SEOUL, May 30 (Xinhua) -- South Korea's overseas remittance of a small sum of money surged in the first quarter on the launch of money transfer apps, financial watchdog data showed Thursday.
Money remitted to and from foreign countries jumped to 365 million U.S. dollars during the January-March quarter from 80 million U.S. dollars a year earlier, according to the Financial Supervisory Service (FSS).
The small-sum overseas money transfer continued to expand since the remittance services via money transfer apps were launched in the fourth quarter of 2017.
The ceiling for small-sum money transfer was set at 30,000 U.S. dollars per year. It is slated to be lifted to 50,000 U.S. dollars in the second half.
The average amount per remittance was 660 U.S. dollars in the first quarter, down from 800 U.S. dollars a year ago. Enditem