How to Remit
- Procedure
- Fee/Preferential FX Rate
- Receiving FCY
- Designating FX Bank
- Cancellation
Remittance Procedure
What is overseas remittance?
- Remittance may be made online or by visiting a Citibank Korea branch.
Limits on Overseas Remittance via Internet Banking
- When the funds are debited from an KRW account after business hour, total transfer limit is USD 10,000 until next business hour.
- Remittance without documentation : USD 10,000 per transaction, a total of USD 100,000 per year
- Remittance to a person studying abroad : Up to USD 50,000 per transaction
- Remittance to a resident abroad : Up to USD 50,000 per transaction
- Remittance of income earned in Korea by foreigners or non-residents. : Up to USD 50,000 per transaction
(When the funds are debited from an FCY account , transfer limit per transaction is USD 10,000)
How to use the Internet banking overseas remittance service
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STEP1Access to site (www.citibank.co.kr)
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STEP2Sign On (Authorization cerfiticate)
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STEP3Click "FX&Global Banking Remittance"
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STEP4Click "Remottance" > "Overseas Remittance"
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STEP5Process Remittance (4stages)
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STEP6Remittance completed
Making remittance Fee / Preferential settlement/Fee
Internet banking vs. branch
Category | Internet Banking | Branch |
---|---|---|
Fee and preferential FX rate |
|
|
Swift fee | KRW 8,000 | KRW 8,000 |
Intermediary bank fee |
|
|
Notes |
|
- Intermediary Bank fee : When transaction occurs, the applicant can decide if the applicant or beneficiary pays the fee.
(If the applicant decides that he/she will pay the fee it will be charged when the transaction occurs.) - Receiving bank can charge additional fees (Receiving bank fee.)
Preferential foreign exchange rate
- Customers may enjoy a preferential FX rate of 50% regardless of the amount.
- If the customer meets more than one requirement for preferential FX rate, the more favorable rate will be applied
- Preferential foreign exchange rate" refers to a percentage between the announced middle rate and the trading FX rate (T/T selling and buying rate).
Remittance fee table when using Citibank Korea branch
- When the customer remits in Korean Won
- Principal = Remittance payment * TT selling rate
- Remittance fee
한국씨티은행 영업점 이용시 송금수수료: 한국씨티은행 영업점 이용시 송금수수료로 USD 상담액 기준과 송금수수료로 구성되어 있습니다. Based on USD Remittance Fee Below USD 1,000 KRW 7,000 From USD 1,000 to under USD 5,000 KRW 12,000 Over USD 5,000 KRW 23,000 If the applicant bears the overseas fee and overseas bank fee, the fee will be USD 20 ~ 25 for remittance in USD, EUR 20~ EUR 25 for remittance in Euro, and 0.05% (up to JPY 20M) for remittance over JPY 6MM and JPY 3M for remittance under JPY 6MM. For other currencies, USD 20 of fee is charged.
- When the customer remits in foreign currency
- When the customer withdraws from a foreign currency deposit account, the remittance fee and swift fee, etc are charged separately from the remittance principle.
- When the funds are remitted in foreign currency cash, a cash fee, remittance fee and swift fee are imposed.
Receiving foreign currency remittance (Off shore → On shore)
Essential information required for remittance to Citibank Korea from overseas
- Citibank Korea information
- English name : Citibank Korea Inc
- Head Office address : CITIBANK CENTER, 50, SAEMUNANRO, JONGNO-GU, SEOUL, KOREA 03184.
- International communication code(SWIFT BIC) : CITIKRSXXXX
- CHIP NO : CH031986
- Recipient information
- Recipient’s English name : The customer receiving the remittance
- Recipient’s account number : Recipient’s KRW or FCY deposit account number
- Address, telephone number, etc
How to check if the remittance has been received and how to accept it
- Check if the remittance has been received
- Contact by phone : Call the branch
- Required documents to receive the remittance
- Under USD100,000 :
Resident ID card or some other document that verifies the name of the recipient (Not required if the remittance is deposited to a designated account) - Over USD100,000 :
Resident ID cad or some other document that verifies the name of the recipient (Not required if the remittance is deposited to a designated account)
If the amount exceeds USD100,000, a supporting document for how the funds have been acquired is required.
- Under USD100,000 :
Designating the bank for FX transaction
What is FX transaction bank
- FX transaction bank refers to the bank designated by the customer for activities subject to Foreign Exchange Transactions Regulations or foreign transaction. For a resident to make a gift type remittance, sojourner/overseas student remittance or remittance for moving expenses, he/she must designate a “FX transaction bank” first.
Designating FX transaction bank when transferring funds overseas via Internet
- Customers can make an overseas remittance via Internet after designating Citibank Korea as a FX transaction bank.
- In the case of a Korean resident, he/she can designate the bank online for remittance not requiring documentation.
- A FX transaction bank for remittance to an overseas student, sojourner or transfer of income earned in Korea by foreigner/non-residents can be designated at nearby branches.
- Customers can make a remittance that does not require documentation without designating the FX transaction bank if the amount is less than USD 5,000.
개인 또는 법인에 따른 제출서류 Individual Corporation - Certificate to verify the real name
- FX transaction bank designation application form or application form for FX transaction bank change
- Documents required for the designated transaction
- Business registration certificate
- Certificate of corporate registered seal
- FX transaction bank designation application form or application form for FX transaction bank change
- If delegated, Power of Attorney and certificate to verify the real name of attorney
- If the representative applies, certificate to verify the real name of the CEO
- Documents required for the designated transaction
FX transaction that requires designation of FX transaction bank
- Gift type remittance of the residents (Including the capital transactions less than annual USD 100M that are not subject to capital transaction reporting)
- Overseas sojourn expense
- Wage, income, pension benefits or any other types of benefits under USD 50M earned in Korea by foreigners or non-residents
- Investment made to North Korea by residents
- Customers wishing to get local financing
- Fund for establishing an overseas office, business, installation of facilities, maintenance and management
- Foreign currency exchange service providers
- Funds for installing domestic branch and overseas remittance of operating income
- Firms making mutual calculation
- Foreign currency securities issuance of the residents
- Guarantee of principal and interest payment, provision of collateral for loans of overseas Korean
- Customers wishing to make direct foreign investment
- Foreign deposit of residents
- Domestic securities issuance of the non-residents
- Domestic asset taken with overseas Koreans
- Borrowing and disposition of FCY funds of the residents (including short term FCY funds for foreigners’ investment company)
- Tour business providers paying travel expenses to North Korea
- Expenses, etc. for overseas group travel (training)
- Overseas moving expenses
- Integrated funds management of the residents
- KRW funds borrowing and disposition of the residents
- Acquisition and selling of residents’ foreign real estate
- Receipt of capital transaction less than annual $100M of the residents
Cancellation of overseas remittance
- After making an overseas remittance, the funds will be reimbursed to the customer if the customer needs to cancel the remittance.
- In such case, CKI receives a confirmation letter informing the cancellation of the remittance from FX transaction bank, and returns the money acquired from the FX transaction bank to the applicant after deducting the cost that was entailed in the process.
- As cancellation of overseas remittances takes time and cost, it is recommended that customers are guided by the contact person in charge of FX affairs at a branch.