The Wide Foreign Currency Savings Account
Free-installment foreign currency deposit account that offers unrestricted deposits and split withdrawals as well as a variety of preferential benefits for interest rates, exchange rates, and foreign exchange fees, etc.
Eligibility : Personal Account
Enrollment Period : In month units of more than 6 but less than 24 months.
Earnings method : Free installment (free-style deposit without limitations to date, amount, or frequency).
Deposit Currency : 8 different currencies
USD, EUR, JPY, GBP, CHF, CAD, AUD, NZD
Interest Rate
Free-installment foreign currency savings account interest rate posted on the KEB Hana Bank website or at a branch on the date of account opening.
Applies interest rate per deposit as posted on the date of account opening from date of deposit until the day before the due date.
Additional Interest Rate
An additional preferential interest rate of 0.10% per annum is applied if the customer submits proof of overseas traveling documents (travel agency agreement, travel-related expense receipt, or other evidence of international travel) while maintaining account.
An additional preferential interest rate of 0.10% per annum is applied if the customer applies for recurring automatic transfers for the same savings account.
0.10% is applied to each of the following foreign exchange transactions that occur in a customer's real name during the agreement period.
| Preferential Foreign Exchange Transaction |
|---|
| If more than USD 500 (or equivalent) is remitted. |
| If more than USD 200 (or equivalent) is exchanged. |
| If a foreign currency gift of more than USD 100 (or equivalent) is issued (except for ownership transfer). |
| If a designated international student remittance transaction is registered. |
A maximum of 0.30% total additional interest rate can be applied but only if the same savings account is retained until maturity.
Early Termination Interest Rate
Early termination is available, and the early termination interest rates by period are as follows: (As of Mar. 18 , 2013)
- Less than 7 days: Interest-free
- More than 7 days ~ Less than 1 month: 1/10 of the contract interest rate
- More than 1 month ~ Less than 3 months: 3/10 of the contract interest rate
- More than 3 months ~ Less than 6 months: 4/10 of the contract interest rate
- More than 6 months: 6/10 of the contract interest rate
- More than 12 months: 8/10 of the contract interest rate
Post-Maturity Interest Rate
3/10 of the contract interest rate is applied for the final balance of the principal according to the number of days elapsed since maturity.
Interest Payment Method
Lump-sum payment at maturity
Partial withdrawal
- Up to 5 partial withdrawals are allowed before maturity.
- As a rule, withdrawals are processed First In, First Out (FIFO). Last In, Last Out (LIFO) method is also available.
- In case of partial withdrawals, the interest rate posted on the date the account is opened is applied from the date of deposit until one day before the withdrawal date.
Termination of Contract
Termination can be made at a branch.
Preferential Services
Discount on Foreign Exchange Spread
- Those who purchase foreign currency with Korean won and deposit the foreign currency in this installment deposit account are eligible for a preferential spread: up to 40% off the spread for major currencies (USD, EUR, JPY) and up to 20% for other currencies.
Reduction in Overseas Remittance Fee
- If withdrawing funds from or closing this installment deposit account after at least 6 months from enrollment, and remitting the funds overseas through a KEB Hana Bank branch, the overseas remittance fee can be reduced up to 30% (excluding Telegraphic Transfer fee)
Precautions about Deposit Transactions
If the account is terminated before maturity, an early termination interest rate lower than the agreed-upon interest rate will be applied.
The exchange rate applied at the time of account opening or termination will be the same as the Telegraphic Transfer (T/T) rate posted at local branches at the time of transaction.
This product may cause profits/losses due to exchange rate fluctuations when withdrawing in KRW. Fees may apply when depositing or withdrawing foreign currency in cash or withdrawing in traveler's checks.
Guide
This deposit account is protected by the Korea Deposit Insurance Corp. in accordance with the Depositor Protection Act, and the protection limit is a maximum of KRW 50,000,000 per person, including all principal and fixed interest for eligible financial products at KEB Hana Bank. The amount in excess of KRW 50,000,000 is not protected.