Woori Bank partners with Chinese banks on remittance

Woori Bank launched a money-transfer service linked with Chinese banks to allow its customers to readily and easily send money to people holding Chinese bank accounts.

On Monday, the bank said the service will be carried out in real time.

The partnered entities include the Industrial and Commercial Bank of China, the Bank of China, the Bank of Communications and also Chinese financial services company UnionPay.

The service will charge 10,000 won ($8.9) in fees for a transaction less than 2 million won. For remittance over 2 million won, the charge will increase to a flat rate of 20,000 won.

The service was jointly developed by Woori Bank, Woori Card and UnionPay. Once a user sends money, the service will notify the user of the transfer result via text message.

The sender must send Korean won and the receiver will receive Chinese Yuan.

By Park Eun-jee