K bank announced that it has lowered commission for foreign wire transfer to $3.60 (4,000 KRW), which is the lowest amount amongst all banks in South Korea, regardless of amount of wire transfer.
K bank’s foreign wire transfer is very simple just like transfer between domestic accounts based on its simple user interface and process. It has a system that automatically checks account system of a corresponding country whenever account information of a recipient is entered.
Wire transfer limit is $3,000 and one can send up to $50,000 annually to a designated foreign exchange bank. Application for a designated foreign exchange bank can be done through K bank’s app or its webpage on weekdays between 9 A.M. and 6 P.M.
So far, K bank has included the U.S., Canada, England, France, Germany, Australia, and New Zealand to its foreign wire transfer system and it is planning to increase number of countries up to 18 countries including Singapore, Hong Kong, Italy, and Austria by end of this year.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com