SC Bank's Feeless Foreign Exchange Passbook

"SC Bank's Fee free Passbook for Foreign Exchange "

We can't do anything about the bank fee if we receive money from abroad.

However, the fee for the receiving bank (my account bank) is something we can control.

When we receive this remittance, I will tell you how to minimize the bank account fee that I use.

Normally, Foreign exchange fees vary depending on the amount.

Today I would to talk about;

 "the only foreign currency bankbook in Korea where fees are waived for less than US$300."

Let me tell you about the SC Bank account.

As of May 2020, SC Bank has a total of 4 foreign currency bank accounts, 2 of which are deposit-type bank accounts and 2 of which are installment savings.

I will tell you about the 2 of deposit-type accounts for foreign currency.

 

(1) Choice Foreign Currency Ordinary Deposit

- For U$ only. 

 
- Interest rate: 0.1% (now is the event period, 1% is provided for two months when it is opened before May 31, 2020). I understand this interest is high among foreign currency accounts.

- Exemption of additional fees.

  .Exemption from overseas remittance fees of USD 5,000 or more on a flat basis for the last one month based on the date of withdrawal

  .Exemption of foreign currency cash commission fees for withdrawals within the range of flat balance of USD 100,000 or more in the last two months as of the date of withdrawal.

(The above exemption can be exempted only once, and if exempted, the existing performance will be destroyed. However, you can be exempted if you meet the conditions 1 or 2 months after the date of exemption. Telegraphic transfer fee shall not be exempted if overseas remittance fee is exempted.)

- Opening: Must visit branch offices

 

(2) Ordinary deposits in foreign currency

- 18 countries available, as well as U$.

- Interest rate: 0.02%

- Open: It can be opened in a mobile app

 

 

▶ Fees for exchanging and transferring money from SC foreign currency account to my SC bank account

- When running on a mobile app: 80% discount on exchange fees

- When running on a PC: 30% discount on exchange fees

==>> It seems necessary to use a mobile app when exchanging/transfer foreign currency into a won account in SC.

 (This is what I found on the phone with a counselor. As far as I know, there is no such information on the website. )

 

 

▶ Summary, appropriate users

Anyone who needs to receive less than US$300 from abroad?

You can open one of the Choice foreign currency ordinary deposits (1) and (2) foreign currency ordinary deposits;

Among the two of them, (1) Choice foreign currency payment is much better, but only dollars are available, so I think people who need a foreign currency can open both accounts and use them.

It's a product that many people are looking for these days when they receive profits in dollars from Google Adsense.

 

(2) Ordinary foreign currency deposits can be applied simply by mobile, so if you are in a hurry, you can open this first.

Also, you better use the mobile app to exchange/deposit foreign currency into the won account in SC.

 

Thank you.