Industrial Bank of Korea

Service Info.

IBK Mobile Foreign Currency Remittance Service

The foreign currency remittance service allows customers who have completed their registration of "VM Mobile Banking" after joining "Internet Banking" to transfer remittance to domestic and overseas via a mobile phone with a dedicated program (VM: Virtual Machine) according to the remittance information provided in advance at the bank window.

Remittance Type and Transaction Target

• Remittance type : Foreign remittance and domestic funds transfer (TR)
• Transaction target : Individual (Individual Business), foreigners

Remittance Type and Transaction Target

• Applying favorable exchange rates (30% discount on the trading margin)
• 30% reduction in remittance fees

Transfer Limit for Each Category

Remittance limits per transaction

Transaction item	Remittance limit (Minimum remittance limit: USD 100 or more)
Remittance of residents who do not submit proof of payment	Before change: Less than USD 50,000 per year After change: Less than USD 100,000 per year
Remittance of expenses for overseas residents and overseas students	Less than USD 100,000 equivalent per year
Remittance of domestic remuneration for foreign workers	Before change: Amount equivalent to USD 10,000 or less per day (less than USD 50,000 per year) After change: Less than USD 50,000 per year
Foreign currency fund transfer in Korea	Before change: Less than or equal to USD 100,000 per case After change: No limit

Service Usage Methods

• Internet banking and VM mobile banking subscription (registration)
• Foreign exchange remittance service application form and receipt of terms after designating foreign exchange bank

Service Usage Methods

Usage Time	Processing Standard
During banking hours (Current: 09:00 ~ 16:00)	Within business hours
Outside bank hours (including Saturdays, Sundays, and bank holidays)	Within the next business day business hours