Korea’s Woori Bank partners with Chinese banks on remittance
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Woori Bank launched a money-transfer service linked with Chinese banks to allow its customers to readily and easily send money to people holding Chinese bank accounts. On Monday, the bank said the service will be carried out in real time. The partnered entities include the Industrial and Commercial Bank of China, the Bank of China, the Bank of Communications and also Chinese financial services company UnionPay.
The service will charge 10,000 won ($8.9) in fees for a transaction less than 2 million won. For remittance over 2 million won, the charge will increase to a flat rate of 20,000 won.
The service was jointly developed by Woori Bank, Woori Card and UnionPay. Once a user sends money, the service will notify the user of the transfer result via text message.
The sender must send Korean won and the receiver will receive Chinese Yuan.
Questions & Answers
Q.Which specific Chinese banks and financial services company are involved in this new remittance service with Woori Bank?
Which specific Chinese banks and financial services company are involved in this new remittance service with Woori Bank?
The partnered entities include the Industrial and Commercial Bank of China, the Bank of China, and the Bank of Communications. The Chinese financial services company UnionPay is also a partner in this new service.
Q.How much will customers be charged for using this money-transfer service, depending on the amount sent?
How much will customers be charged for using this money-transfer service, depending on the amount sent?
The service charges a fee of 10,000 won for transactions less than 2 million won. For remittances exceeding 2 million won, the fee increases to a flat rate of 20,000 won.
Q.What is the currency conversion process for money sent through this service between Korea and China?
What is the currency conversion process for money sent through this service between Korea and China?
When using the service, the sender must send Korean won. The recipient in China will then receive the money in Chinese Yuan, indicating a currency conversion occurs automatically as part of the transfer.
Q.What are the core features of the money-transfer service launched by Woori Bank?
What are the core features of the money-transfer service launched by Woori Bank?
The service allows customers to send money readily and easily to Chinese bank accounts. It operates in real time and notifies the sender of the transfer result via text message, ensuring quick communication.
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