K Bank said on Sunday it will run a fee-free promotion for new customers using its overseas remittance service.

The promotion was prepared to coincide with a period of rising demand for overseas remittances. Demand typically increases by more than 30 percent at the start of the year due to reasons such as holidays and overseas study.

Customers can receive fee-free transfers up to 3 times during the promotion period by entering the preferential code kbankfree3 at the remittance application stage. Depending on the transfer method, the benefit can reduce fees by up to 17,000 won. To receive the benefit, customers must enter the code each time they make a transfer. The promotion runs through May 31.

Depending on the country, a transfer takes place the same day or up to 4 business days. Remittance fees are 4,000 won or 8,000 won depending on the transfer method (ACH/SWIFT).

MoneyGram allows remittances to 70 countries worldwide and enables transfers using only the recipient's name even without a local bank account. Transfers take less than 10 minutes, and the fee is $4.

A K Bank official said, "We prepared this promotion to ease customers' remittance burden in line with the season when demand for overseas remittances increases." The official added, "We will continue to introduce various financial benefits that enhance customer convenience."