Most Promotions Run One to Two Weeks Before Holiday
Transfers to Korea and Other Asian Countries Offered at No Charge
Major Korean-American banks in Southern California are once again offering free international remittance services to customers ahead of Chuseok, Korea’s Thanksgiving holiday, allowing families to send money to loved ones without paying wire transfer fees.
This year’s Chuseok holiday in South Korea falls Sept. 24-26, prompting banks to introduce limited-time promotional programs during the weeks leading up to the holiday.
Bank of Hope will provide free remittance services for customers from Sept. 21 through Sept. 24 for transfers to South Korea, Hong Kong, China, Vietnam and Taiwan, with no limit on the amount that can be sent.
The bank will also offer foreign-currency remittance services from Sept. 14 through Sept. 25, allowing customers to send local currencies to South Korea, Hong Kong, Singapore, Japan, Taiwan, Vietnam and Thailand. The minimum transfer amount for foreign-currency transactions is $1,000.
Hanmi Bank will waive remittance fees from Sept. 21 through Sept. 25 for customer transfers to South Korea, Hong Kong, China, Vietnam, India and Pakistan.
PCB Bank will offer free remittance service for personal account holders sending money to South Korea and China from Sept. 18 through Sept. 24.
Open Bank will provide free transfers to South Korea for personal banking customers from Sept. 17 through Sept. 23.
Commonwealth Business Bank (CBB Bank) will waive remittance fees for personal transfers to South Korea from Sept. 21 through Sept. 25, with no limits on the number or amount of transactions.
US Metro Bank will offer the same promotion during the same period, allowing customers to send personal remittances free of charge to South Korea, China, Vietnam and Hong Kong, regardless of the transfer amount.
In addition, Hana Bank will provide fee-free remittance service from Sept. 8 through Sept. 25 for transfers to South Korea, China and other destinations served through Hana Bank’s global branch network, with no limit on the transfer amount.
Shinhan Bank customers will also be eligible for free remittance service, including online transfers, to South Korea from Sept. 14 through Sept. 25.
Korean-American banks traditionally introduce free remittance promotions before major Korean holidays, when overseas money transfers to family members typically increase. Bank officials advise customers to confirm each institution’s eligibility requirements, destination countries and promotion dates before initiating a transfer, as terms vary by bank.
