Industrial Bank of Korea

Foreign Exchange

IBK, your financial partner
for a better future.
Foreign Exchange
 
   
REMITTANCE GUIDE FOR FOREIGNERS
  • In order to send money you have earned in Korea to overseas, you need to designate one specific bank(branch) as an exchange bank.(The bank may be changed later)
  • The transfer limit is USD 50,000 per year (Possible to send additional funds beyond more than the limit by submitting additional documents for sources of income)
  • transfer methods: IBK Automated Teller Machines(ATM, CD), Internet banking, Smart banking, Tele-banking (ARS) and Bank tellers
IBK ANYTIME REMITTANCE SERVICE
  • Designate the transfer date, amount and currency for an automatic overseas money transfer.
  • Minimum amount of transfer : KRW 50,000(approximately USD 50)
  • Exchange rate: Preferential exchange rates of 30 %
  • Remittance fee: Exempted from the fee charged by IBK (If you transfer funds from your salary)
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IBK ANYTIME REMITTANCE SERVICE -product information table (option, money transfer methods)
Option Money Transfer Methods
Designation of both transfer date and amount Transfer designated amount on designated date
Designation of only transfer date Transfer total amount on transfer date
Designation of only transfer amount Transfer if designated amount is available in balance (once per day)
Non-designation of both transfer date and amount Transfer if the amount is KRW 50,000 or more (once per day)
IBK ANYTIME REMITTANCE SERVICE -product information table (Automatic Transfer time,Currencies)
Automatic Transfer time Currencies
10:00, 12:00,
14:00, 16:00
USD, IDR, CNY, AED, BDT, HP, PKR, TWD, VND, INR, LKR, RUB
11:50, 14:50 Other cross- currencies
REMITTANCE USING SMART BANKING
  • Exchange rate: Preferential exchange rate of 30 %
  • Remittance fee: Exempted from the fee charged by IBK (If withdrawn from a KRW account)
  • Available languages for Smart banking: English, Chinese, Vietnamese, Indonesian
    *Please refer to the guide to learn how to use the Smart banking service on the back page.
WESTERN UNION AUTO-SEND
  • Money can be sent overseas automatically, with only the recipient’s name. No bank account number is required
  • Minimum amount of transfer: KRW 50,000 (approximately USD 50)
WESTERN UNION AUTO-SEND's information table(Ways to transfer, Maximum amount)
Ways to transfer Maximum amount
Designate date (once a month) USD 50 ~ 5,000 per month
Entire balance amount (once a day) KRW 50,000 ~ 5 million

For the U.K., Nigeria and Malaysia, the maximum amount allowed for remittance is USD 1,000.

WESTERN UNION AUTO-SEND's information table(Amount of transfer, Remittance fee)
Amount of transfer Remittance fee
~ USD 500 USD 10
~ USD 2,000 USD 14
~USD 3,000 USD 18
~ USD 5,000 USD 20
WESTERN UNION AUTO-SEND's information table(Automatic transfer time, Notice)
Automatic transfer time Notice
11:00, 16:00
  • In the case of entire balance amount transfer, automatic transfer will be processed only once a day
  • If money is deposited after 4 p.m., it will be withdrawn on the next business day
ARS REMITTANCE SERVICE
  • Audio and visual instructions for transfers are provided through ARS (Tele-banking service)
  • Prior registration: Visit one of our branches to sign up for the Tele-banking service and apply for the ARS remittance service
  • Transfer currency : USD (US dollar)
  • Exchange rate: Preferential exchange rate of 50 %
  • Remittance fee: Exempted from the fee charged by IBK
  • How to use: Download and install i-ONE Bank and call 1588-2588 for the visual ARS