Automatic Overseas Remittance (Passbook)

Automatic remittance currencies

• Customers who want to send money to an overseas sojourner
• Foreigners who want to send income earned in Korea overseas
• Overseas sojourners who receive government employees pension
• Customers who want to send money to a student overseas
• Customers who want to send money overseas as a gift without any documentation.

Process

Automatic remittance currencies

• Ordinary telegraphic remittance : USD, EUR, JPY, GBP, CAD, AUD, NZD, SGD, HKD, CHF, SEK, DKK, NOK
• World Link Remittance
  • AED, BGN, BHD, BND, BZD, CRC, CZK, EGP, FJD, GTQ, HUF, IDR, ILS, INR, JOD, KES, KHR, KWD, KZT, LBP, LKR, MXN, PEN, PHP, PKR, PLN, QAR, SAR, SBD, THB, TRY, TTD, TWD, TZS, UYU, VND, VUV, ZAR

Automatic remittance limit (※Fees not included)

• Minimum amount : KRW100,000 per transaction
• Maximum amount : Amount equivalent to USD50,000 per transaction (For remittance by residents without documentation, amount equivalent to USD10M.)

Overseas remittance execution time

• If the condition for remittance is fulfilled based on the account balance as of 5:00 p.m. on applicable business day, the remittance will be executed at 5:05 p.m.

Maximum remittance period

• Up to 10 years from the date of application

Remittance type

• Remittance of account balance: The total amount of account (balance) is remitted.
• Remittance of designated amount: When the account balance reaches the designated amount, the designated amount is remitted.
• Remittance of account balance in the case of exceeding designated amount: When the deposited fund exceeds the designated amount, the total account balance is remitted.

• The designated amount must be set in Korean won and the amount has to include all sorts of fees. (The Deposited amount in the account excluding telex fee , intermediary bank charge will be transferred overseas.)
• Receiving fee is charged at the receiving bank, so this is not included.

Preferential services

• Remittance fee waiver(except telex fee and intermediary bank charge)
• Exchange rate : Preferential FX rate of 50%
• SMS notification service (Inform overseas remittance execution)

Things to note

• In the case of overseas remittance without documentation, the customer needs to register the designated FX transaction bank with the Bank every year. In addition, the registration of designated FX transaction bank shall be made no later than the business day right before the first remittance date of the year. If not, the overseas remittance will not be executed.
• Overseas student needs to submit supporting documents for school registration each year such as Certificate of Enrollment issued by the head of foreign educational institution or Transcript of the most recent semester.
• Overseas remittance will not be executed if the period of overseas stay reported by an overseas student or sojourner has expired.
• This service will not be executed if legal restrictions are imposed on the account such as suspension of payment, pledge, etc.
• If the account balance exceeds the overseas remittance limit, the maximum amount of funds available within the limit will be remitted overseas, with the additional remittance of the remainder on the following business day.
• No other auto transfers may be registered than overseas remittance.
• In the case of receiving pension from Government Employees Pension Service, only the amount transferred from the corporation may be deposited to the account and sent overseas.