Korean American Banks Launch Free Chuseok Wire Transfer Services

From Sept. 15 through Oct. 3, available to account holders only

Several major Korean American banks will offer free wire transfer services this Chuseok holiday season, beginning Sept. 15.

Hana Bank, which recently opened a branch in Los Angeles, will start its promotion on Sept. 15 and run through Oct. 6. Most other banks will launch their free transfer services between Sept. 29 and Sept. 30, with the program ending on Oct. 3.

Starting Sept. 30, Bank of Hope will provide free transfers to South Korea, Hong Kong, China, Vietnam and Taiwan. Hanmi Bank will extend its service further, also covering India and Pakistan.

The free remittance program applies only to personal transfers between individuals who are existing account holders at the respective banks. Transfer fees will be waived during the promotion period.

As of Sept. 4, the U.S. dollar-to-Korean won exchange rate stood at 1,393 won, with analysts expecting the rate to remain in the mid-to-upper 1,300 range in the near term.