The amount of money Korean-Americans sent to their families and friends during Chuseok, the Korean Thanksgiving, was significantly higher than the previous year.
According to Bank of Hope, Hanmi Bank, Pacific Bank, CBB Bank, Open Bank, Unity Bank, US Metro Bank, Shinhan America and Woori America, the customers at their respective banks sent a total of $19.69 million to their families and friends in Korea, China, Hong Kong and other countries. That is12.1 percent higher than last year’s $17.56 million from last year.
The number of transactions during this period reached 11,145, which is also 1.1 percent higher than last year’s 11,028 transactions.
The amount per transaction was $1,766, also higher by $173 compared to 2016.
A part of the reason for the increase may have been triggered by the prolonged period in which the banks offered free wire transfers. Bank of Hope offered free wire transfer by five more days, while Shinhan America and Woori America also prolonged the period by three and one day, respectively. However, some banks also shortened the period compared to last year.
By Sungcheol Jin
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