Woori Bank opens overseas transfers to India, Malaysia and more

Woori Bank headquarters in Jung District, central Seoul [WOORI BANK]

Woori Bank, Korea’s fourth-largest commercial bank, has expanded its overseas money transfer service to 10 new countries. The platform, which previously serviced nine countries, will now service 19, the bank said Monday

Since July 2020, Woori Bank’s outward international remittance service has enabled foreign residents in Korea to send funds of $5,000 or less per transaction overseas without designating a foreign exchange transaction bank. The exception is transfers to Indonesia, which are capped at $3,000.

The service's remittance fee will also be up to 30,000 won ($22.53) cheaper than it was previously, while the time it takes a beneficiary to receive the funds will remain largely the same.

Customers could previously transfer money to countries including the United States, Britain, Australia and Indonesia. The latest expansion, implemented Feb. 28, adds India, Malaysia, the Czech Republic and Turkey among others.

“We are continuously committed to improving our online international money transfer service from customers’ perspective,” said a Woori Bank official, adding that the firm will continue to refine the service to further lessen financial burdens.

Woori aims to become the most profitable of Korea's commercial banks this year — it currently sits in fourth — by raising the competitiveness of its core businesses, particularly in the digital sector, and securing future growth engines.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]