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RETAIL BANKING | Staff Reporter, Korea

Woori Bank ties up with Chinese banks for remittance service

Money sent in KRW will be received in RMB.

Woori Bank has tied up with China banks including ICBC, Bank of China and the Bank of Communications as well as financial services company UnionPay to launch a money-transfer service which will let customers to easily send money to Chinese bank account holders, reports RetailNews Asia.

Through the new service, a user will be charged $8.9 (KRW10,000) for transactions less than $1,777 (KRW2m). Meanwhile, for remittances over $1,777 (KRW2m), the charge will be a flat rate of $18 (KRW20,000).

Money sent in KRW will be received in RMB by the Chinese bank account holder who will receive the money.

Jointly developed by Woori Bank, Woori Card, and Union Pay, the service includes a notification of the transfer result via text.

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