Hana Bank Launches 'Yusanseu Remittance' Supporting Payment by Remittance and Import Finance

[Asia Economy Reporter Minwoo Lee] Hana Bank has launched a trade finance product that combines the advantages of remittance methods, import-export transactions, and letter of credit payment structures.

Hana Bank announced on the 28th that it has launched this 'Usance Remittance' service.

This service targets import transactions where the exporter ships the goods first and the payment is remitted afterward. An overseas acquiring bank partnered with Hana Bank advances the import payment to the exporter at a low interest rate, and the importer settles the principal and interest of the import payment at maturity. Through this, exporters can receive payments quickly, and importers can secure the payment period.

Additionally, applications for 'Usance Remittance' can be made through branches and online within a pre-approved limit (up to 365 days). Submission of import-related documents such as contracts, commercial invoices, and shipping documents is also done online without visiting the branch.

Furthermore, the 'Trade Watch System,' which allows for the review of transaction counterparts, is applied to check international sanctions and the shipment status of imported goods.

A representative from Hana Bank's Foreign Exchange Business Support Department said, "This product was created to help domestic import companies, who are facing great difficulties due to rapidly rising exchange rates and loan interest rates, overcome tough times and grow together. We will continue to expand products and services needed by import-export companies."

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