XM -Blog

We Are Growing

April 18th, 2016

South Korea, A Growing Economy

South Korea, Asia’s fourth largest economy, is one of the richest nations in the World. Expats are attracted to work and study in the country, not only because of its wide array of opportunities, but also because of the affordability and accessibility of living here. It’s a country that is steeped in ancient history while being extremely modern. It is a nation of people who look both forwards and backwards, in a country that is fiercely competitive on global markets and proud of its rich history.

The home of tech giants such as Samsung and LG Electronics, Bloomberg ranked the Republic of Korea as having the world’s fastest Internet in 2015, ahead of both Hong Kong and Japan. This is important for business but also for expatriates wanting to keep in touch with family and friends back home.

For expats living in every country, finding the most convenient way to send money to their loved ones back home is very important. South Korea is a major source of remittances in this region. There are certain regulations for sending money from South Korea. Both foreign visitors and residents can send a maximum of US$50,000 with a proof of fund source. However, the remittance must be done through a primary foreign exchange transaction bank, which will require expats to sign a form and will represent the individual and registering online.

Xpress Money, one of the world’s most dependable money transfers brands has collaborated with Suhyup Bank in South Korea to offer a convenient way to send money. Expats looking for an affordable and secure way to send money home can visit any of the 120 locations of Suhyup Bank across South Korea and send money instantly to over 180,000 Xpress Money locations in more than 160 countries. Customers can either send money as cash or directly to their beneficiary’s bank accounts.

With this new partnership, Xpress Money aims to spread its reach and provide a safe, fast and convenient transfer money transfer solution to expats living in South Korea.