Shinhan Bank is enhancing its overseas remittance services for corporate clients. On June 25, the bank announced the launch of its dedicated cross-currency remittance service.
The cross-currency remittance service allows for the use of different currencies for the remittance process and the final receipt. Corporate clients can specify the local currency and amount that the overseas recipient will receive. Shinhan Bank will convert this amount into U.S. dollars (USD) and send it to a partner remittance institution. The partner institution will then convert the USD into the local currency for the recipient.
This service enables recipients to receive funds in their local currency without the need for additional currency exchange procedures. Shinhan Bank expects this will reduce inconveniences arising from discrepancies between the remittance currency and the actual payment currency.
The service is available at Shinhan Bank branches and supports 11 currencies, including the Taiwan Dollar (TWD), Mexican Peso (MXN), Malaysian Ringgit (MYR), and Philippine Peso (PHP). The bank plans to expand the service to a total of 27 currencies by July.
A Shinhan Bank representative stated, "As companies expand their overseas operations and trading regions, the demand from corporate clients for remittances in various local currencies is increasing. We will continue to enhance our foreign exchange services to facilitate smoother global financial transactions for our corporate clients."
* This article has been translated by AI.
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