Shinhan Bank Launches Overseas Remittance Service for Corporate Clients

A Multi-Currency Structure Between U.S. Dollar and Local Currencies
Service Launches with 11 Currencies Including Taiwan Dollar and Peso
Expansion to 27 Currencies Planned for Next Month

Shinhan Bank announced on the 25th that it is launching a 'Multi-Currency Overseas Remittance Service' for corporate clients.

Shinhan Bank exterior.

This service enables remittances to be processed in one currency and received in another; the remittance process uses U.S. dollars, while the overseas recipient receives the funds in the local currency.

It has been designed to support corporate clients’ diverse overseas funding needs, such as payments to overseas partners, remittance of operating funds for overseas subsidiaries, and settlements of trade transactions.

When a corporate client specifies the local currency and amount to be received by the overseas recipient, Shinhan Bank converts this amount into U.S. dollars and remits it to a partner remittance institution. The partner institution then converts the dollars into the local currency of the recipient’s country and pays it to the recipient.

This allows companies to enhance the convenience of international payments and global fund management, while recipients can receive funds in local currency without the need for separate currency exchange procedures. The service also reduces the inconvenience caused by discrepancies between the remittance currency and the actual settlement currency. If reporting and documentation procedures in accordance with relevant laws and foreign exchange transaction regulations are completed, there is no limit to the amount that can be remitted through this service.

Shinhan Bank will begin the service with 11 currencies, including the Taiwan dollar, Mexican peso, Malaysian ringgit, and Philippine peso, and plans to expand to a total of 27 currencies next month.

A Shinhan Bank official stated, "As corporate clients expand their overseas operations and transaction regions, their demand for remittances in various local currencies is also increasing. We will continue to expand our foreign exchange services to ensure smooth global financial transactions for our corporate clients."

This content was produced with the assistance of AI translation services.