Shinhan Bank Launches 'Changeup Corporate Check Card' for Overseas Payments in Foreign Currency

[Asia Economy Reporter Kim Hyo-jin] Shinhan Bank announced on the 10th that it has launched the ChangeUp Corporate Check Card, which allows overseas payments in foreign currency (USD) without overseas usage fees, through partnerships with Shinhan Card and Mastercard.

The newly launched check card links both Korean won accounts and foreign currency accounts simultaneously, so domestic usage amounts are withdrawn from the Korean won account, and overseas usage amounts are withdrawn from the foreign currency account. The ChangeUp check card, which was previously available only for individuals, has been expanded to include corporations (including sole proprietors).

The ChangeUp Corporate Check Card can be used both online and offline, and international brand fees (1%) and overseas service fees (0.2%) are waived at Mastercard overseas merchants. When payments are made in currencies other than the US dollar, the exchange rate for each currency is applied, and the payment is made in US dollars from the foreign currency account.

Additionally, payments are made with US dollars deposited in advance in the foreign currency account at a more favorable exchange rate compared to cash, minimizing exchange rate risk.

This is an optimal product beneficial for companies with frequent overseas online payments and employee business trips abroad. It can be issued at Shinhan Bank branches nationwide, and when used at domestic merchants, 0.3% of the usage amount is accumulated as corporate points, which can be used like cash.

A Shinhan Bank official stated, “Corporate customers can reduce the burden of exchange rate fluctuations and fees by using the ChangeUp Corporate Check Card,” adding, “Shinhan Bank will continue to expand various foreign exchange products and services for corporations.”

This content was produced with the assistance of AI translation services.