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Jeonbuk Bank partners with PayPal on money transfer service

South Korea's Jeonbuk Bank Co. Ltd. signed a memorandum of understanding with U.S.-based PayPal Holdings Inc. to roll out PayPal's Xoom money transfer service in South Korea through PayGate Co. Ltd. a South Korean payment system provider, Money Today reported May 10.

Foreign customers can send money to South Korea via Xoom at source and PayGate at arrival, with Jeonbuk Bank settling payments between PayPal and PayGate.

Jeonbuk Bank is a unit of JB Financial Group Co. Ltd.