 47 countries, including the United States and Europe.

KB Kookmin Bank will run an event through Dec. 31 to mark the expansion. Customers using the service will receive a 100 percent preferential exchange rate for the remittance currency, U.S. dollars, and a full waiver of remittance fees.

It will also run an event to give away Samsung Galaxy S25 mobile phones by lottery to customers who remit at least 1,000,000 won using the service.

A KB Kookmin Bank official said the expansion would help reduce customers’ financial cost burdens at a time when they are struggling with a recent high exchange rate. The official said the bank would continue to expand foreign-exchange services tailored to diverse customer needs.