Foreign exchange solutions provider SentBe has announced the launch of its cross-border money transfer service in the US as part of the company’s global expansion. Following this move, US-based customers, including migrant workers, Korean residents, and international students now have the option to transfer money to more than 50 countries at a fee that is 90% lower than existing remittance options.

SentBe’s offering within cross-border money transfers Operating in the foreign exchange services space, South-Korea-based SentBe launched its personal remittance service in 2016. As the traditional global money transfer process is complex, expensive, and slow, the company offers its service via both a mobile app and website, enabling users to transfer money in real-time or up to one day to 50 countries, at a tenth of the cost of traditional methods. Furthermore, although traditional remittance methods through banks can take place only between other banks, SentBe offers varied receipt methods depending on the user’s preferred options.

The US expansion marks the fourth country where SentBe introduced its cross-border remittance services, following Korea, Indonesia, and Singapore. As per World Bank information provided in the press release, the US is the largest outbound remittance market, having had USD 72,669 million transferred by individuals in 2021. Having this knowledge at its basis, the company decided to bring its services to the US market, with further expansion set to continue in markets of the likes of Canada, Australia, and Europe.

For the launch of its US market services, SentBe laid the foundation for international money transfer business by collaborating with US-based certification agencies, government ministries, traditional financial institutions, and fintech partners. Furthermore, the company carried out a thorough technical verification process looking to create a seamless remittance experience for US-based users. Having a customer-centric approach when it comes to cross-border remittance services, SentBe has been looking to grow its presence in Southeast Asia as well.

The fintech launched its personal remittance app services in Indonesia and Singapore in 2020, thus consolidating its position as a remittance service provider in the APAC region, as per information provided in the press release. With SentBe’s service now being available in the US, customers in the area are enabled to remit money to 50 countries, including China, India, the Philippines, Vietnam, Canada, the UK, France, and Korea. The company acquired a cross-border money transfer service license from the Monetary Authority of Singapore (MAS) in 2019.

In December 2021, it received approval for the Singapore Payment Gateway (PG) license, thus being enabled to provide B2B PG service that sends remittances from Singapore to other countries. As per press release information, the receival of these licenses signify the company’s efforts in expanding its business in the global market. Furthermore, the company owns a proprietary technology called Automated FX Hedging System (AHS), which helps minimise foreign exchange risks through currency hedging and permits remittance services’ usage at decreased fees.

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