Korean American banks in Southern California are offering a “free remittance service” to waive wire transfer fees in celebration of the Lunar New Year on January 29.
The service is available for varying durations depending on the bank, with Shinhan Bank America starting first on January 17, followed by Woori America Bank on January 21. Hanmi Bank, PCB Bank, Open Bank, and CBB Bank will begin their promotions on January 22, while Bank of Hope and US Metro Bank will commence on January 23.
Shinhan Bank America will also end its promotion the earliest, on January 24, while Woori America Bank concludes on January 27. US Metro Bank will finish on January 29, with the remaining banks concluding on January 28, just before the Lunar New Year.
The countries eligible for free remittance vary by bank. Bank of Hope includes Korea, China, Hong Kong, Vietnam, and Taiwan in its promotion, while Hanmi Bank covers the widest range of countries, including Korea, China, Hong Kong, Vietnam, India, and Pakistan.
US Metro Bank offers free remittance to Korea, China, Hong Kong, and Vietnam, while PCB Bank’s coverage includes Korea and China. Open Bank, CBB Bank, Woori America Bank, and Shinhan Bank America limit their free remittance service to Korea only.
Additionally, Bank of Hope is waiving fees for foreign currency wire transfers made in the recipient’s local currency from January 20 to February 7. This applies to currencies such as Korean won, Hong Kong dollars, Singapore dollars, Japanese yen, Vietnamese dong, Taiwan dollars, Thai baht, Canadian dollars, Australian dollars, and British pounds.
Most banks impose no limit on transfer amounts, but the fee waiver applies only to personal transactions, not business remittances. Customers must hold an account with the bank to qualify. To use the service, customers need to visit a branch with valid identification and account information, although some banks offer the option to apply online.
One of the banking industry figures commented that the strong U.S. dollar is expected to drive many customers to send money to family and relatives during this period. They added that transferring funds in U.S. dollars and avoiding fees during the promotion could result in significant savings.
BY WONHEE CHO [cho.wonhee@koreadaily.com]
