Hana Bank is offering a more convenient overseas remittance system for outbound users such as members of the foreign community or parents with children studying abroad, bank spokespeople said on Friday.

Earlier this year, the bank kicked off the Hana-Western Union Automatic Remittance system together with the global money transfer service company in a move to facilitate easier money transfers.

“We will continue to develop financial services especially focusing on those that assist customers who are are at a disadvantage when using the local financial system, which includes foreign workers,” said an official of the bank. 

Customers using the system may visit Hana Bank branches to open a demand deposit account, from which a designated amount will be remitted based on their request.

There are two methods for transferring money, the bank said. The first involves designating a specific date on which a fixed sum is to be sent. Another would be to have the customer appoint a baseline amount so that when the total deposit reaches that level, the entire balance would be automatically transferred.

Each transfer is limited to $50-$5,000, Hana Bank said. A transfer fee of $10-20 will be incurred for each transfer, depending on the total amount of remittance.

Once the transfer takes place, the account holder will immediately receive confirmation via mobile message and the receiver will have the money within 30 minutes, officials explained.

By Bae Hyun-jung (tellme@heraldcorp.com)