[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 13th that it has launched a mobile banking-exclusive service called ‘Affordable Overseas Remittance.’
The Affordable Overseas Remittance service can be used easily 24/7 throughout the year via the Woori WON (WON) Banking app without the need to designate a foreign exchange bank. It is available only to residents who are citizens of the Republic of Korea. Remittances can be made in local currencies to five countries: the United States, Australia, Indonesia, the Philippines, and Vietnam. The single remittance limit is USD 3,000 for Indonesia and USD 5,000 for the other four countries.
In particular, the fees are cheaper than existing overseas remittance services. The total fee actually borne by customers when using the Affordable Overseas Remittance service is about 5,000 to 8,000 KRW depending on the country, which is up to approximately 30,000 KRW cheaper than before. When sending money, only the essential information required by each country must be entered, without the need to input the recipient bank’s address or SWIFT code. Additionally, remittance is possible without entering security card or OTP numbers, improving convenience.
To commemorate the launch of the service, Woori Bank is holding an event until August 31, offering the first 300 users a mobile coupon for Injeolmi Bingsu, and 20 selected winners by lottery will receive a National Tourism Gift Certificate worth 50,000 KRW.
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