Shinhan Bank Launches 'Shinhan Wise Overseas Remittance Service'

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 2nd that it has launched the 'Shinhan Wise Overseas Remittance Service' in partnership with the UK fintech company Wise.

The Shinhan Wise Overseas Remittance Service is characterized by drastically reduced remittance fees. It can be used through the Shinhan SOL overseas remittance menu, with no telegraphic transfer fees, overseas intermediary fees, or overseas bank fees. When sending dollars to the United States, the fee is only $2.13 for amounts up to $5,000.

The countries available for remittance include 27 countries with significant domestic transactions, such as the United States, the United Kingdom, Canada, and Australia. A Shinhan Foreign Currency Change-Up account is required. If remittance is requested in currencies other than the dollar, the Reuters reference exchange rate is applied, allowing the overseas recipient amount to be confirmed at the time of sending.

A Shinhan Bank official stated, “If you request remittance in currencies other than the dollar, the Reuters reference exchange rate is applied to reduce exchange loss burden,” and added, “We will expand the countries available for remittance and extend the service to foreign customers as well.”

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