Rupee Transaction
Shinhan Bank announced on Jan. 21 that the bank launched Shinhan Global Local Currency Transfer Service to support the overseas business of Korean companies and make it easier for foreign workers in Korea to wire money to their home countries.
The bank launched a service to transfer Indian rupees to target the Indian market rising fast on the global scene for the first time in Korea. The local currency transfer service will expand into other Asian nations’ currencies step by step.
In the past, customers had trouble sending money to India since the money had to be changed into US dollars or travel by way of foreign relaying banks. Thus, foreign exchange rates were applied in a less transparent way and it took much time to wire money.
The new transfer service is subject to the application of real-time foreign exchange rates and money can travel to the destination the same day. Therefore, the service can save customers some foreign exchange risk.
In addition, Shinhan Bank’s overseas networks play the role of relaying banks, making the real-time management of money transfers possible and giving a big boost to convenience in foreign exchanges for customers.