In celebration of the upcoming Lunar New Year on Wednesday, January 29, Korean-American banks operating in the western United States are once again offering free overseas remittance services for their customers.

According to the Korean banking community on January 6, most Korean-American banks will provide free remittance services for one week, from January 22 to January 28, to mark Seollal (Lunar New Year), one of Korea's two most significant holidays alongside Chuseok. [See chart for details]

During this free remittance period, customers of these banks can send money to family and relatives without paying transfer fees, with no restrictions on the amount sent. However, this offer does not apply to business transactions.

All Korean-American banks are offering free remittance services to South Korea. Additionally, Bank of Hope, Hanmi Bank, PCB Bank, and US Metro Bank are extending this benefit to other countries, including China and Vietnam.

For example:

Bank of Hope: Offers free remittance to Korea, Hong Kong, China, Vietnam, and Taiwan.
Hanmi Bank: Extends the service to Korea, Hong Kong, China, Vietnam, India, and Pakistan, catering to its significant South Asian customer base.
US Metro Bank: Provides free remittance to Korea, China, Hong Kong, and Vietnam.
PCB Bank: Offers free remittance to Korea and China.
Bank of Hope is also running a separate "Foreign Currency Remittance Fee Waiver Event" from January 20 to February 7, allowing customers to send money in the local currency of the recipient country without fees. Beneficiary countries include Korea, Hong Kong, Singapore, Japan, Vietnam, Taiwan, Thailand, Canada, Australia, and the UK.

To utilize this free service, customers need to present valid identification and their account information to prove their bank affiliation. However, it is recommended to confirm specific terms with each bank as exceptions may apply.

Bank representatives noted, "Customers can save the usual $25–$40 fee per personal remittance during this free service period, depending on their bank." Korean-American banks offer free remittance services twice annually, ahead of Seollal and Chuseok, to benefit their customers.

Currently, with the US dollar exceptionally strong, the won-dollar exchange rate exceeds 1,450 KRW, meaning recipients in Korea will receive significantly more in Korean won compared to previous years. A banking official commented, "The same $1 now yields more won, reducing the financial burden for those sending money from the US. This strong dollar trend is advantageous for Korean-Americans and is expected to positively impact Lunar New Year remittances this year."



<Hwandong Cho>