Gwangju Bank Launches 'Local Currency Overseas Remittance Service'

Reducing Re-exchange Fees and Exchange Rate Fluctuation Risks for 10 Countries Including Vietnam, Indonesia, and Cambodia

Gwangju Bank implements a "Local Currency Overseas Remittance Service" that allows direct remittance in local currency, considering the inconvenience of sending money in US dollars (USD) and then exchanging it back to the local currency on-site. Photo by Gwangju Bank

Gwangju Bank (President Ko Byung-il) announced on the 13th that it will implement a "Local Currency Overseas Remittance Service" to diversify the types of remittance currencies, considering the inconvenience of remitting in US dollars (USD) and then reconverting to local currencies abroad.

The countries currently available are 10 in total, including Vietnam, Indonesia, Nepal, Mongolia, Taiwan, the Philippines, and Cambodia, and the target countries will be gradually expanded in the future.

This service is expected to reduce fees and exchange rate fluctuation risks associated with reconversion to local currencies in each country, enabling more convenient transactions.

The local currency overseas remittance service is available at all Gwangju Bank branches nationwide, and from December, it will also be applied to non-face-to-face channels such as internet banking and smart banking. When using non-face-to-face channels, a 50% discount on remittance fees and exchange rate spreads will also be provided.

The service is available to individuals and corporations, including foreigners. Branch counters operate from 9 a.m. to 4 p.m., and internet banking and smart banking are available from 9 a.m. to 5 p.m. on business days.

Jung Il-seon, Vice President of Gwangju Bank, said, "Through the newly launched 'Local Currency Overseas Remittance Service,' we can provide an efficient remittance environment not only for general customers but also for foreigners residing in Korea and trading companies that experienced inconvenience due to reconversion." He added, "We will continue to implement various remittance services reflecting customer needs to strengthen our global competitiveness."

This content was produced with the assistance of AI translation services.