SEOUL, South Korea—Credit unions offering services in the remittance market continue to see their competition increase.
SentBe here has launched its international money transfer service in the U.S. as the company expands globally.
Customers, including migrant workers in the U.S., can now send U.S. dollars to more than 50 countries with “greater ease and at a lower rate” than existing remittance options, SentBe reported.
Established in 2015, SentBe specializes in foreign exchange services, and its personal remittance service.
“Traditionally, the global money transfer process is complex, expensive, and slow. However, using the SentBe service via the mobile app or website, users can transfer money in real time or up to one day to 50 countries at a tenth of the cost of traditional methods,” the company stated.
Where the U.S. Ranks
According to the World Bank, the U.S. is the largest outbound remittance market in the world with $72,669 million transferred by individuals a year in 2021. The U.S. is the fourth country where SentBe's cross-border remittance services have been introduced, following Korea, Indonesia, and Singapore.
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