Woori Bank to exempt transfer fee for multicultural families

Multicultural families will be able to enjoy exemptions in international wire transfer fees and discounts in currency exchange when using Woori Bank, it said Monday. 

The families will be exempt from paying transfer fees – up to 25,000 won ($21.70) for outgoing wire and 10,000 won for incoming wires of over $100 -- if they submit identification and at their nearest Woori Bank branch.

Also, multicultural families will be offered a narrower foreign exchange spread, by as much as 80 percent for US dollars, Japanese yen and euros, and 40 percent for other currencies.

All branches will offer benefits to the families, except for branches specializing in currency exchange or located in airports.

The fee-exemptions will continue until June next year, when the bank will reassess the service, according to the bank.

Woori Bank, South Korea’s fourth-largest commercial bank, said in a statement Monday the services are designed to “offer practical support for multicultural families.”

By Son Ji-hyoung (consnow@heraldcorp.com)