Shinhan Bank Renews Foreign Currency Export-Import Accounts... Benefits Including Waived Remittance Fees

[Asia Economy Reporter Kim Hyo-jin] Shinhan Bank announced on the 16th that it has revamped and newly launched the 'Shinhan Main Export-Import Foreign Currency Account,' a foreign currency deposit and withdrawal product for export-import companies that conduct transactions via remittance, with a customer-centric approach.

The Shinhan Main Export-Import Foreign Currency Account is a product exclusively for corporations and individual business owners, allowing deposits and withdrawals in up to 21 currencies including the US dollar, Japanese yen, and euro. It features enhanced benefits of waiving overseas remittance fees for customers who newly subscribe or convert their foreign currency change-up deposits to this account.

For remittances related to export-import of at least USD 100 made by the 15th of the third month after new subscription or conversion, overseas remittance fees are waived up to three times per month both when sending and receiving remittances. Thereafter, up to three additional overseas remittance fee waivers per month are provided based on the average balance over the past three months.

Additionally, a 50% preferential exchange rate is applied for non-face-to-face transactions and automatic transfers, and free services are provided for remittance deposits from overseas and notifications of shipping document submissions.

Meanwhile, the issuance fee for export performance certificates is waived for six months after new subscription (or conversion), and to commemorate the renewal launch, the first 200 new account customers by the end of August will receive free enrollment in the Korea Trade Insurance Corporation's export safety net insurance service.

The Shinhan Main Export-Import Foreign Currency Account is available for new subscriptions at Shinhan Bank branches nationwide and through corporate-exclusive mobile channels.

A Shinhan Bank official said, "We have renewed the Shinhan Main Export-Import Foreign Currency Account to provide overseas remittance fee reduction benefits for corporate customers conducting export-import transactions via remittance," adding, "We will continue to develop foreign exchange products and services that can assist export-import corporate customers."