|Citibank Korea officials promote “Citi Global Transfer,” an international wire service free of remittance charges, at the Citibank Korea headquarters in Seoul. (Citibank Korea)|
Citibank now exempts international wire transfer fees for Citi account holders in all 19 countries of its extensive global network, Citibank Korea said Wednesday.
Dubbed “Citi Global Transfer,” the wire service underscores cheaper and faster cross-border financial services, the bank stated.
“CGT is a perfect match for expats and for Korean customers whose children are studying abroad,” a Citibank Korea spokesperson noted.
The typical fees for international remittance ― consisting of remittance service fees, cable charges, intermediary bank fees and incoming remittance fees ― cost about 58,000 won ($54.67) to 79,750 won in-branch. Requesting a transfer online is slightly cheaper, but still costs about 51,000 won to 56,750 won online. Customers wiring money overseas can save such costs by using CGT, the bank said.
Additionally, CGT requires only one business day for the transferred money to appear in the receiver’s account, while existing overseas remittances generally take three to four business days. Korean customers can also receive the money either in U.S. currency or won, which adds to CGT’s advantages.
Citibank also offers a service called the Global Account Opening Service, or GAOS, for customers who want to open an account while staying in the U.S., which usually takes a few months and multiple forms to submit.
GAOS sends pre-notifications to the branch personnel in different countries so that customers can fly over and open accounts by simply showing their passports and reference letters.
Further details on CGT and GAOS are available at all Citibank branches, on the Citibank website www.citibank.co.kr or via phone at 1588-7000.
By Chung Joo-won (firstname.lastname@example.org)