Citibank Korea provides 50~100% fee reduction for fund remittance to Japan, preferential FX rate and favorable services relating to trade

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Mar. 21, 2011 10:30

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SEOUL--(Korea Newswire)--Citibank Korea (CEO Yung-ku, Ha, www.citibank.co.kr) announced that the bank will offer benefits to clients who are suffering from the Japanese earthquake temporarily starting from 21st, March. Such benefits include fee reduction for fund remittance, preferential FX rate, waiver of interest for delayed settlement and fee waiver for a extension of Letter of Credit, if necessary.

Detailed waiver information and benefits are as follows:

- In case of remittance to Japan, 50% fee reduction and 50% preferential FX rate for over-the-counter remittance in all currencies. If the funds remitted are disaster relief fund or donation, all remittance fees are waived and 100% favorable FX rate will be provided.

- If the settlement of export bills is delayed by Japanese importers due to the earthquake, 30 days more grace period will be provided in addition to the existing grace period by export type and default interest will be waived. (only pre-agreed interest will be charged)

- If a Korean importer requests an extension of Letter of Credit due to the delayed shipment from Japan or presentment of documents, telex charge will be waived.

Website: http://www.citibank.co.kr