NH Nonghyup Bank Launches Financial Services for Foreign Seasonal Workers

'NH Global With E8 Package'
Exclusive Financial Services for Foreign Seasonal Workers
Comprehensive Benefits Including Overseas Remittance, Insurance, and Currency Exchange

NH Nonghyup Bank announced on June 30 that it has launched the 'E8 Package,' the first service under its exclusive brand for foreign customers, 'NH Global With.' This package is designed specifically for foreign seasonal workers (E-8 visa holders) working on Korean farms.

The 'E8 Package' is the first integrated package in the banking sector for foreign seasonal workers. It provides comprehensive financial services throughout their stay, including overseas salary remittance, insurance coverage during their stay, and currency exchange for repatriation expenses.

Benefits include up to 50% preferential exchange rates for cash currency exchange at branches, exemption from remittance fees for 'NH-ONE Overseas Remittance' services (for amounts under $5,000), a fixed telegraphic transfer fee of 5,000 KRW, free monthly enrollment in NH Nonghyup General Insurance's group accident insurance (for customers with a monthly transaction record of at least $800), and a 50% preferential exchange rate for all currencies.

To further enhance customer benefits, NH Nonghyup Bank has formed strategic partnerships with global banks to reduce intermediary bank fees for key E-8 visa-issuing countries such as Laos, Vietnam, the Philippines, and Cambodia. In collaboration with Nonghyup General Insurance, the bank also aims to address the insurance gap for short-term seasonal workers who have been relatively underserved in terms of insurance coverage.

Cho Janggyun, Head of Foreign Exchange Business at NH Nonghyup Bank, stated, "We developed this customized package based on feedback from foreign seasonal workers in rural areas." He added, "In the third quarter, we plan to launch new products such as exclusive accounts, installment savings, check cards, and credit loans for foreign customers, as well as introduce interpretation and translation services at branches, to continuously strengthen our business for foreign customers."