Industrial Bank of Korea

What is IBK-Western Union AUTO-SEND service?

「Fast transfer」* service by an automatic transfer method in which remittances are sent according to the provided remittance information in which the customer freely assigns the transfer date or amount.
→ Automatic overseas transfer when applied through a 1 time bank visit
* Western Union's high-speed overseas remittance service allows the customer to send money with only the recipient's name without a recipient account number through affiliate stores in about 220 countries around the world, and the recipient can receive the money within minutes.

Service Detail

Participant

Foreign workers, study abroad students and other individuals

Remittance Currency

USD (American Dollar)

Automatic Transfer Method (Select)

1. ① Transfer date designation method: Automatic remittance of the designated amount* on designated days every month
   * Within USD50~USD5,000 per day (Designated currency: USD, direct debit: once a month)
   → If there is a balance that includes the amount of the remittance fee, automatic transfer is possible
2. ② Total balance Withdrawal of the specified balance and automatic remittance
   * Within 50,000W~5000,000W per day (Designated currency: Won, Direct debit: No limit on the number of times. However, once a day)
   → Automatic remittance by converting the balance excluding the remittance fee into US dollars

Applied Exchange Rate

Telegraphic transfer selling rate applied at the time of transaction (withdrawal)

Withdrawal Account

Regular savings account and deposit account in your own name
→ Withdrawal processing time: Bank business day at 11:00 am, 16:00 pm
Remittance processing after withdrawal

Preparation Items

Identification / passport for foreigners (required) / recipient information (name, etc. in english) / mobile phone number (required to receive remittance result)

To apply for the service, please visit the nearest branch and apply. Only USD 1000 or less can be capable to the UK, Nigeria, and Malaysia.

Transfer Fee (Unit: USD)

Transfer Fee (Unit: USD)

Transfer Amount	Transfer Fee
∼ Under 500	6
Over 500 ∼ Under 2,000	6
Over 2,000 ∼ Under 3,000	6
Over 3,000 ∼ Under 5,000	12

Designated Item and Transfer Limit (in USD)

Designated Item and Transfer Limit (in USD)

Remittance item	Remittance limit
Remittance of residents who do not submit proof of payment	Before change:Less than 50,000 USD per year After change: Less than 100,000 USD per year	-
Remittance of expenses for overseas residents and overseas students	$100,000 per year
Remittance of domestic remuneration for foreign workers	Within the limit of $50,000 per year + proof of payment

*per transfer/monthly limit United Kingdom, Nigeria, Malaysia: Same date, same person, under USD1,000 Foreign currency transfer may be prohibited for transactions related directly or indirectly with financial sanctioning countries