Woori Bank to Significantly Cut Costs for Exporting SMEs with Preferential Exchange Rates and Fee Waivers

Launch of "Woori SME Preferred Foreign Currency Deposit"
Supporting SMEs in Reducing Foreign Exchange Costs through Productive Finance

Woori Bank announced on November 7 that it has launched the "Woori SME Preferred Foreign Currency Deposit" to enhance the convenience of foreign exchange transactions for small and medium-sized export and import enterprises.

The "Woori SME Preferred Foreign Currency Deposit," which was launched last month, automatically applies preferential exchange rates and waives foreign exchange transaction fees in order to reduce currency exchange, remittance, and export/import-related costs for small and medium-sized export and import enterprises.

SMEs and individual business owners who subscribe to this product are eligible for benefits such as a waiver of overseas remittance fees (both incoming and outgoing) once per month, as well as a full waiver of export letter of credit notification fees and import cargo delivery guarantee issuance fees during the subscription period.

In addition, all 12 currencies (USD, EUR, JPY, GBP, CHF, CAD, AUD, NZD, HKD, SGD, CNY, SEK) are automatically eligible for a 50% preferential exchange rate when transacting at bank branches or through non-face-to-face channels. For major currencies (USD, JPY, EUR), a 60% preferential exchange rate is applied for new account openings and deposits.

To commemorate the launch, Woori Bank is holding a promotional event until November 30, offering a Shinsegae mobile gift certificate worth 30,000 KRW to the first 300 new individual business owner customers who deposit at least 100 USD (or equivalent in other currencies). The benefit will also be retroactively applied to customers who joined before the event if they meet the same conditions.

A Woori Bank official stated, "Amid recent increases in exchange rate volatility, we have prepared support measures that can substantially reduce financial costs for SMEs engaged in export and import transactions. We will continue to introduce customized foreign exchange products and services to strengthen the global competitiveness of our corporate clients from the perspective of productive finance."

Meanwhile, this product is part of Woori Financial Group’s "Future Co-Growth Project," which aims to support 80 trillion KRW in productive and inclusive finance, actively supporting export and import companies and putting productive, field-oriented finance into practice.