I want to save remittance charges.

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You can remit money to us in one of four ways:

- Option A : Send money in US dollars without paying all local and overseas bank charges.

- Option B : Send money in US dollars, covering all local and overseas bank charges from your account.

- Option C : Send money in Korean Won after exchanging your currency, without paying all local and overseas bank charges.

- Option D : Send money in Korean Won after exchanging your currency, covering all local and overseas bank charges from your account.

Under Options C and D, you may incur extra charges as a higher exchange rate would be applied compared to the rates of banks in Korea. Moreover, wire transfers in Korean Won take longer than those in US dollars.

Therefore, we do not recommend Options C or D.

For Options B and D, you may be charged a much higher beneficiary bank charge, typically around USD 20 to USD 40.

However, if the beneficiary bank charge is requested from us in Korea, the charge would only be KRW 10,000 (around USD 7.71).

Thus, we strongly recommend sending money via Option A.

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What is remittance charge and who pays that? Next What is remittance charge and who pays that? 2023.11.15by COSN

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Q: [Payment] I want to save remittance charges.
A:
https://cosn.co.kr/faq/144

You can remit money to us in one of four ways:

- Option A : Send money in US dollars without paying all local and overseas bank charges.

- Option B : Send money in US dollars, covering all local and overseas bank charges from your account.

- Option C : Send money in Korean Won after exchanging your currency, without paying all local and overseas bank charges.

- Option D : Send money in Korean Won after exchanging your currency, covering all local and overseas bank charges from your account.

Under Options C and D, you may incur extra charges as a higher exchange rate would be applied compared to the rates of banks in Korea. Moreover, wire transfers in Korean Won take longer than those in US dollars.

Therefore, we do not recommend Options C or D.

For Options B and D, you may be charged a much higher beneficiary bank charge, typically around USD 20 to USD 40.

However, if the beneficiary bank charge is requested from us in Korea, the charge would only be KRW 10,000 (around USD 7.71).

Thus, we strongly recommend sending money via Option A.
Q: [Payment] What is remittance charge and who pays that?
A:
https://cosn.co.kr/faq/132

Buyers are responsible for all remittance charges incurred during international money transfers via wire transfer (T/T) or PayPal.

From our experience, these charges typically range from USD 30 to USD 50, which is why we ask clients to send an additional USD 50 to cover these charges.

In terms of wire transfers (Bank Transfer), there are three types of remittance charges:

- Charges from your bank (the local bank)

- The intermediary bank

- Our bank (the beneficiary bank)

Some banks require a US intermediary bank to process wire transfers, and this may result in an additional fee.

The intermediary bank may deduct this fee from the payment, which is why the amount we receive is occasionally less than the amount you transferred.

Furthermore, there is a beneficiary bank charge, which is a transfer fee required by our bank's head office.

Your transferred money will be sent to a corresponding bank (not directly to our account), and the banks will deduct fees from the transferred amount.

When we receive the payment via international transfer, we provide the buyers with a copy of the bank's page showing exactly how much bank fees were deducted and what exchange rate was applied, so that buyers can easily understand the breakdown of the transaction.

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I want to save remittance charges.

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