Preferential Remittance Service for Asians

Process Diagram for Preferential Remittance Service

What is the Preferential Remittance Service for Asians?

The Preferential Remittance Service for Asians is a kind of safe financial transaction services that may be used by foreign workers staying or residing in Korea, when they are remitting money to their family at the home country.

Currently, there are many foreign workers making use of illegal foreign currency transaction despite high risk.
That is because the existing foreign exchange banks charge high-level fees for foreign currency remittance, collecting thirty to forty KRW per 1,000 USD, and it takes more than 3 days to complete the whole remittance procedure. The illegal transaction results in criminalizing those workers, who are breaching financial rules that threatens national economy, and it may create not only social problems at home and abroad, but the serious problems that make the workers deported.

In order to solve such problems, E9VISA Co., Ltd has constructed a service system for preferential remittance by setting up a partnership with Hana Bank in Korea. If a foreign worker desires to use this service, he/she shall open an account at a bank which has entered into a partnership with Hana Bank, and also open an bank account at Hana Bank after entering Korea. with

The foreign workers may transmit money through an ATM or ARS to their family at the home country. And, if necessary, the workers may use the counseling center of E9VSIA Co., Ltd, which provides native language service, so that they can carry out remittance in convenient and cheap way.

The remittance fee ranges from about 8,000 to 10,000, and the procedure for remittance or withdrawal may be completed during the day(2 hours).

Consequently, it is strongly recommended that foreign workers staying in Korea shall not make use of illegal foreign currency transaction, and it is preferable that they transmit money by using the preferential remittance service provided by Hana Bank.

Comparison between the services provided by general banks and Preferential Remittance Service for Asians

Division General banks Preferential Remittance
Service for Asians
Remarks
Service hours During ordinary working hours
(09:00 ~ 16:00, closing on
Saturday/Sunday)
Available to use On-line system
(24 hours a day, 365 days)
Electronic financial
service (ATM, ARS, etc)
Remittance fees About 4~5% of total remittance
(35,000~40,000 KRW
per 1,000 USD)
About 1% of remittance
(8,000~ 10,000 KRW
per 1,000 USD)
USD 1,000
On the basis of
one-day remittance
Communication
problems
Not available to
use native language
Providing native language service Operation of counseling center
Time required
for remittance
2~3 days after remittance Available to withdraw
right after remittance
Real-time check
of transaction
Required to visit a bank to
check transaction information
Available to check
remittance at
WEB/ATM/ARS at any time

※ However, the benefits mentioned above may be applied when workers are using the foreign bank which has a partnership withHana Bank Korea.

Utilization procedure of Preferential Remittance for Asians

01foreign workers who have passed the EPS-TOPIK need to conclude an employment contract with Korean employer. And then he/she shall open a bank account for remittance at a bank that has established a partnership with Hana Bank before getting an E9 Visa and entering Korea.

02the foreign workers shall sign and seal the preparatory documents for opening a bank account of Hana Bank, which will be used for salary-payment, account transfer or remittance at the branch office of E9VISA Co., Ltd, and then they have to undergo real name verification after entering Korea.

03after entering Korea with E9 Visa, the foreign workers shall undergo an education for two night and three days at a private educational institution in Korea. At this time, the preparatory documents for bank account are checked and the real name verification is carried out, so that they will be provided with a new bankbook and check card (cash withdrawal card) from Hana Bank immediately.

04the monthly salary will be deposited to the account of foreign workers after they started working at places of business in Korea.

05after the monthly salary is deposited to the bank account, the foreign worker can transmit the money to the bank account established at the bank in his/her home country, which has established a partnership with Hana through electronic financial services such as ATM, ARS, Internet banking, Phone banking. And, if necessary, the remittance can be carried out at low cost through preferential remittance service by using the help of counseling center at E9VISA Co., Ltd, which provides native language service.

Violation of Foreign Exchange Transaction Act in Korea

In general, the illegal foreign currency transaction is defined as a financial transaction in which the foreign currency transaction is carried out privately among individuals without going through a financial institution dealing with foreign currency business, or third party who does the business under the feigned name of a financial institution. Such secret methods for foreign currency remittance is a criminal offence according to the regulations prescribed in the Foreign Currency Transaction Act in Korea.

In short, such an illegal method for remittance used by Koreans or foreign workers, which is called ‘Whan-chi-gi’ in a Korean word, can be applied to Clause 4, Article 16 of Foreign Currency Transaction Act (Report of payment or reception methods), paying or receiving money without verification carried out by a financial institution dealing with foreign currency business. It is defined as a criminal offence threatening national economy and disturbing financial order management system, so that the violator may be sentenced to imprisonment for a maximum of one year, or fined one hundred million KRW according to Item 29 (penalty) of the same article.

Accordingly, our company informs you of the fact that foreign workers staying or residing in Korea may transmit money to their family at the home country in a fast, safe, cheap and legitimate manner when using the preferential remittance service, of the contract has been concluded between Seong Mun Plaza and Hana Bank in Korea.

Facilitating communication by using native language counseling center

In reality, the foreign workers staying or residing in Korea are apt to commit criminal offences as they start to transmit money to their family at the home country in such illegal foreign currency transaction methods, which are usually recommended by other foreign workers who came to Korea earlier and have got accustomed to the convention.

And also, it is difficult for the foreign workers to visit financial institutions in person due to their working conditions, or they have to face a lot of difficulties due to the language barrier in communication even though they visit such institutions.

In order to solve such problems of foreign workers and provide them with convenience, the preferential remittance service based on the mutual cooperation agreement between E9VISA Co., Ltd. and Hana Bank may be used effectively. And the customer counseling center of E9VISA Co., Ltd will help foreign workers transmit money on the basis of detailed understanding of the mentality of them by using counselors who are fluent in their native language. In addition, the counselors will explain how to solve the problems related to specific account transfer, foreign currency exchange and payment of mobile phone bills, including the financial transaction services they may have trouble with.