Hana Bank Launches Korea’s First ‘Hana-Western Union Wallet Remittance’ Service for Chinese Yuan

Easy Yuan Remittance to Chinese Mobile Wallets via 'HanaEZ'
Remittance Fee Set at USD 3 Per Transaction... Lowest Among Western Union Partnership Services at Major Banks

Hana Bank announced on July 30 that it has become the first major commercial bank in Korea to launch the "Hana-Western Union Wallet Remittance" service, which enables overseas remittance of Chinese yuan (CNY) to foreign customers via Chinese mobile wallets Alipay and WeChat Pay.

The newly launched "Hana-Western Union Wallet Remittance" service allows real-time overseas remittance of Chinese yuan (CNY) to the recipient’s Chinese mobile wallet?Alipay or WeChat Pay?using only the recipient's English name and contact information.

In particular, the remittance fee is a flat USD 3 per transaction, regardless of the amount. This is the lowest among Western Union partnership services offered by major commercial banks, and is about three to four times cheaper than traditional SWIFT-based remittance services.

The remittance limit for the "Hana-Western Union Wallet Remittance" service is up to USD 7,000 per transaction per sender, and it is available through Hana Bank's dedicated overseas remittance app for foreigners, "HanaEZ."

An official from Hana Bank's Foreign Exchange Business Support Department stated, "In line with the growth of the global mobile payment market, Hana Bank is pleased to introduce this service, enabling foreign customers to send yuan more conveniently and quickly without having to use small remittance operators, which are often inconvenient to use." The official also added, "We will continue to strengthen our global digital financial competitiveness and expand foreign exchange services focused on convenience for foreign customers, including those of Chinese nationality."

Meanwhile, in March, Hana Bank launched a specialized brand for foreign customers called "HANA THE EASY." In addition, Hana Bank became the first major commercial bank in Korea to introduce mobile wallet remittance through non-face-to-face channels, further enhancing the comprehensive financial platform functionality for foreigners via the more user-friendly "HanaEZ" app.