Coinwon Transfer, a subsidiary of Coinwon, one of Korea’s major virtual currency exchanges, has released an overseas money remittance service called “Cross.”
Cross can send money overseas in an hour or less on average. The fee is 1 percent of the remittance, up to 80 percent cheaper than the existing services of commercial banks.
Cross has reduced the time and cost for overseas remittances by adopting "pre-funding," which pays a certain amount in advance to a local pre-payment account and quickly responds to a customer's request for remittance, explained Coinwon Transfer.
Since existing overseas remittance services go through several broker banks using the SWIFT network, the commission is high and takes two to five days to complete.
The country to which Cross remits money is currently the Philippines. Coinwon Transfer plans to expand its service countries to Southeast Asia including Japan, China, Thailand and Vietnam.
You can apply for a money transfer 24 hours a dayr from the Cross home page or a mobile application.
"We have officially entered the financial industry by acquiring a license for overseas remittances from the Ministry of Economy and Finance," said a Coinwon Transfer official. “We will make overseas remittances more convenient and efficient by applying blockchain technology.”