[THE INVESTOR] Hyundai Card said on June 21 it has launched a new mobile app that will help cut down on costs for transfering money overseas.
The wiring commission is set at 3,000 won (US$2.70), almost one-tenth of the industry average at conventional banks. Up to US$3,000 can be transferred at a time and the annual limit is US$20,000.
It's also faster, taking up to three business days for the transfer, comparing with the usual one to five days.
Hyundai Card holders won't have to open new accounts or install authentication certificates; they can use their IDs, passwords and bank accounts linked to the existing Hyundai Card app.
For now, the service is offered for three currencies -- US dollar, euro and UK pound -- for 21 countries around the world.
“The new service will be very useful for customers who remit money frequently. They can save both time and money. We will continue to further strengthen user convenience,” a Hyundai Card official said.
Last year, the firm, affiliated with Hyundai Motor Group, teamed up with Shinhan Bank, one of the nation’s big three banks, and CurrencyCloud, a London-based payment platform developer, to build up the remittance system.
The new app is a part of several projects the firm has carried out under the Digital Hyundai slogan since 2015. Former projects include Lock and Limit, a safety measure limiting payment functions, and Hyundai Card Buddy, a chatbot service.
By Lee Ji-yoon (email@example.com)